The company reported a pre-tax loss of Rs 979.17 crore in Q4 FY23 as compared with profit before tax of Rs 11,714.30 crore in Q4 FY22.

The company's net crude oil price realization was $77.12 per barrel (up 18.8% YoY) and gas price realization was $8.57 per mmbtu (up 195.5% YoY) during the period under review.

ONGC's crude oil production declined 2.9% year on year to 5.235 metric million tonnes (MMT) in Q3 FY23. Gas production during the quarter was 5.261 billion cubic meters (BCM), up by 1.5% on YoY basis.

On consolidated basis, the firm's net profit tumbled 52.73% to Rs 5,701.46 crore despite of 5.21% rise in revenue to Rs 164,066.72 crore in Q4 FY23 over Q4 FY22.

On full year basis, the company's net profit fell 3.66% to Rs 38,828.87 crore on 40.94% jump in total income to Rs 1,55,517.32 crore in FY23 over FY22.

The company said that the decrease in oil/gas production was mainly due to delay in implementation of KG-98/2, cluster-II project and less than envisaged production from WO-16 and Cluster-7 and reservoir issues in S1-VA fields.

Meanwhile, the company's board recommended final dividend of Re 0.50 per equity share for the financial year 2022-23, subject to approval by the members.

Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of March 2023.

Shares of ONGC declined 1.62% to end at Rs 163.60 on Friday, 26 May 2023.