ONGC has pursued growth during the oil price downturn, bucking the industry trend of reduced investment. Barrels have been secured through the drill-bit, acquisitions and strategic alliances. The company's counter-cyclical efforts have paid off - it is the only company in the peer group to be able to maintain its production over the next five years. Finances have also remained in good shape. Financial gearing has reached 16%, up just four percentage points since the oil price crash. The company's resilience to future price shocks will be further bolstered by the recent US$5.8 billion merger with refiner Hindustan Petroleum.