Oil India Ltd energises its quarterly profit by 17.37%

NEW DELHI: The Oil India Ltd (OIL) Board approved the second quarter (Q2) and first half (H1) financial and production results of financial year 2016-17 at the 471st OIL Board meeting on Monday. The net crude price realised by the company in the second quarter was $44.55/ bbl which was 3.39 per cent higher than the price realised during the first quarter.

The net crude price realised during the first half was 443.83/ bbl which was 15.66 per cent lower than the price realised during the first half of fiscal 2015-16. In rupee terms, the net crude oil price realisation during the second quarter was 3.50 per cent higher at Rs 2,983/ bbl against Rs. 2,882/ bbl during the first quarter.

The net crude oil price realisation during the first half was Rs 2,934/ bbl against Rs 3,338/ bbl in the first half of 2015-16. OIL did not share any subsidy burden during the first half.

The profit after tax (PAT) for the second quarter was Rs 580.27 crore, which is 17.37 per cent higher than the PAT of Rs 494.41 crore made during the first quarter. As for the half year, the profit after tax was Rs 1,074.68 crore, which was 25.83 per cent lower than the figure of Rs 1,448.88 crore for the first half of the previous fiscal.

Crude oil production during the second quarter was 0.811 mmt, 1 higher than the production of 0.803 mmt in the first quarter. The second quarter sale of crude oil was 0.812 mmt, which is 3.44 per cent higher than the sale of 0.785 mmt during the first quarter.

OIL’S natural gas production during the sceond quarter was 743 mmscm, marking a 1.64 per cent increase from the the production of 731 mmscm during the first quarter. The sale of natural gas during the second quarter was 614 mmscm, which is 1.32 per cent higher than the sale of 606 mmscm in the first quarter.