OIL AND NATURAL GAS CORPORATION LIMITED

Regd.Office : ‘Jeevan Bharati’, Tower II, 8th Floor, 124-Indira Chowk, New Delhi 110 001

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UNAUDITED FINANCIAL RESULTS (AFTER LIMITED REVIEW) FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER, 2010

( ` in Crore)
Unaudited Unaudited Audited
Sl. For the Year
Particulars
No. For the Quarter ended For the Half Year ended Ended

30.09.2010 30.09.2009 30.09.2010 30.09.2009 31.03.2010

1 Operating Income:

Gross Sales/Income from Operations 18,238.98 15,134.04 31,949.41 30,055.87 60,206.15

Less: Excise Duty recovered 45.39 53.45 90.22 96.01 218.54

(a) Net Sales/Income from Operations 18,193.59 15,080.59 31,859.19 29,959.86 59,987.61

(b) Other Operating Income 236.69 257.34 394.10 514.18 1,994.91

Total Operating Income (1) 18,430.28 15,337.93 32,253.29 30,474.04 61,982.52
2 Expenditure

a) (Increase)/Decrease in stock-in-trade (4.88) (43.39) (97.21) (163.21) (118.04)

b) Consumption of raw materials* 146.02 129.76 281.31 240.49 570.31
c) Purchase of Traded Goods 2.94 1.94 7.28 4.71 13.93

d) Employees cost** 305.90 284.66 584.82 535.90 1,106.68

e) Statutory levies 3,869.61 2,984.63 6,736.71 6,021.21 11,987.29

f) Depreciation*** 4,400.07 2,356.06 7,514.34 5,534.97 14,658.79

g) Other expenditure 2,788.88 2,999.49 5,225.36 5,096.29 10,930.99

Total Expenditure (2) 11,508.54 8,713.15 20,252.61 17,270.36 39,149.95

3
Profit from Operations before Other Income, Interest & Exceptional Items (1)-(2) 6,921.74 6,624.78 12,000.68 13,203.68 22,832.57
4 Other Income 906.18 992.95 1,313.39 1,780.92 2,219.92
5 Profit before Interest & Exceptional Items (3)+(4) 7,827.92 7,617.73 13,314.07 14,984.60 25,052.49
6 Interest 0.91 3.54 3.67 9.64 68.65

7 Profit after Interest but before Exceptional Items (5)-(6) 7,827.01 7,614.19 13,310.40 14,974.96 24,983.84
8 Exceptional Items - - - - -

9 Profit from Ordinary Activities before Tax (7)+(8) 7,827.01 7,614.19 13,310.40 14,974.96 24,983.84

10 Tax Expense
a) For Current Tax 2,625.60 2,020.50 4,451.20 4,311.00 7,120.25
b) For Earlier Years (393.64) (0.53) (393.64) (0.53) (19.94)
c) Deferred Tax Liability/(Asset) 206.28 504.58 202.93 726.93 1,115.98
Total Tax Expense (10) 2,438.24 2,524.55 4,260.49 5,037.40 8,216.29

11 Net Profit from Ordinary Activities after Tax (9)-(10) 5,388.77 5,089.64 9,049.91 9,937.56 16,767.55
12 Extraordinary Items - - -

13 Net Profit for the period (11)+(12) 5,388.77 5,089.64 9,049.91 9,937.56 16,767.55

14 Paid-up equity share capital (Face value of share Rs. 10 each) 2,138.89 2,138.87 2,138.89 2,138.87 2,138.89
15 Reserves excluding revaluation reserves 84,302.40
16 Earnings Per Share (EPS) (in `)
(a) Basic and diluted EPS before Extraordinary items 25.19 23.80 42.31 46.46 78.39
(b) Basic and diluted EPS after Extraordinary items 25.19 23.80 42.31 46.46 78.39
17 Public shareholding

- Number of shares 553131857 553131857 553131857 553131857 553131857

- Percentage of shareholding 25.86 25.86 25.86 25.86 25.86

18 Promoters and promoter group Shareholding

a) Pledged/Encumbered
-Number of shares - - - - -

-Percentage of shares (as a % of the total shareholding of promoter and promoter group) - - - - -

-Percentage of shares (as a % of the total share capital of the company) - - - - -

b)Non-encumbered
-Number of shares 1585740673 1585740673 1585740673 1585740673 1585740673

-Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100.00 100.00 100.00 100.00 100.00

-Percentage of shares (as a % of the total share capital of the company) 74.14 74.14 74.14 74.14 74.14

*Represents consumption of raw materials, stores & spares. ** Employees cost shown above is net of allocation to different activities. *** Also includes depletion, amortisation and impairment loss
Segment wise Revenue, Results and Capital Employed
under Clause 41 of the Listing Agreement

(` in Crore)
Sl. No. Unaudited Unudited Audited
For the Quarter ended For the Half Year ended For the Year
Particulars Ended
30.09.2010 30.09.2009 2 30.09.2010 30.09.2009 31.03.2010
1 Segment Revenue
a) Offshore 13,239.97 11,394.29 24,146.13 22,687.99 46,864.83
b) Onshore 5,235.72 3,943.64 8,197.40 7,786.05 15,336.24
Total 18,475.69 15,337.93 32,343.53 30,474.04 62,201.07
Less: Inter Segment Revenue - - - - -
Net sales/income from operations 18,475.69 15,337.93 32,343.53 30,474.04 62,201.07

