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ONGC second quarter net profit falls 37 per cent to Rs 5,487 crore
Oil and Natural Gas Corporation (ONGC), India’s state-owned petroleum explorer, today posted a 37 per cent decline in consolidated net profit at Rs 5,487 crore for the second quarter ended September 2019, on the back of lower production and price realisation.
The company had posted a consolidated net profit of Rs 8,731 crore in the corresponding quarter ended September 2018.
ONGC’s revenue from operations during the second quarter declined 10.50 per cent to Rs 101,554 crore as compared to the corresponding quarter a year ago. Its overall crude oil production during the quarter dropped 3.9 per cent to 5.84 Million Tonne (MT).
Crude oil price realization from nominated fields during the second quarter declined 17. 4 per cent to $60.33 per barrel, while realization from oil fields operated under Joint Ventures declined 13 per cent to $60.99 per barrel.
The company’s total natural gas production during the second quarter declined 1.6 per cent to 6.26 Billion Cubic Meter (BCM) while gas price realization during the quarter increased 20.6 per cent to $3.69 million british thermal units as compared to the same period last year.
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