ONGC Q3 net halves on fall in oil prices

New Delhi: State-owned Oil and Natural Gas Corp (ONGC) on Friday reported halving of its December quarter net profit after it faced the double whammy of falling oil and gas prices and a drop in production.

Standalone net profit in October-December at Rs 4,152 crore was 49.8 per cent lower than Rs 8,263 crore net profit in the same period of the previous fiscal, the company said in a statement.

The firm got 10 per cent lower price at $59.73 for the crude oil it produced and 4 per cent lower rate for natural gas at $3.23 per million British thermal unit.