New Delhi: Oil and Natural Gas Corp\’s (ONGC) profit jumped 19 times to ₹9,869 crore in the fourth quarter on exceptional provision in the year-ago period.
Revenues fell 4.5% from a year earlier to ₹34,637 crore in the fourth quarter. The operational cost fell 12% in a year to ₹25,456 crore in the quarter on lower exploration cost write-off.
But an exceptional provision of ₹9,235 crore led to a sharp drop in the year-ago quarter\’s profit to ₹528 crore.
The company\’s profit for the full year (2023-24) rose 1% to ₹40,526 crore, up from ₹40,097 crore in 2022-23. Annual revenues dropped 11% to ₹1,38,402 crore.
Crude oil price realised from nominated fields rose 5% year-on-year to $80.81 per barrel in the fourth quarter. It dropped 0.4% to $76.84 per barrel from joint venture fields.
Gas price realised by ONGC in the quarter fell 24% to $6.5 per mmbtu.
The company has declared a dividend of ₹2.50 per share.
Crude oil production increased 2.4% and gas decreased by 3% in the fourth quarter.