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ONGC Profit More Than Doubles as Oil Prices Surge
Higher crude and natural gas prices lifted revenue 45% and pushed net income to 170.34 billion rupees, beating estimates, the company said.
- On Tuesday, state-run Oil and Natural Gas Corporation reported its standalone net profit rose more than 112% for the quarter ended June, driven by significantly higher crude oil price realizations.
- Gross revenues increased 45.2% to 464.60 billion rupees as the explorer earned 50.4% more on every barrel of oil sold compared with the same period last year.
- Despite earnings growth, standalone oil and gas output fell 3.4% to 9.4 million metric tons, while consolidated profit declined 43% as a 12,265 crore net loss from Hindustan Petroleum Corporation offset gains.
- India still imports nearly 90% of the oil it consumes, with Russian crude accounting for 55.5% of total imports in July as Middle East conflicts disrupted fuel supplies.
- The company plans to build a 13-million-barrel storage facility at Mangaluru to address the fact that existing strategic reserves currently cover only about eight days of demand.
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17 Articles
Coverage Details
Total News Sources17
Leaning Left2Leaning Right7Center3Last UpdatedBias Distribution58% Right
Bias Distribution
- 58% of the sources lean Right
58% Right
L 17%
C 25%
R 58%
Factuality
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