State-run Oil India reported a bigger-than-expected rise in third-quarter earnings on Feb. 10 after the explorer's natural gas unit swung to a profit.
Profit jumped more than 40% to 17.46 billion rupees ($211.5 million) for the three months that ended Dec. 31, while analysts, on average, had expected a profit of 14.44 billion rupees, according to Refinitv IBES data.
Demand for crude and natural gas has remained elevated as the economy rebounded from the pandemic-induced slump.
The company's revenue from operations rose more than 57% to 58.79 billion rupees.
Natural gas segment posted a profit before tax of 10.91 billion rupees, compared with a loss of 1.08 billion rupees in the year ago period.
The profit was hit by a windfall tax India imposed on oil producers in July.
The company's expenses rose over 18% to 36.79 billion rupees, mainly due to 5.03 billion rupees of excise duty.
Oil India shares settled 2.4% lower ahead of the earnings.
Shares advanced 4.7% in 2022, compared to a more than 14% rise in the Nifty Energy Index.
Recommended Reading
Upstream, Midstream Dividends Declared in the Week of July 8, 2024
2024-07-11 - Here is a selection of upstream and midstream dividends declared in the week of July 8.
Solaris Stock Jumps 40% On $200MM Acquisition of Distributed Power Provider
2024-07-11 - With the acquisition of distributed power provider Mobile Energy Rentals, oilfield services player Solaris sees opportunity to grow in industries outside of the oil patch—data centers, in particular.
Offshore Guyana: ‘The Place to Spend Money’
2024-07-09 - Exxon Mobil, Hess and CNOOC are prepared to pump as much as $105 billion into the vast potential of the Stabroek Block.
Pembina Completes Partial Redemption of Series 19 Notes
2024-07-08 - The redemption is part of Pembina Pipeline’s $300 million (US$220.04 million) aggregate principal amount of senior unsecured medium-term series 19 notes due in 2026.
Norwegian Energy Data Companies PGS, TGS Complete Merger
2024-07-02 - Norwegian companies PGS and TGS have completed their merger to create a full-service energy data company.