Oil India Reports Sharp Drop in Q2 Profit
Indian state-run Oil India on November 9 reported a 62% yr/yr decline in standalone net profit to rupees 2.39bn ($32mn) in the three months ending September 30 (Q2) owing to lower average realised oil and gas prices.
Oil India’s average realised oil price during Q2 was $42.74/barrel compared with $61.30/b in the year-ago period. Its average gas price fell to $2.39/mn Btu from $3.69/mn Btu a year earlier.
Crude oil production during Q2 was 0.72mn metric tons, down from 0.79mn mt in the same period last year. Natural gas output was down at 0.55bn m3 versus 0.661bn m3 in Q1 a year earlier, the company said.