New Delhi: Maharatna CPSE Oil India Limited (OIL) on Friday reported its highest-ever standalone quarterly profit after tax (PAT) of Rs 2,870 crore for the quarter (Q1 FY27) ended June 30, registering a 2.5-fold increase from Rs 813 crore in the corresponding quarter of the previous financial year.

The strong performance was supported by an 11 percent rise in crude oil production and higher crude oil price realisation of $98.73 per barrel.

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The company also reported a consolidated PAT of Rs 4,027 crore for Q1 FY27, up 97 percent from Rs 2,047 crore in Q1 FY26. The financial results were approved by OIL's Board of Directors at its 583rd meeting held on August 7.

During the quarter, OIL produced 0.950 million metric tonnes (MMT) of crude oil from its mature oilfields, compared with 0.853 MMT in the year-ago period. The company also achieved its highest-ever daily crude oil production of 10,921 metric tonnes (84,109 barrels) on June 27.

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OIL said its material subsidiary Numaligarh Refinery Limited (NRL) posted a 167 percent year-on-year increase in PAT to Rs 1,305 crore, supported by a gross refining margin (GRM) of USD 35.95 per barrel and an improved distillate yield of 87.58 percent.

On the operational front, the company reported a natural gas discovery in the Vijaya Puram-3 exploratory well in the Andaman Basin, reaffirming the basin's hydrocarbon potential. It also completed a highly deviated exploratory well in Assam, achieving the highest-ever horizontal displacement of 3,116 metres in an onshore well.

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