Cheaper crude, gasoline costs hit ONGC: Net revenue falls 67.4%

State-owned Oil and Natural Gas Corporation’s (ONGC’s) web revenue fell 67.4 per cent to Rs 1,378.23 crore within the October-December quarter on the again of decrease crude oil and pure gasoline costs, based on the corporate’s regulatory filings. ONGC’s income fell 28 per cent to Rs 17,024 crore within the reporting interval.
ONGC’s realisation on crude oil from nomination blocks fell to $43.2 per barrel from $59.73 within the year-ago interval. The firm’s realisations on crude oil from joint ventures additionally fell to $43.9 per barrel from $58.2 per barrel in Q3FY20. The worth of pure gasoline for the quarter was additionally down 44.6 per cent to $1.79 per MMBtu (Metric Million British thermal unit) from $3.23 per MMBtu within the year-ago interval. The worth of pure gasoline produced from ONGC’s gasoline fields, which had been allotted on a nomination foundation, is about by the federal government based mostly on pure gasoline costs within the US, Canada and Russia.
ONGC’s crude oil manufacturing in the course of the quarter declined 3.3 per cent from Q3FY20, whereas pure gasoline manufacturing fell by 6 per cent. Its board of administrators has authorized the acquisition of a 5 per cent fairness stake in India Gas Exchange and declared an interim dividend of Rs 1.75 per share, based on a launch issued by the corporate.