ONGC's Q1 net profit drops 34% on back of lower oil prices, output

The net profit of Oil and Natural Gas Corporation (ONGC) fell over 34 per cent in June quarter on decline in oil prices and lower output, the firm said. Net profit of Rs 10,015 crore in April-June (first quarter of current 2023-24 fiscal year) compared to Rs 15,206 crore earning in the same period last year, the company said in a statement. ONGC, India's top crude oil and natural gas producer, earned USD 76.49 for every barrel of crude oil it produced and sold from nomination fields against a net realisation of USD 108.55 per barrel last year. Oil prices globally had risen sharply in April-June 2022 after Russia's invasion of Ukraine led to uncertainties over supply and demand. Crude oil pumped out of below ground and seabed is refined in refineries to produce petrol, diesel and other fuels. Natural gas is used to generate electricity as well as burn kitchen stoves and run automobiles (CNG). Gross revenue fell 20 per cent to Rs 33,814 crore. ONGC said crude oil production was 3.2

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