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New Delhi: Oil and Natural Gas Corp (ONGC) has reported a 92% drop in the first quarter profit on oil price slump.
ONGC’s standalone profit for the April-June quarter fell to Rs 496 crore from Rs 5,980 crore in the year-ago period. Revenues fell 51% to Rs 13,011 crore.
“The revenue and profit for Q1 have been impacted by lower crude price realization in the wake of COVID-19 fall out on global oil and gas industry as a direct consequence of adverse price movements in global crude prices. Lower gas prices also contributed to lower topline and bottomline,” ONGC said in a statement.
For nomination fields, the net realised price of crude declined 53% in a year to Rs 2,179 per barrel during the quarter. For joint venture fields, the price was 52% lower. The gas price during the quarter was also down 35% from a year earlier to $2.39 per mmBtu.
On a consolidated basis, ONGC’s profit slumped 85% to Rs 1,090 crore while revenues fell 43% to Rs 62,496 crore. Refiners HPCL and MRPL are ONGC’s subsidiaries.
Crude oil production during the quarter fell 3.5% to 5.66 million metric tonnes and gas output declined 14% to 5.54 billion cubic meters.
ONGC’s standalone profit for the April-June quarter fell to Rs 496 crore from Rs 5,980 crore in the year-ago period. Revenues fell 51% to Rs 13,011 crore.
“The revenue and profit for Q1 have been impacted by lower crude price realization in the wake of COVID-19 fall out on global oil and gas industry as a direct consequence of adverse price movements in global crude prices. Lower gas prices also contributed to lower topline and bottomline,” ONGC said in a statement.
For nomination fields, the net realised price of crude declined 53% in a year to Rs 2,179 per barrel during the quarter. For joint venture fields, the price was 52% lower. The gas price during the quarter was also down 35% from a year earlier to $2.39 per mmBtu.
On a consolidated basis, ONGC’s profit slumped 85% to Rs 1,090 crore while revenues fell 43% to Rs 62,496 crore. Refiners HPCL and MRPL are ONGC’s subsidiaries.
Crude oil production during the quarter fell 3.5% to 5.66 million metric tonnes and gas output declined 14% to 5.54 billion cubic meters.