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Energizing Tomorrow Oil & Natural Gas Corporation Ltd. Financial Results - ONGC, OVL & MRPL for the year ended 31.03.2015

Presentation overview 1 Performance ONGC Q4 & FY 15 2 Performance OVL FY 15 3 Performance MRPL Q4 & FY 15

Production Performance FY 15 FY 14 Crude oil - ONGC MMT 5.209 5.114 5.300 20.825 20.441 Crude oil-jvs MMT 0.915 0.940 0.952 3.683 3.747 Condensate/NGL MMT 0.330 0.414 0.360 1.438 1.806 Total Crude oil MMT 6.454 6.468 6.612 25.946 25.994 Gas -ONGC BCM 5.426 5.811 5.618 22.022 23.284 Gas -JVs BCM 0.375 0.362 0.394 1.497 1.567 Total Gas BCM 5.801 6.173 6.012 23.519 24.851 LPG 000 MT 271 287 296 1,095 1,067 Naphtha 000 MT 269 310 291 1,156 1,358 C2-C3 000 MT 52 106 89 337 430 SKO 000 MT 17 22 18 74 84 Others 000 MT 13 21 18 61 78 Total VAPs MMT 0.622 0.746 0.712 2.723 3.017

Sales Performance FY 15 FY 14 Crude oil - ONGC MMT 4.870 4.724 5.014 19.531 18.865 Crude oil-jvs MMT 1.119 1.193 1.169 4.560 4.738 Total Crude oil MMT 5.989 5.917 6.183 24.091 23.603 Gas -ONGC BCM 4.091 4.562 4.230 16.781 18.264 Gas -JVs BCM 0.280 0.302 0.308 1.173 1.317 Total Gas BCM 4.371 4.864 4.538 17.954 19.581 LPG 000 MT 274 284 287 1090 1073 Naphtha 000 MT 250 332 268 1124 1379 C2-C3 000 MT 52 106 89 337 428 SKO 000 MT 17 20 17 74 85 Total VAPs MMT 0.593 0.742 0.661 2.625 2.965

Financial Performance FY 15 FY 14 Sales Turnover 213.39 209.71 187.70 823.49 834.68 Add: Other Operating Income 3.44 4.32 2.10 7.45 7.33 Less: Statutory Levies 63.23 56.00 53.69 230.95 229.62 Operating Revenue net of Levies 153.60 158.03 136.11 599.99 612.39 Add: Other Income 17.36 13.72 13.78 53.68 67.15 Less: Operating Exp. (Incl Provisions & Write off) 53.49 40.18 39.41 166.58 166.45 Less: Exploration cost Written off (Survey & Dry Wells) 26.52 23.61 24.76 108.67 78.43 Less: Variation in Stock (2.57) 2.05 0.65 (1.67) 1.04 PBDIT 93.52 105.91 85.07 380.09 433.62

Financial Performance FY 15 FY 14 PBDIT 93.52 105.91 85.07 380.09 433.62 DD&I 30.95 36.14 33.40 114.51 109.29 Interest 0.01-0.01 0.03 - Profit Before Tax 62.56 69.77 51.66 265.55 324.33 Provision for Tax 23.21 20.88 15.95 88.22 103.38 Profit After Tax 39.35 48.89 35.71 177.33 220.95

Crude Oil Prices Rates in US $ FY 15 FY 14 Pre Discount 55.63 106.65 75.95 85.28 106.72 Less: Discount - 73.87 40.43 40.41 65.75 Post Discount 55.63 32.78 35.52 44.87 40.97 Post Discount ` /bbl 3,463 2,026 2,202 2,744 2,478 Exchange Rate 62.25 61.79 62.00 61.15 60.50

