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Energizing Tomorrow Oil & Natural Gas Corporation Ltd. Financial Results - ONGC, OVL & MRPL for the year ended 31.03.2014

Presentation overview 1 Performance ONGC Q4 & FY 14 2 Performance OVL FY 14 3 Performance MRPL Q4 & FY 14

Production Performance FY 14 Crude oil - ONGC MMT 5.116 5.127 5.101 20.440 20.485 Crude oil-jvs MMT 0.940 0.979 0.854 3.747 3.566 Condensate/NGL MMT 0.412 0.442 0.517 1.806 2.076 Total Crude oil MMT 6.468 6.548 6.472 25.993 26.127 Gas -ONGC BCM 5.811 5.882 5.828 23.284 23.549 Gas -JVs BCM 0.361 0.403 0.388 1.566 1.786 Total Gas BCM 6.172 6.285 6.216 24.850 25.335 LPG 000 MT 288 272 255 1,067 1,007 Naphtha 000 MT 311 337 374 1,358 1,534 C2-C3 000 MT 106 116 112 428 428 SKO 000 MT 22 18 22 85 108 Total VAPs MMT 0.727 0.743 0.763 2.938 3.077

Sales Performance FY 14 Crude oil - ONGC MMT 4.724 4.742 4.793 18.865 19.208 Crude oil-jvs MMT 1.193 1.245 1.080 4.738 4.471 Total Crude oil MMT 5.917 5.987 5.873 23.603 23.679 Gas -ONGC BCM 4.562 4.566 4.624 18.264 18.598 Gas -JVs BCM 0.302 0.335 0.33 1.317 1.557 Total Gas BCM 4.864 4.901 4.954 19.581 20.155 LPG Naphtha C2-C3 SKO 000 MT 284 273 258 1,073 1,005 000 MT 332 364 366 1,379 1,520 000 MT 106 115 112 428 425 000 MT 20 21 19 85 106 Total VAPs MMT 0.742 0.773 0.755 2.965 3.056

Financial Performance FY 14 Sales Turnover 209.71 208.33 214.60 834.69 825.52 Add: Other Operating Income 4.32 1.07 4.41 7.33 7.38 Less: Statutory Levies 56.00 58.29 55.64 229.62 223.59 Operating Revenue net of Levies 158.03 151.11 163.37 612.40 609.31 Add: Other Income 13.85 26.63 13.55 67.28 55.76 Less: Operating Exp. (Incl Provisions & Write off) Less: Exploration cost Written off (Survey & Dry Wells) 40.31 24.06 28.52 18.43 57.71 47.39 166.58 78.88 174.92 100.89 Less: Variation in Stock 2.05 (0.57) (0.52) 1.04 (0.22) PBDIT 105.46 131.36 72.34 433.18 389.48

Financial Performance FY 14 FY 14 FY 13 PBDIT 105.46 131.36 72.34 433.18 389.48 DD&I 35.69 25.55 23.87 108.84 83.74 Interest - - (0.04) - 0.29 Profit Before Tax 69.77 105.81 48.51 324.33 305.45 Provision for Tax 20.88 34.55 14.64 103.38 96.19 Profit After Tax 48.89 71.26 33.87 220.95 209.26

Crude Oil Prices Rates in US $ FY 14 Pre Discount 106.65 108.18 113.97 106.72 110.74 Less: Discount 73.87 62.20 63.12 65.75 62.89 Post Discount 32.78 45.98 50.85 40.97 47.85 Post Discount ` /bbl 2,026 2,852 2,755 2,478 2,606 Exchange Rate 61.79 62.03 54.17 60.50 54.45

Sales Revenue FY 14 Crude oil 137.67 134.04 147.77 561.62 562.38 Gas 50.38 47.57 41.44 185.93 168.88 LPG 5.43 10.22 8.73 30.15 31.48 Naphtha 19.21 21.07 19.20 75.74 76.80 C2-C3 3.88 4.27 3.50 14.84 13.44 SKO 0.36 0.87 0.72 2.78 3.69 Others 0.57 0.64 0.39 2.13 1.59 Profit Petroleum (7.80) (10.36) (7.05) (38.53) (32.59) Retail Outlet 0.01 0.01 0.01 0.04 0.04 Prior Period - - (0.11) (0.01) (0.19) Total Sales 209.71 208.33 214.60 834.69 825.52

