Oil and Pure Fuel Corp. Ltd. (ONGC) has reported INR 57,101 crore ($6.9 billion) in internet revenue for monetary 12 months (FY) 2024, the best within the historical past of the Indian state-owned built-in vitality firm, regardless of weaker manufacturing and costs.
Petroleum manufacturing fell 1.6 % to 21.1 million tons whereas gasoline output decreased 3.3 % to 21.4 billion cubic meters (755.7 billion cubic toes). Nevertheless, within the FY2024 fourth quarter, ONGC’s crude oil manufacturing elevated 2.4 % in comparison with the identical three-month interval a 12 months in the past to five.2 million tons. Quarterly gasoline manufacturing dropped three % year-on-year to five.3 billion cubic meters (187.2 billion cubic toes), in response to the corporate’s quarterly monetary report.
On March 2 Prime Minister Narendra Modi dispatched the primary crude from ONGC’s Krishna Godavari deepwater block, which ONGC expects so as to add seven % to the South Asian nation’s oil and gasoline manufacturing at peak charge, ONGC mentioned in a press release on the time.
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ONGC’s annual common realized costs for oil and gasoline each declined.
In exploration in FY2024, ONGC declared 11 discoveries—six onshore and 5 offshore—in its operated acreages. It drilled 541 wells, the best within the final 34 years. Of those, 438 had been improvement wells, the corporate mentioned.
ONGC held 47 million tons of oil equal in confirmed and possible reserves as of the top of the fiscal 12 months.
Downstream, ONGC subsidiary Hindustan Petroleum Corp. Ltd. (HPCL) achieved its highest ever gross sales quantity of 46.8 million tons, up 7.8 %. HPCL’s throughput climbed 17 % to 22.33 million tons, its highest ever.
HPCL’s common gross refinery margin fell to $9.08 a barrel from $12.09, “according to the development of worldwide product cracks”, ONGC mentioned.
ONGC has elevated its gasoline stores to 22,022 as of the FY2024 fourth quarter.
Capital expenditures totaled INR 37,000 crore ($4.4 billion), “reaching highest ever utilization (excluding acquisitions) in a monetary 12 months for strengthening the expansion prospects of the Firm”, ONGC mentioned.
ONGC collected INR 643,037 crore ($77.2 billion) in complete income, down 6.1 %. For dividends, ONGC expects to distribute a complete of INR 15,411 crore ($1.9 billion) comprising INR 9.75 ($0.12) per share already paid and INR 2.5 ($0.03) per share in closing dividend advisable by its board.
On Tuesday, after it introduced its monetary outcomes, ONGC closed increased at INR 280.1 ($3.36).
ONGC ended the 12 months with INR 65,741.6 crore ($7.9 billion) in present property together with INR 34.6 crore ($4.2 million) in money and money equivalents. In the meantime its present liabilities stood at INR 41,568.5 crore ($5 billion) together with INR 2,121 crore ($254.7 million) in borrowings.
In decarbonization efforts ONGC in the course of the FY2024 signed a three way partnership settlement with NTPC Inexperienced Vitality Ltd. for the event of renewable vitality tasks, primarily offshore wind. It additionally entered an settlement with TotalEnergies SE to carry methane emission monitoring and discount campaigns.
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