ONGC Q2 Profit Drops 24%
Indian state-owned ONGC November 14 reported a 24.2% year on year drop in standalone net profit for the three months to September 30 (Q2 2020) owning to lower realised oil price.
Company’s net profit during Q2 was rupees 62.63bn ($870mn) compared with rupees 82.65bn in the same quarter of last year. For the six months to September 30 (H1 2020) net profit was rupees 121.67bn, down 15.6% year on year, ONGC said in a statement.
ONGC’s realised crude oil price in Q2 was $60.33/b, down 17.4% year on year. For H1, the realised price was $63.26/b, down 12.5% year on year. Average released gas price in Q2 was $3.69/mn Btu, up 20.6% year on year while for H1 too average realised price was $3.69/mn Btu, up 20.6% on the year.
During Q2 ONGC produced 5.8mn metric tons of crude oil, down 3.9% year on year, and 6.26bn m3 of natural gas, down 1.6% year on year.