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OIL net drops 11% on lower oil prices

OIL got $66.33 for every barrel of crude oil it produced and sold in April-June 2019. This was lower than $72 per barrel price realisation a year back.

August 09, 2019 / 10:54 PM IST
 
 
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State-owned Oil India Ltd (OIL) on August 9 reported an 11 per cent drop in its June quarter net profit as it faced double whammy of falling oil prices and a dip in production. Net profit in April-June at Rs 624.80 crore was 11.15 per cent lower than Rs 703.22 crore net profit reported in the same period last year, the company said in a statement.

Turnover too was lower at Rs 3,373.36 crore as compared to Rs 3,390.46 crore in the first quarter of the previous year.

OIL got $66.33 for every barrel of crude oil it produced and sold in April-June 2019. This was lower than $72 per barrel price realisation a year back.

Also, oil production declined to 0.813 million tonnes from 0.844 million tonnes.

Natural gas output however improved to 0.712 billion cubic metes in April-June as against 0.696 bcm last year.

"Average natural gas price realisation during Q1 FY 2019-20 improved to $3.69 per million British thermal unit as compared to $3.06 per mmBtu in Q1 FY 2018-19," it added.

PTI
Tags: #oil #Results
first published: Aug 9, 2019 10:50 pm

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