ONGC Profit Soars as Oil Prices Surge Amid Global Disruption

India's Oil and Natural Gas Corporation (ONGC) reported a significant increase in quarterly profit, more than doubling to 170.34 billion rupees ($1.8 billion) for the quarter ended June. This beat the average estimate of 152.67 billion rupees compiled by Bloomberg.

The company's revenue jumped 45% from a year earlier to 464.60 billion rupees, with earnings per barrel of crude rising 50.4%. Earnings from gas produced at legacy fields rose 5.4%, while those from newer deepwater acreage increased 61.5%.

However, ONGC's standalone oil and gas output fell 3.4% to 9.4 million metric tons of oil equivalent due to aging fields declining and slower production growth from newer projects.