ONGC Profit Tre­bles to .₹ 4,352 crore in Q3

The Economic Times - - Companies: Pursuit Of Profit - Our Bureau

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%.

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