New Delhi: ONGC has reported a 35% year-on-year drop in the fourth-quarter profit to ₹6,448 crore on higher exploration cost write-off.

Revenue from operations for the January-March quarter rose 1% to ₹34,982 crore. Profit for the full year 2024-25 dropped 12% to ₹35,610 crore. Annual revenue dropped 0.5% to ₹137,846 crore.

ONGC wrote off exploratory well costs of ₹4,173 crore in the January-March quarter, compared to ₹794 crore in the year-ago period. For the year 2024-25, the write-off was ₹7,480 crore as against ₹3,690 crore in the previous year.

ONGC realised an average crude oil price of $73.72 per barrel during the fourth quarter from its nomination field, down 9% from the year-ago period. The gas price during the quarter was $6.5 per mmbtu, the same as in the corresponding quarter. The company reported a marginal production decline in both oil and gas during the quarter.

Its standalone crude oil production was up 0.9% in 2024-25 to 18.56 million metric tonnes. It drilled 578 wells during the year, the highest in the last 35 years.

The company declared a dividend of Rs 1.25 per share. Its board has approved extending corporate guarantee support to its subsidiary Opal for raising debts up to Rs 20,000 crore.

Ahead of the earnings announcement, shares in ONGC closed nearly unchanged at Rs 248.75 on Wednesday when the benchmark BSE Sensex ended 0.5% up.