ONGC Profit Trebles to .₹ 4,352 crore in Q3
New Delhi: Oil and Natural Gas Corp’s (ONGC) third-quarter profit trebled to .₹ 4,352 crore from a year-ago period, when the profit had shrunk due to an extraordinary cost.
The profit of the state-run oil and gas producer in the year-ago quarter was .₹ 1,466 crore, curbed by an ‘ exceptional item’ of .₹ 3,616 crore. ONGC’s gross revenue for the quarter ended December rose 9% to .₹ 20,000 crore as oil prices jumped.
In nomination blocks, ONGC realised a price of $51.80 per barrel for crude oil, 17% higher than the year-ago quarter. In joint venture blocks, the realisation grew 27% year-on-year at $46.59/barrel.
Gas prices, however, fell by a third to $2.50 per unit. Gas output rose 5.6%. The company gained from higher global prices of crude, but its output fell 1.9% during the quarter. The ONGC board has approved a dividend of .₹ 2.25 per share. The total payout on this account will be .₹ 2,887 crore, the company said in a statement on Tuesday.
The state firm has been struggling with low-yielding old domestic fields. The government wants ONGC to raise output so that the country’s dependence on crude oil import can be brought down to 67% by 2022, from the current 82%.