How much did Oil and Natural Gas Corp.'s net income rise in the first quarter ended June, and how did it compare to analyst estimates?

Oil and Natural Gas Corp.'s net income more than doubled in the quarter ended June to 170.34 billion rupees ($1.8 billion), compared with the Bloomberg-compiled average estimate of 152.67 billion rupees.

What were the key drivers behind ONGC's higher quarterly profit despite lower production?

Higher crude oil and natural gas prices, along with a weaker rupee, offset lower production; benchmark Brent crude prices in the June quarter averaged almost 50% higher year-on-year due to supply disruption from the US-Iran war, and earnings per barrel of crude sold rose 50.4% year-on-year.

Top India Oil, Gas Producer Beats Profit Estimate on Price Surge

Aug 4, 2026

India's top oil and gas producer ONGC more than doubled its quarterly net income to $1.8 billion, beating estimates as higher crude prices offset declining production volumes.

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