The average benchmark West Texas Intermediate (WTI) crude prices rose 39% to US$ 59.66 per barrel in the quarter ended June 2009 over the March 2009 quarter, showing signs of improvement in the oil and refinery sector. Crude prices, however, were still 52% lower compared with the corresponding previous-year period. ONGC's gross realisation rose 27% to US$ 60.58 per barrel in Q 1 June 2009 of the fiscal ended March 2010 (FY 2010) over Q4 March 2009 of FY 2009, while it
· was lower 52% over Q 1 June 2009 of FY 2009. Reliance Industries' (RIL) gross refinery margin (GRM) was down to US$ 7.5 per barrel in June 2009 quarter from US$ 15.7 per barrel in the June 2008 quarter and US$ 9.90 per barrel in the March 2009 quarter.
Aggregate sales of 19 companies in the oil exploration and allied services and refming sector fell 32% to Rs 174682 crore in the quarter ended June 2009 over the June 2008 quarter. The operating profit margin (OPM) jumped 590 basis points (bps) to 14.2%, resulting in operating profit (OP) rising 16% to Rs 24729 crore. Other income (O!) more than doubled by 104% to Rs 4357 crore, boosting profit before depreciation, interest and tax 24% to Rs 29086 crore. Interest cost fell 11 % to Rs 1711 crore and depreciation charges rose 19% to Rs 6459 crore, bolstering profit before tax (PBT) 31 % to Rs. 209] 6 crore. Tax provision was up 24% to Rs. 64ll crore. The resultant net profit increased 34% to Rs 14505 crore.
Global demand for crude oil dropped to 83.1 million barrels per day (mbpd) in Q1 June 2009 of FY 2010 as against 86.3 million barrels per day in Q1 June 2008 ofFY 2009 and was down 1.3 mbpd over Q4 March 2009 ofFY 2009. Global operating rates are at below five-year average due to various capacity shutdowns of refineries. This was despite capacity addition of 1.2 mbpd. The light-heavy differentials of crude oil averaged US$ 1.97 per barrel bbl- a fall of 44% over the trailing quarter. Peak differential was US$ 10 per bbl in July 2008. This is a significant erosion in premium for complex refiners.
Middle distillates (diesel and kerosene) cracks, the difference between the prices of
· was lower 52% over Q 1 June 2009 of FY 2009. Reliance Industries' (RIL) gross refinery margin (GRM) was down to US$ 7.5 per barrel in June 2009 quarter from US$ 15.7 per barrel in the June 2008 quarter and US$ 9.90 per barrel in the March 2009 quarter.
Aggregate sales of 19 companies in the oil exploration and allied services and refming sector fell 32% to Rs 174682 crore in the quarter ended June 2009 over the June 2008 quarter. The operating profit margin (OPM) jumped 590 basis points (bps) to 14.2%, resulting in operating profit (OP) rising 16% to Rs 24729 crore. Other income (O!) more than doubled by 104% to Rs 4357 crore, boosting profit before depreciation, interest and tax 24% to Rs 29086 crore. Interest cost fell 11 % to Rs 1711 crore and depreciation charges rose 19% to Rs 6459 crore, bolstering profit before tax (PBT) 31 % to Rs. 209] 6 crore. Tax provision was up 24% to Rs. 64ll crore. The resultant net profit increased 34% to Rs 14505 crore.
Global demand for crude oil dropped to 83.1 million barrels per day (mbpd) in Q1 June 2009 of FY 2010 as against 86.3 million barrels per day in Q1 June 2008 ofFY 2009 and was down 1.3 mbpd over Q4 March 2009 ofFY 2009. Global operating rates are at below five-year average due to various capacity shutdowns of refineries. This was despite capacity addition of 1.2 mbpd. The light-heavy differentials of crude oil averaged US$ 1.97 per barrel bbl- a fall of 44% over the trailing quarter. Peak differential was US$ 10 per bbl in July 2008. This is a significant erosion in premium for complex refiners.
Middle distillates (diesel and kerosene) cracks, the difference between the prices of
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