India's ONGC Sees Loss in Q4
Indian state-run ONGC June 30 reported a net loss during the three months to March 31 (Q4) owing to an impairment on the drop in oil and gas prices.
The country’s biggest oil and gas producer reported a loss of rupees 30.98bn ($410mn) in Q4 compared with a profit of rupees 42.4bn in the same period a year back. Average realised oil price during the quarter was $49.39/barrel, down almost 20% yr/yr while the average gas price was $3.23/mn Btu, down close to 4% yr/yr.
Crude oil production was 5.82mn metric tons in Q4 as compared with 5.9mn mt in the previous fiscal. Natural gas output was 6.04bn m3, down 8% yr/yr, the company said.
During the 12-months to March 31, ONGC’s net profit was rupees 134.45bn, down almost 50% yr/yr. The company made 12 discoveries during the year, it said.