Segment Result Profit(+)/Loss(-) before tax

2
and interest from each segment

a) Offshore 5,738.91 5,533.98 10,575.32 10,878.57 19,563.52

b) Onshore 1,423.10 1,346.11 1,743.59 2,802.15 4,258.20
Total 7,162.01 6,880.09 12,318.91 13,680.72 23,821.72
Less:
i. Interest Payment 0.91 3.54 3.67 9.64 68.65
ii. Other unallocable expenditure net of
unallocable income. -665.91 -737.64 -995.16 -1,303.88 -1,230.77
Profit before Tax and Extraordinary Items 7,827.01 7,614.19 13,310.40 14,974.96 24,983.84

Extraordinary Items
- -
Profit before Tax 7,827.01 7,614.19 13,310.40 14,974.96 24,983.84

3 Capital Employed (Segment Assets -

Segment Liabilities)
a) Offshore 33,453.72 30,814.71 33,453.72 30,814.71 30,873.58
b) Onshore 23,729.95 17,754.98 23,729.95 17,754.98 22,242.32
Total 57,183.67 48,569.69 57,183.67 48,569.69 53,115.90
Unallocated Corporate Assets less Liabilities 39,173.64 40,103.01 39,173.64 40,103.01 34,166.69
Grand Total 96,357.31 88,672.70 96,357.31 88,672.70 87,282.59
 OIL AND NATURAL GAS CORPORATION LIMITED
Regd.Office : ‘Jeevan Bharati’, Tower II, 8th Floor, 124-Indira Chowk, New Delhi 110 001

SUMMARY OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2010

(` in Crore)
Unaudited Audited
Particulars As at As at
30.09.2010 30.09.2009 31.03.2010

SHAREHOLDERS’ FUNDS:
(a) Capital 2,138.89 2,138.89 2,138.89
(b) Reserves and Surplus 94,218.44 86,533.82 85,143.72

LOAN FUNDS - 16.48 4.98

DEFERRED TAX LIABILITY (NET) 9,121.14 8,529.16 8,918.21

LIABILITY FOR ABANDONMENT COST 16,523.39 15,613.57 16,400.67

TOTAL 122,001.86 112,831.92 112,606.47

FIXED ASSETS 27,076.01 22,586.85 25,889.86

PRODUCING PROPERTIES 41,366.92 37,261.79 40,282.21

EXPLORATORY/DEVELOPMENT WELLS-IN-PROGRESS (NET) 7,373.75 7,643.01 5,549.68

INVESTMENTS 15,195.02 5,134.98 5,772.03

CURRENT ASSETS, LOANS AND ADVANCES

(a) Inventories 5,091.94 4,987.26 4,678.57
(b) Sundry Debtors 5,829.27 2,791.40 3,058.64
(c) Cash and Bank balances 10,765.94 21,720.28 18,231.04
(d) Other current assets 858.21 1,222.37 633.31
(e) Loans and Advances 26,870.46 25,762.58 27,169.77
Less: Current Liabilities and Provisions
(a) Liabilities 13,614.35 12,151.52 12,087.56
(b) Provisions 5,633.31 4,832.25 7,412.40
Sub Total 30,168.16 39,500.12 34,271.37

MISCELLANEOUS EXPENDITURE (NOT WRITTEN OFF OR ADJUSTED) 822.00 705.17 841.32

PROFIT AND LOSS ACCOUNT - - -

TOTAL 122,001.86 112,831.92 112,606.47

Notes:
1. The above results have been reviewed and recommended by the Audit & Ethics Committee and
approved by the Board of Directors in its meeting held on 28th October, 2010.

2. The Quarterly Financial Results have been reviewed by the Joint Statutory Auditors of the company,
as required under Clause 41 of the Listing Agreement.

3. In terms of the decision of the Government of India, the Company has shared under- recoveries of Oil
Marketing Companies for the quarter ended on 30th September, 2010 by allowing discount in the
prices of Crude Oil, PDS Kerosene and Domestic LPG based on the provisional rates of discount
communicated by Petroleum Planning and Analysis Cell. The impact of this on profitability is as
under :-
( ` in Crore)

Decrease in For the Quarter For the Half year For the Year
ended ended ended
30.09.2010 30.09.2009 30.09.2010 30.09.2009 31.03.2010
Gross Revenue 3,019 2,630 8,534 3,059 11,554
Profit before tax 2,577 2,259 7,302 2,625 9,925
Profit after tax 1,721 1,491 4,876 1,733 6,551

4. Government of India, Ministry of Petroleum & Natural Gas (MoP&NG), vide letter dated 2nd
August, 2010 to GAIL, with a copy to ONGC directed that the excess of Gas Pool Account as on
30th June, 2010, may be transferred to National Oil Companies (NOCs) in accordance with their
contribution to the inflow to the Gas Pool Account after retaining ` 400 Crore. GAIL subsequently
has sought certain clarification from MoP&NG on determination of the amount to be transferred to
NOCs. Since, clarification from MoP&NG is pending, the amount to be transferred from Gas Pool
Account can not be reasonably ascertained and therefore, no credit has been considered on this
account.

5. Pending finalization, the Company provided liability for Pay Revision in respect of unionized
category of employee amounting to ` 103 Crore during the quarter (` 48 Crore in corresponding
period of previous year) and is allocated to the activities as per the policy of the Company.

6. Information on investors’ complaints pursuant to Clause 41 of Listing Agreement for the quarter
ended 30th June , 2010:

Opening Balance Additions Disposals Closing Balance

No. of complaints 3 628 631 0

These exclude investors’ complaints regarding the offer for sale upto 10% of equity shares of the
company made by the Government of India in March, 2004, which are being attended to by the
Registrar to the issue appointed by the Govt. of India.

7. Previous period’s figures have been regrouped/reclassified wherever necessary.

By order of the Board

Sd/- .

Place: New Delhi (D K Sarraf)

Date : 28th October, 2010 Director (Finance)