Sales Revenue FY 15 FY 14 Crude oil 148.92 137.67 126.11 567.32 561.62 Gas 52.87 50.38 50.64 189.56 185.93 LPG 9.40 5.43 4.72 34.38 30.15 Naphtha 7.24 19.21 9.74 50.83 75.74 C2-C3 1.40 3.88 2.66 10.06 14.84 SKO 0.62 0.36 0.42 2.77 2.78 Others 0.26 0.57 0.34 1.36 2.12 Profit Petroleum (7.34) (7.80) (6.95) (32.85) (38.53) Retail Outlet 0.02 0.01 0.02 0.06 0.04 Prior Period - (0.01) Total Sales 213.39 209.71 187.70 823.49 834.68

Sales Revenue contd.. Crude Oil FY 15 FY 14 Nominated Blocks 123.11 85.35 89.42 407.91 358.42 Joint Venture Share 25.81 52.32 36.69 159.41 203.20 Crude Oil - total 148.92 137.67 126.11 567.32 561.62 Gas FY 15 FY 14 Nominated Blocks 49.31 46.72 46.73 174.82 170.12 Joint Venture Share 3.56 3.66 3.91 14.74 15.81 Gas - total 52.87 50.38 50.64 189.56 3.00

Other Income Interest on : FY 15 FY 14 Short Term Deposits 1.84 3.25 3.29 11.44 15.13 Site Restoration Fund Deposit 2.59 2.83 2.40 10.03 9.43 Loans to Subsidiary 1.12 1.31 1.19 4.83 4.94 Employee Loans 0.12 0.12 0.12 0.48 0.47 Oil Bonds, IT Refunds 2.28 0.04 0.04 3.54 2.57 Dividend Income 0.39 0.69 0.29 4.89 3.74 Others 9.02 5.48 6.45 18.47 30.87 Total 17.36 13.72 13.78 53.68 67.15

Statutory levies FY 15 FY 14 Royalty 34.53 27.84 24.55 116.08 114.90 Cess 25.60 25.01 26.34 102.53 99.73 NCC Duty 0.28 0.28 0.29 1.12 1.10 Excise Duty 0.37 0.84 0.56 2.21 3.08 Education Cess 0.01 0.03 0.02 0.09 2.35 Sales Tax 0.76 0.64 0.58 2.59 3.12 Service Tax 0.03 0.15 (0.06) 0.29 0.44 Octroi & BPT 1.69 1.21 1.41 6.08 4.90 Prior Period Levies (0.04) - - (0.04) - Total 63.23 56.00 53.69 230.95 229.62

Statutory levies Royalty FY 15 FY 14 Crude - Offshore (1.55) 6.16 6.05 18.04 25.35 - Onshore 22.97 0.71 2.36 31.14 8.74 - Joint Venture 7.03 16.02 10.51 46.58 62.02 Total Royalty Crude 28.45 22.89 18.92 95.76 96.11 Gas - Offshore 4.50 3.58 4.18 14.85 13.33 - Onshore 1.14 0.98 0.97 3.75 3.79 - Joint Venture 0.44 0.39 0.48 1.72 1.67 Total Royalty Gas 6.08 4.95 5.63 20.32 18.79 Total Royalty Oil + Gas 34.53 27.84 24.55 116.08 114.90

D D & I Cost FY 15 FY 14 Depletion 26.07 24.98 28.93 97.72 85.11 Depreciation 4.20 8.63 3.92 14.96 20.97 Impairment 0.75 2.51 0.55 1.90 3.19 Prior Period (0.07) 0.02 - (0.07) 0.02 Total 30.95 36.14 33.40 114.51 109.29

Under-recovery Rs. Crore FY 15 FY 14 Upstream share of Under-recovery ONGC - 16,202.36 9,458.27 36,299.62 56,384.29 OIL - 2,347.61 1,437.73 5,522.58 8,736.85 GAIL - 500.00-1,000.00 1,900.00 TOTAL - 19,049.97 10,896.00 42,822.20 67,021.14 Distribution of Upstream share of under-recovery IOC 276.35 9,626.38 6,115.74 23,597.11 34,673.59 BPCL (1,331.35) 3,752.48 2,332.88 8,362.88 15,576.78 HPCL 1,055.00 5,671.11 2,447.38 10,862.21 16,770.77 TOTAL - 19,049.97 10,896.00 42,822.20 67,021.14

