State-owned Oil and Natural Gas Corp (ONGC) on Tuesday reported a 3.9 per cent decline in net profit for June quarter as it faced a double whammy of falling oil prices and declining production.
Net profit during April-June stood at Rs 5,904 crore, 3.9 per cent lower than Rs 6,144 crore in the year-ago period, the company said in a statement.
Revenue fell 2.4 per cent to Rs 26,555 crore.
ONGC got USD 66.30 for every barrel of crude oil produced and sold, down 7.3 per cent from USD 71.49 a barrel net realisation in April-June 2018.
However, natural gas price realisation was up by a fifth to USD 3.69 per million British thermal unit.
ONGC said oil production dropped 4.7 per cent to 4.8 million tonnes as its ageing fields faced natural decline.
Natural gas production, however, rose nearly 4 per cent to 6.15 billion cubic metres.
The nation's top oil and gas producer said it made four discoveries during the first quarter of the current fiscal. These include a gas discovery in Tripura.
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