OIL said that crude oil price realisation during the quarter under review stood at $ 44.09 a barrel, down from $ 63.27 a barrel in the same period of 2019.
The higher profit in the quarter is because of a significant tax reversal. OIL said that it settled all its pending income tax disputes from accounting year 2003-2004 to 2016-17 under the Vivad Se Vishwas Scheme.
“Based on the final settlement orders received from the designated authority under the scheme for all the above years, the company has recognised an amount of Rs 1,158.54 crore (credit) in the statement of consolidated financial results
for the quarter and nine months ended December 31, 2020,” OIL said.
Crude oil production for Q3FY21 has remained flat at 0.748 million tonne (MMT) as compared to 0.747 MMT during Q3FY20.
Meanwhile, Natural gas production for the quarter has marginally reduced to 673 million standard cubic meters (MMSCM) as against 697 MMSCM in the same period a year ago.
On a standalone basis, OIL reported Rs 2,497.24 crore in total income and Rs 903.69 crore profit for the quarter ended December 31, 2020.