Shares of Oil and Natural Gas Corporation (ONGC) surged 2% on May 21, when it announced that its consolidated net profit for the quarter ending March 31 of the financial year 2023-24 (Q4FY24) increased by around 78 per cent to Rs 11,526.53 crore, compared to Rs 6,478.23 crore in the same period last year (Q4FY23), as per the company’s recent regulatory filing.

The company’s board of directors has recommended a final dividend of Rs 2.50 per equity share with a face value of Rs 5 each, which is 50% for FY24, subject to shareholders’ approval in the annual general meeting.

The company’s revenue from operations for Q4FY24 slightly increased to Rs 1.66 trillion compared to Rs 1.64 trillion in Q4FY23.

For the whole FY24, ONGC recorded its highest-ever consolidated net profit of Rs 57,101 crore.

Crude oil production in Q4FY24 increased by 2.4% over Q4FY23, whereas gas production decreased by 3%.

The company made 11 discoveries in FY24, comprising 6 prospects and 5 new pool discoveries.

ONGC drilled 541 wells during the year, the highest number recorded in the past 34 years. These wells comprised 103 exploratory and 438 development wells.

The crude oil price realised from nominated fields rose 5% year-on-year to USD 80.81 per barrel in the fourth quarter. It dropped 0.4% to USD 76.84 per barrel from joint venture fields.

Gas price realised by ONGC in the quarter fell 24% to USD 6.5 per metric million British thermal units (MMBtu).

However, at 11: 28 pm, the shares of ONGC were trading flat on NSE.