India's ONGC's 1Q Profit Up 58% on Year
India’s biggest oil and gas producer ONGC’s net profit for the April-June period (1Q 2018-2019) jumped 58% year on year thanks to higher oil and gas prices, it said August 2.
The state-owned company’s net profit during 1Q was rupees 61.44bn ($890mn) as against rupees 38.85bn in the year ago period. Revenue during the quarter was rupees 272.13bn, up 42.7% year on year.
ONGC realised $71.48/b for crude oil it produced in 1Q, up 47.6% over $48.42/b in the year earlier period. Its realised gas price was $3.06/mn Btu as compared with $2.48/mn Btu in the corresponding quarter of previous year.
In 1Q, ONGC produced 6.19bn m3 of natural gas, up 3.2% year on year.