Sales Revenue contd.. Crude Oil FY 14 FY 14 FY 13 Nominated Blocks 85.35 80.72 102.83 358.42 382.36 Joint Venture Share 52.32 53.32 44.94 203.20 180.02 Crude Oil - total 137.67 134.04 147.77 561.62 562.38 Gas FY 14 Nominated Blocks 46.72 43.41 37.93 170.12 152.28 Joint Venture Share 3.66 4.16 3.51 15.81 16.60 Gas - total 50.38 47.57 41.44 185.93 168.88

Other Income FY 14 Interest on : Short Term Deposits 3.25 4.71 4.02 15.13 18.47 Site Restoration Fund Deposit 2.83 2.12 2.32 9.43 8.30 Loans to Subsidiary 1.31 1.36 0.93 4.94 3.51 Employee Loans 0.12 0.12 0.11 0.47 0.43 Oil Bonds, IT Refunds 0.04 0.04 0.05 2.57 0.52 Dividend Income 0.69 0.40 0.59 3.74 4.61 Others 5.61 17.88 5.53 31.00 19.92 Total 13.85 26.63 13.55 67.28 55.76

Statutory levies FY 14 Royalty 27.84 29.00 26.78 114.90 108.09 Cess 25.01 25.23 24.93 99.73 99.97 NCC Duty 0.28 0.28 0.27 1.10 1.10 Excise Duty 0.84 0.88 0.78 3.08 3.09 Education Cess 0.03 0.79 0.77 2.35 3.11 Sales Tax 0.64 0.79 1.17 3.12 3.83 Service Tax 0.15 0.16 0.14 0.44 0.35 Octroi & BPT 1.21 1.17 0.81 4.90 4.06 Prior Period Levies - (0.01) (0.01) Total 56.00 58.30 55.64 229.62 223.59

Statutory levies Royalty FY 14 FY 14 FY 13 Crude - Offshore 6.16 6.10 5.21 25.35 24.70 - Onshore 0.71 1.78 3.41 8.74 14.23 - Joint Venture 16.02 16.25 13.98 62.02 52.02 Total Royalty Crude 22.89 24.13 22.60 96.11 90.95 Gas - Offshore 3.58 3.41 2.97 13.32 11.86 - Onshore 0.98 0.99 0.87 3.79 3.57 - Joint Venture 0.39 0.46 0.34 1.67 1.71 Total Royalty Gas 4.95 4.86 4.18 18.78 17.14 Total Royalty Oil + Gas 27.84 28.99 26.78 114.89 108.09

D D & I Cost FY 14 Depletion 24.95 21.48 16.58 85.08 66.29 Depreciation 8.23 4.05 5.17 20.57 15.18 Impairment 2.51 0.02 2.11 3.19 2.26 Prior Period - - 0.01-0.01 Total 35.69 25.55 23.87 108.84 83.74

Under-recovery Rs. Crore FY 14 Upstream share of Under-recovery ONGC 16,202.36 13,764.11 12,312.26 56,384.29 49,420.65 OIL 2,347.61 2,173.48 1,849.72 8,736.85 7,892.17 GAIL 500.00-587.18 1,900.00 2,687.18 TOTAL 19,049.97 15,937.59 14,749.16 67,021.14 60,000.00 Distribution of Upstream share of under-recovery IOC 9,626.38 8,261.30 7,639.55 34,673.59 31,966.84 BPCL 3,752.48 3,971.31 5,962.36 15,576.78 16,844.49 HPCL 5,671.11 3,704.98 1,147.25 16,770.77 11,188.67 TOTAL 19,049.97 15,937.59 14,749.16 67,021.14 60,000.00

