Lower crude oil prices point to further downsides for ONGC stock

For ONGC Videsh or OVL, oil and gas production in the quarter stood at 1.75 mmt (down 2 per cent Q-o-Q) and 0.7 bcm (down 13 per cent Q-o-Q)

ONGC's April-June quarter of 2025-26 (Q1FY26) results were disappointing but the hopes of production growth down the line and ONGC Petro additions (OPaL) moving towards breakeven could keep investors interested. Standalone oil sales were down 3 per cent quarter-on-quarter (Q-o-Q) and gas was flat Q-o-Q while lower oil price realisation of $66.1 per barrel in Q1 vs $73.7 per barrel in Q4FY25 resulted in revenues of ₹32,000 crore , down 9 per cent Q-o-Q and slightly below consensus. 

The operating profit of ₹18,660 crore down 2 per cent Q-o-Q was slightly better than consensus. Net profit stood at ₹8,020 crore,