Oil India Reports Record Quarterly Profit
State-owned Oil India February 12 reported a 75% year-on-year increase in net profit for the three months to December 31 (3Q2019) thanks to higher released oil price.
Company's net profit during 3Q2019 was rupees 12.33bn ($180mn) compared with rupees 7.05bn in the same quarter of the previous year.
“This is the highest quarterly profit since listing of the company in September 2009,” Oil India said.
During 3Q2019, the company realised an average crude oil price of $66.66/b as against $59.4/b in the same quarter of the previous year, Oil India said.
For the nine months to December 31 (9M2019), company’s net profit was rupees 27.98bn, up 55.36% year-on-year. Crude oil price realisation increased by $17.99/b to $70.66/b in 9M2019.
Crude oil production during 3Q2019 was 0.83mn mt, down from 0.85mn mt in the same quarter last year. Natural gas output was 0.73bn m3, unchanged from a year ago period, the company said.