Oil India net profit triples on oil, gas price boost

Oil India Ltd (OIL), the nation’s second-largest state explorer, reported a tripling of its net profit in the June quarter on record oil and gas price realisation.Its net profit was Rs 1,555.46 crore, or Rs 14.34 per share, in April-June compared to Rs 507.94 crore, or Rs 4.68 a share, in the same period a year back, the company said in a statement.The earnings rose as the company got USD 112.72 per barrel price for crude oil it sold in the quarter as opposed to USD 67.15 a barrel rate realised in the same period last year. Gas price realisation more than doubled to USD 6.1 per million British thermal unit from USD 1.79.Higher crude oil and natural gas prices stem from the rally in international oil prices that followed Russia’s invasion of Ukraine.Turnover nearly doubled to Rs 6,029.86 crore in the first quarter of the current fiscal year that began on April 1. The earnings were also aided by a 4 per cent rise in crude oil production at 0.78 million tonnes and an 8 per cent rise in gas output at 771 million standard cubic metres.