ONGC Profit More Than Doubles as Oil Prices Surge

India's Oil and Natural Gas Corporation more than doubled its quarterly profit as higher crude and natural gas prices - and a weaker rupee - more than made up for another drop in production. ONGC reported net income of 170.34 billion rupees, or about $1.8 billion, for the quarter ended June, beating the 152.67 billion-rupee average estimate compiled by Bloomberg. Revenue jumped 45% from a year earlier to 464.60 billion rupees. The numbers put ONGC alongside the global oil majors that spent the second quarter cashing in on the biggest oil supply disruption in history. Brent averaged nearly 50% above year-ago levels as the U.S.-Iran war throttled Persian Gulf flows and tightened crude and fuel markets. ONGC earned 50.4% more on every barrel of crude it sold compared with a year earlier. Earnings from gas produced at legacy fields rose 5.4%, while earnings from newer deepwater acreage jumped 61.5%.