BENGALURU: State-run Oil and Pure Gasoline Corp (ONGC) on Friday posted a greater than 20% drop in second-quarter revenue, dragged down by decrease costs for crude oil.
Crude costs have fallen greater than 35% from their peak within the September quarter final 12 months amid financial uncertainties and easing issues over provide. The corporate’s revenue fell to Rs 10,216 crore ($1.2 billion) for the quarter ended September 30, in contrast with Rs 128, 26 crore a 12 months earlier.Crude oil value realisation, or the value at which it sells the product, was down 11.2% at $84.84 per barrel within the newest quarter, in contrast with $95.5 a 12 months earlier, whereas realisations in its joint ventures fell 16.4%.
ONGC’s complete crude oil manufacturing fell 2.1% to five.25 million metric tons (MMT), whereas complete fuel manufacturing dropped 2.8%. Oil India reported a greater than 80% drop in second-quarter revenue on Wednesday because it put aside Rs 2,363 crore for an ongoing litigation.
Crude costs have fallen greater than 35% from their peak within the September quarter final 12 months amid financial uncertainties and easing issues over provide. The corporate’s revenue fell to Rs 10,216 crore ($1.2 billion) for the quarter ended September 30, in contrast with Rs 128, 26 crore a 12 months earlier.Crude oil value realisation, or the value at which it sells the product, was down 11.2% at $84.84 per barrel within the newest quarter, in contrast with $95.5 a 12 months earlier, whereas realisations in its joint ventures fell 16.4%.
ONGC’s complete crude oil manufacturing fell 2.1% to five.25 million metric tons (MMT), whereas complete fuel manufacturing dropped 2.8%. Oil India reported a greater than 80% drop in second-quarter revenue on Wednesday because it put aside Rs 2,363 crore for an ongoing litigation.