Impact of Under-recovery Rs. Crore FY 15 FY 14 Subsidy discount - 16,202 9,458 36,300 56,384 Impact on Statutory levies - 2,383 1,299 5,340 8,628 Impact on Profit Before Tax - 13,819 8,159 30,960 47,756 Impact on Profit After Tax - 9,122 5,386 20,437 31,524

ONGC Videsh Ltd. OVL FY 15 - Performance

OVL: O+OEG Production FY 15 FY 14 Projects Oil (MMT) Gas (BCM) Oil (MMT) Gas (BCM) Vietnam Block 06.1 0.030 1.774 0.032 1.851 Sudan, GNPOC 0.705-0.741 - Sudan, GPOC SPOC 5A - - 0.252 - Russia, Sakhalin-1 1.536 0.618 1.488 0.576 Syria, AFPC - - - - Columbia, MECL 0.618 0.008 0.597 0.007 Venezuela, Sancristobal 0.645 0.074 0.767 0.087 Venezuela, Carabobo 0.063 0.003 0.021 0.001 ACG 0.859 0.136 0.883 0.099 Russia, Imperial Energy 0.265 0.024 0.387 0.036 Brazil, BC-10 0.812 0.042 0.318 0.013 A1 & A3 Myanmar - 0.662-0.201 Block 24, Syria - - - - Total Production 5.533 3.341 5.486 2.871 8.874 8.357

OVL: Financial Performance FY 15 FY 14 Sales Turnover 188.82 218.23 Other Income 2.67 4.01 Gross Revenue 191.49 222.24 Less: Operating Expenses (incl provisions & Write off) 77.22 94.48 Financing Costs 24.77 4.07 Adjustments for overlift/(underlift) (0.55) 0.50 Variation in Stock 1.02 (1.47) PBDT 89.03 124.66

OVL: Financial Performance FY 15 FY 14 PBDT 89.03 124.66 DD&A 59.58 55.20 Prior period adjustment (1.21) (0.42) Profit Before Tax 30.66 69.88 Provision for Tax 12.81 25.57 Profit After Tax 17.85 44.31 Minority Interest (1.19) (0.14) Profit After Tax (Group) 19.04 44.45

OVL: Revenue-Sales FY 15 FY 14 Crude Oil 164.93 202.69 Natural Gas 18.53 11.92 Condensate 1.45 1.99 Others (Processing/Transportation 5.59 3.65 Less: VAT 1.68 2.02 Total Revenue 188.82 218.23

OVL: Expenditure FY 15 FY 14 A. Operating Expenses Operating Costs 36.28 44.23 Statutory Levies 28.64 42.04 Provisions & Write Offs 12.30 8.21 Total (A) 77.22 94.48 B. DD&A Depreciation 5.94 8.08 Depletion 44.94 36.05 Amortisation 8.70 11.07 Total (B) 59.58 55.20

Mangalore Refinery and Petrochemicals Ltd. MRPL Q4 & FY 15 - Performance

MRPL : Thruput MMT 14.65 14.55 4.12 3.84 3.86 3.75 3.47 3.69 Q4 Q3 Q2 Q1 3.20 3.27 FY 15 FY 14

MRPL : Financial Performance Q4 Q4 FY 15 FY 14 FY 15 FY 14 Sales Turnover (Net) 110.93 191.28 574.38 718.10 Add: Other Income 2.14 1.61 8.10 3.25 Gross Revenue 113.07 192.89 582.48 721.35 Variation in Stock 1.29 (4.71) 19.78 (6.54) Raw Materials consumed 96.39 190.60 558.85 707.41 Operating & Other expenses 2.48 1.76 9.51 6.09 Exchange Loss/(Gain) (1.68) (5.75) 6.84 0.02 Interest & Financing Charges 1.14 0.58 4.07 3.21 PBDT 13.45 10.41 (16.57) 11.16 Depreciation 1.49 1.77 4.99 7.06 Provision for Tax 0.26 (2.03) (4.44) (1.91) Profit After Tax 11.70 10.67 (17.12) 6.01