ONGC Q1 net jumps 58% despite fall in crude oil production

State-owned Oil and Natural Gas Corp (ONGC) on Thursday reported a 58% jump in net profit to Rs 6,144 crore for the first quarter of FY19, compared with Rs 3,885 crore a year ago, driven by higher realisation for its produce.

The revenue from operations of the explorer increased 42% to Rs 27,213 crore in the quarter gone by from Rs 19,073 crore in the comparable period last fiscal.

The net realisation from crude oil produced from its nominated fields increased from $48.42 per barrel in the April-June period of the last fiscal year to $71.48 per barrel during the same period this financial year. Realisation from crude oil produced from joint venture fields between the two periods rose from $45.92 to $67.97 per barrel.

Price realisation from gas, which is decided by the government, too increased from $2.48 per mmbtu to $3.06 per mmbtu.

The revenue and profits of the explorer increased despite a fall in crude oil production from 6.444 million tonne (mt) in the first quarter of FY18 to 6.217 mt. However, gas production increased from 5.999 bcm to 6.193 bcm between the two periods.

Oil and Natural Gas Corporation Limited (ONGC)