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Profits drop for OIL

Lower oil prices and output hit bottom line for Indian national company in Q1

State-owned Oil India Ltd (OIL) saw its first-quarter profits drop on lower oil prices and production.

The country’s second-largest national exploration and production company reported a profit after tax for the first quarter of its 2019-20 financial year of 624.8 crore rupees ($87.8 million), compared with 703.2 crore rupees a year ago.

OIL’s total income for the period was down marginally over the year from 3517 to 3496 crore rupees as its realised average oil price dropped nearly 8% to $66.33 per barrel from $72 in the same period of 2018.

At the same time, production was down 3.7% over the year to 6.4 million barrels of oil, although gas output was up 2.3% at 712 million cubic feet while the company’s average realised gas price rose from $3.06 to $3.69 per million British thermal units over the year.

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