State-backed Oil India's third-quarter profit falls on lower crude prices [Reuters]
ICICI Bank Limited (IBN)
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Source: Reuters
on Tuesday, hit by lower prices for crude oil and a windfall tax levied by the government. Standalone profit was 15.84 billion rupees ($191 million) for the quarter ended Dec. 31, compared with 17.46 billion rupees a year earlier. Average crude prices fell 6.5% in the December quarter, as per LSEG data. The Indian government's windfall tax on crude oil producers since July 2022 has also hurt its bottom line. Ad Break Coming Up Ad Visit Advertiser website GO TO PAGE The government has set the tax rate at a level that ensures a steady range of $73–$76 per barrel net crude realisation for Oil and Natural Gas Corp (ONGC.NS) , opens new tab and Oil India, analysts at ICICI Securities said in a note last month. Last year, the government also reduced the prices of gas produced from old blocks to $6.50 per million British thermal units (mmBtu) from $8.57 per mmBtu, squeezing the realisation of ONGC and Oil India, which together operate old fields responsible for about 80% of I
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IBN
Sec Filings
- 5/3/24 - Form 6-K
- 4/30/24 - Form 6-K
- 4/30/24 - Form 6-K
- IBN's page on the SEC website