State-owned Oil and Natural Gas Corp (ONGC) today reported a 21 per cent drop in its June quarter net profit as oil prices slumped and its output fell.
Net profit at Rs 4,233 crore, or Rs 4.95 a share, in April-June was 21.14 per cent lower than Rs 5,368 crore, or Rs 6.27 per share, in the same period a year ago, the company said in a statement.
ONGC got $46.10 for every barrel of crude oil it produced in the first quarter of current fiscal as compared to net realisation of $59.08 a barrel in the year-ago period.
In rupee term, ONGC got 17.78 per cent lower price at Rs 3,085 per barrel in April-June this year as opposed to Rs 3,752 a barrel a year ago.
Also, the company got 34.33 per cent lower gas price at $3.06 per million British thermal unit.
ONGC said oil output dropped 2 per cent to 6.01 million tons while gas production was 5.55 per cent lower at 5.494 billion cubic meters.
It did not have to offer any fuel subsidy in the quarter. In April-June of last financial year, ONGC had paid Rs 1,096 crore to help state-owned fuel retailers sell kerosene through PDS shops and cooking gas at government controlled rates.
Sales fell 21.41 per cent to Rs 17,784 crore.
The company said it has made seven oil and gas discoveries during the quarter.
Oil and gas was found in an exploratory wells in Golaghat district of Assam Arakan basin while a similar probe led to a gas discovery in South Dahej in Gujarat, it said.
In the NELP block CB-ONN-2001/1, oil was found at depth of 1,727 meters and another in Saurastra offshore block MB-OSN-2005/1 yielded a natural gas and condensate reserve, it added.