India's ONGC more than doubles profit to $1.8 billion even as output falls 3.4%

India's Oil and Natural Gas Corporation (ONGC) reported net income of 170.34 billion rupees, about $1.8 billion, for the quarter ended June, in results reported on Tuesday, 4 August 2026 (13 Mordad 1405). The figure beat the 152.67 billion rupee average estimate compiled by Bloomberg. Revenue jumped 45% from a year earlier to 464.60 billion rupees.

The driver was higher crude and natural gas prices together with a weaker rupee, which more than made up for another drop in production. The company earned 50.4% more on every barrel of crude it sold compared with a year earlier, while earnings from gas produced at legacy fields rose 5.4% and earnings from newer deepwater acreage jumped 61.5%. Standalone oil and gas output, by contrast, fell 3.4% to 9.4 million metric tons of oil equivalent as aging fields continued to decline and newer projects were slow to make up the difference.

ONGC supplies about two thirds of India's oil and more than half of its gas. India still imports nearly 90% of the oil it consumes and about half its gas, a dependence highlighted by the supply disruption from the West Asia war. India's Russian crude imports hit a record 2.8 million barrels per day in July, accounting for 55.5% of total imports. The company also plans to build a 13 million barrel storage facility at Mangaluru, with half reserved for strategic stocks; India's existing strategic reserves cover only about eight days of demand.