Impact of Under-recovery Rs. Crore FY 14 Subsidy discount 16,202 13,764 12,312 56,384 49,421 Impact on Statutory levies 2,383 2,176 2,098 8,628 7,362 Impact on Profit Before Tax 13,819 11,588 10,214 47,756 42,059 Impact on Profit After Tax 9,122 7,649 6,900 31,524 28,413

ONGC Videsh Ltd. OVL FY 14 - Performance

OVL: O+OEG Production Projects Oil (MMT) Gas (BCM) Oil (MMT) Gas (BCM) Vietnam Block 06.1 0.032 1.851 0.037 2.104 Sudan, GNPOC 0.741 0.596 -- South Sudan, GPOC 0.218 S.Sudan, SPOC, Block 5A 0.034 -- -- Russia, Sakhalin-1 1.488 0.576 1.370 0.650 Syria, AFPC 0.126 Columbia, MECL 0.597 0.007 0.552 0.007 Venezuela, Sancristobal 0.767 0.087 0.800 0.072 Venezuela, Carabobo 0.021 0.001 0.001 Myanmar A1 & A3 0.201 Azerbaizan, ACG 0.883 0.099 0.010 0.001 Russia, Imperial Energy 0.387 0.036 0.560 0.071 Brazil, BC-10 0.318 0.013 0.291 0.012 Syria, Block 24 0.001 -- Total Production 5.486 2.871 4.344 2.917 8.357 7.261

OVL: Financial Performance Sales Turnover 217.77 175.58 Other Income 4.47 4.71 Gross Revenue 222.24 180.29 Less: Operating Expenses (incl provisions & Write off) Financing Costs 4.07 2.41 Adjustments for overlift/(underlift) 94.47 73.48 0.50 0.55 Variation in Stock (1.47) 0.15 PBDT 124.67 103.70

OVL: Financial Performance PBDT 124.67 103.70 DD&A 55.20 37.38 Prior period adjustment (0.42) (0.50) Profit Before Tax 69.89 66.82 Provision for Tax 25.57 27.65 Profit After Tax 44.32 39.17 Minority Interest (0.13) (0.12) Profit After Tax (Group) 44.45 39.29

OVL: Revenue-Sales Crude Oil 202.69 162.37 Natural Gas 11.92 11.39 Condensate 1.99 2.95 Others (Processing/Transportation etc) 3.20 1.20 Less: VAT 2.02 2.33 Total Revenue 217.78 175.58

OVL: Expenditure A. Operating Expenses Operating Costs 44.22 34.53 Statutory Levies 42.04 36.04 Provisions & Write Offs 8.21 2.91 Total (A) 94.47 73.48 B. DD & A Depreciation 8.08 3.26 Depletion 36.05 19.94 Amortisation 11.07 14.18 Total (B) 55.20 37.38

Mangalore Refinery and Petrochemicals Ltd. MRPL Q4 & FY 14 - Performance

MRPL : Thruput MMT 14.55 14.40 3.84 4.12 3.75 3.81 3.69 3.58 Q4 Q3 Q2 Q1 3.27 2.89 FY 14 FY 13

MRPL : Financial Performance Q4 FY 14 Q4 FY 13 Sales Turnover (Net) 191.28 185.80 718.10 656.92 Add: Other Income 1.61 0.10 3.25 1.16 Gross Revenue 192.89 185.90 721.35 658.08 Variation in Stock (4.71) (4.73) (6.54) (10.94) Raw Materials consumed 190.60 187.24 707.41 653.68 Operating & Other expenses 1.76 1.42 6.09 5.42 Exchange Loss/(Gain) (5.75) (0.86) 0.02 5.36 Interest & Financing Charges 0.58 0.71 3.21 3.29 PBDT 10.41 2.12 11.16 1.27 Depreciation 1.77 1.66 7.06 6.04 Provision for Tax (2.03) 1.08 (1.91) 2.80 Profit After Tax 10.67 (0.62) 6.01 (7.57)