Net oil profit jumps 37% in third quarter, Auto News, ET Auto

The OIL Board has declared a second interim dividend of Rs 5.75 per share for 2021-2022 resulting in a total interim dividend to date of Rs 9.25 per share for exercise.

New Delhi:

State-owned Oil India Ltd reported a 37% increase in third-quarter net profit on Friday as it benefited from higher international oil prices. The net profit of Rs 1,244.90 crore in October-December 2021 is compared to the net profit of Rs 903.69 crore a year ago, the company said in a statement.

Total revenue jumped 88% to Rs 4,705.20 crore in the three months ended December 31, 2021.

“The average crude oil price realization for Q3 2021-22 is $78.59 per barrel versus $44.09 for Q3 2020-21, an increase of 78.25%,” he said. indicated.

In addition, the price of natural gas rose from $1.79 to $2.90 per million British thermal units.

While natural gas production rose 18% to 0.793 billion cubic meters in the third quarter, crude oil production was virtually unchanged at 0.75 million tonnes.

The OIL Board has declared a second interim dividend of Rs 5.75 per share for 2021-2022 resulting in a total interim dividend to date of Rs 9.25 per share for exercise.

For the nine months ended December 31, 2021, OIL’s net profit soared 152% to Rs 2,257.30 crore. The company’s revenue increased to Rs 10,051.57 crore from Rs 6,028.72 crore last year till December 2020.

“The OIL-Assam Gas Company Limited Consortium (OIL-49% and AGCL-51%) has received a letter of intent for the granting of permission to develop the town gas distribution network in three geographical areas ( two in Tripura and one in the north bank of Assam) in the 11th round of the CGD tender which has just been completed,” the statement added.

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