ONGC reports Rs 3,098-crore loss in fourth quarter
ONGC reported a loss of Rs 3,098.3 crore on a standalone basis for the quarter ended March 31, against a profit of Rs 4,239.5 crore recorded in the same period a year ago. The state-run oil and gas-producing company attributed the loss to the impairment loss of Rs 4,899 crore recognised in the quarter to factor in the estimated future crude oil and natural gas prices.
The company produced 5.8 million tonne of crude oil in the quarter from its ageing oilfields, recording an annual drop of 1.4%. Its natural gas output fell 7.9% year-on-year to 6 billion cubic metres. ONGC’s realisation from crude oil from its nominated fields fell 20.9% to $49 per barrel during the March quarter, compared with the year-ago period. Revenue from operations was down 19.8% to Rs 21,456.2 crore in the quarter.
