ONGC, India's largest oil and gas producer, reported a combined profit of about ₹80,000 crore in the two years to March 2023. It has zero net debt today. The company has been paying handsome dividends to its shareholders, about 30-45% of its annual profits every year for a decade. Its annual capex, however, has remained stagnant at around ₹30,000 crore for a decade.