NEW DELHI: Oil India Ltd, the nation’s second largest state oil and gas producer, logged second quarterly loss in its history in April-June after crude oil prices slumped to lower than cost of production.
\nOIL had a net loss of Rs 248.61 crore in first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year.
\n“This is the second quarterly loss in OIL history. We had a quarterly loss in 2018-19 fiscal,” OIL director-finance Harish Madhav said on Saturday.
\nThe loss was primarily due to price realised for oil the company produced dropped to $30.43 per barrel in the June quarter as compared to $66.33 a barrel price realised a year back, he said.
\n“Our cost of production is around $32-33 per barrel and a drop in price was the primary reason for the loss in Q1,” he said.
\nOIL produced 0.75 million tonnes of crude oil in April-June, down marginally from 0.81 million tonnes a year back. Natural gas output too was marginally lower at 0.68 billion cubic metres (bcm) from 0.71 bcm in Q1 2019-20.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Oil India Ltd, the nation’s second largest state oil and gas producer, logged second quarterly loss in its history in April-June after crude oil prices slumped to lower than cost of production. OIL had a net loss of Rs 248.61 crore in first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year. “This is the second quarterly loss in OIL history. We had a quarterly loss in 2018-19 fiscal,” OIL director-finance Harish Madhav said on Saturday. The loss was primarily due to price realised […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-369523","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/369523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=369523"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/369523\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=369523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=369523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=369523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}