New Delhi : State-owned Oil and Natural Gas Corp (ONGC) on Friday reported a 15 per cent rise in the December quarter net profit as higher prices made up for fall in output.

The net profit in the October-December quarter of the current fiscal, at Rs 5,014.67 crore, was 15.2 per cent higher than Rs 4,352.33 crore in the same period a year ago, the company said in a statement.

ONGC got $60.58 for every barrel of crude oil it produced during the quarter as compared to $51.80 it realised in the year-ago period.

Also, gas price it got was higher at $2.89 per million British thermal unit as against $2.5 per mmBtu in third quarter of 2016-17.

Crude oil production dropped 1 per cent to 5.2 million tonnes while gas output rose 4.5 per cent at about 6 billion cubic meters. ONGC’s total income rose 15 per cent to Rs 24,122.42 crore.

The company, which last month completed acquisition of government’s 51.11 per cent stake in HPCL for Rs 36,915 crore, deferred a decision on payment of a second interim dividend to the next meeting of the board.

ONGC said it made 10 oil and gas discoveries so far in the 2017-18 fiscal. Among the latest discoveries is an oil find in Cauvery basin where a well on the L-II PML Block struck two oil bearing zones.

“The success in this well has helped in establishing the Nannilam Play (sand) to be of commercial interests at a very shallow depth for further exploration in addition to the known Basement play in the Mattur-Pundi area and declared as a new prospect discovery,” it said.

HPCL logs 22% rise in Q3 profit

New Delhi : State-owned Hindustan Petroleum Corporation (HPCL) on Friday reported a 22 per cent rise in standalone net profit for the third quarter on back of higher refinery margins and inventory gains.

Net profit of Rs 1,950 crore in October-December 2017 was higher than Rs 1,590 crore in the same period of last fiscal.

“The rise in profit is due to better refinery margin during the period on account of improved cracks and inventory gains,” HPCL CMD Mukesh K Surana said. HPCL said its merger with Mangalore Refinery and Petrochemicals should happen at the earliest as there exist lot of synergies between them.

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