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Cheaper crude, gas prices hit ONGC: Net profit falls 67.4%

ONGC’s realisation on crude oil from nomination blocks fell to $43.2 per barrel from $59.73 in the year-ago period.

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State-owned Oil and Natural Gas Corporation’s (ONGC’s) net profit fell 67.4 per cent to Rs 1,378.23 crore in the October-December quarter on the back of lower crude oil and natural gas prices, according to the company’s regulatory filings. ONGC’s revenue fell 28 per cent to Rs 17,024 crore in the reporting period.

ONGC’s realisation on crude oil from nomination blocks fell to $43.2 per barrel from $59.73 in the year-ago period. The company’s realisations on crude oil from joint ventures also fell to $43.9 per barrel from $58.2 per barrel in Q3FY20. The price of natural gas for the quarter was also down 44.6 per cent to $1.79 per MMBtu (Metric Million British thermal unit) from $3.23 per MMBtu in the year-ago period. The price of natural gas produced from ONGC’s gas fields, which were allocated on a nomination basis, is set by the government based on natural gas prices in the US, Canada and Russia.

ONGC’s crude oil production during the quarter declined 3.3 per cent from Q3FY20, while natural gas production fell by 6 per cent. Its board of directors has approved the acquisition of a 5 per cent equity stake in India Gas Exchange and declared an interim dividend of Rs 1.75 per share, according to a release issued by the company.

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First published on: 14-02-2021 at 01:45 IST
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