Oil India’s profit spikes in April-June on higher oil, gas prices
State-owned oil and gas producer Oil India on August 10 reported a 206% year/year increase in net profit during the three months to June 30 (Q1) thanks to higher oil and gas prices.
The company’s Q1 profit came in at 15.56bn rupees ($200mn) compared with 5.08bn in the same period of last year. The revenue from operations climbed 98.7% yr/yr to 59.68bn in the quarter.
The company realised an average crude price of $112.73/b in Q1 versus $67.15/b last year. The average natural gas price increased to $6.10/mn Btu from $1.79/mn Btu in the year-ago period.
Oil India reported an increase of 4.14% yr/yr in its crude oil production in Q1 to 0.779mn mt as against 0.748mn mt in the corresponding quarter of last year. Natural gas production rose to 771mn m3 from 711mn m3 last year.