ONGC Q2 net profit rises over 3% to Rs 5,131 crore

ONGC got $51.22 for every barrel of crude oil it produced in the quarter, up 6.9% over $ 47.92 per barrel realisation in September quarter of the last fiscal.

State-owned Oil and Natural Gas Corp (ONGC) on Saturday reported a 3.1% rise in its second quarter net profit as impressive gain from rising oil prices were taken away by fall in government mandated natural gas rates.

ONGC said oil production was up almost 1% to 6.45 million tonnes in Q2 while natural gas output was up 7.7% at 6.25 billion cubic metres.

Net profit of Rs 5,131 crore in July-September was 3.1% higher than Rs 4,975 crore in the same period last year, the company said in a press statement here.

Revenue was up 3.1% at Rs 18,966 crore.

ONGC got USD 51.22 for every barrel of crude oil it produced in the quarter, up 6.9% over USD 47.92 per barrel realisation in September quarter of the last fiscal.

For the fields operated jointly with private firms, the realisation was up 8.5% to USD 45.89 per barrel.

But the company got USD 2.48 per million British thermal unit for natural gas produced during July-September, down from USD 3.06 realised a year back.

ONGC said oil production was up almost 1% to 6.45 million tonnes in Q2 while natural gas output was up 7.7% at 6.25 billion cubic metres.

“The total payout on this account will be Rs 3,850 crore,” the statement said.