Petronas Posts Lower Profit, Warns of Market Volatility

Mei Mei Chu
Wednesday, February 26, 2020

Malaysian state oil firm Petronas said on Wednesday its fourth-quarter profit slumped 71%, hurt by impairment costs and lower prices of major products.

Petronas said profit after tax for the October-December period fell to 4.1 billion ringgit ($968.12 million) from 14.3 billion ringgit in the same period a year earlier. Excluding impairment charges, profit totaled 9.2 billion ringgit.

Revenue at the firm, formally known as Petroliam Nasional Berhad, slipped 8% to 64 billion ringgit.
Petronas said the outlook for oil and gas remained bearish due to geopolitical uncertainties, trade tensions and near-term demand disruptions from the new coronavirus outbreak.

"The board expects the financial performance for 2020 to be affected by these factors," the company said.

Petronas is the only manager of Malaysia's oil and gas reserves and is the world's third-biggest LNG exporter after Qatar and Australia. 

($1 = 4.2350 ringgit) 

(Reporting by Mei Mei Chu; editing by David Evans)


Related:

Petronas' 2nd FLNG Sets Sail for Malaysian Offshore Field

Categories: Energy LNG Industry News Activity Asia Malaysia

Related Stories

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

Current News

BP, ONGC, Reliance Industries Ink Deal for Offshore Exploration in India

Allseas-Boskalis Consortium Bags $1.4B Offshore Gas Pipeline Job in Taiwan

CNOOC Brings New Offshore Gas Field On Stream

Yinson, PTSC Get $600M Contract for Vietnam-Bound FSO

PTTEP Buys Chevron's Hess Unit Share of Southeast Asia’s Offshore Block for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com