Petronas Posts 4Q Loss. Outlook Challenging, CEO Says

Mei Mei Chu
Friday, February 26, 2021

Malaysian state oil firm Petronas fell to a fourth-quarter loss on Friday hurt by lower oil prices and demand.

Petronas announced in a virtual briefing a 1.1 billion ringgit ($272 million) loss after tax for the October-December quarter versus a profit of 4.1 billion a year earlier.

It was the third straight quarterly loss at the firm, formally known as Petroliam Nasional Berhad.

Revenue fell 31.3% to 44 billion ringgit.

For 2020, it recorded a profit after tax of 10.5 billion ringgit, it said. Excluding impairment charges, its cash flow from operations was 40.7 billion ringgit.

Petronas said 2021 will remain difficult due to the pandemic.

"The outlook remains challenging with modest recovery in demand and oil prices, as the COVID-19 impact still continues with the emergence of new surges in cases," Petronas CEO Tengku Muhammad Taufik said.

($1 = 4.0470 ringgit) 

(Reporting by Mei Mei Chu; editing by Jason Neely)


Categories: Finance Energy Industry News Activity Asia

Related Stories

EnQuest to Buy Malaysia Offshore Interests in $833M Deal

Ichthys LNG Strike Intensifies as Union Talks with Inpex Collapse

Eni and Petronas Launch Southeast Asia Gas Joint Venture Searah

Oil Slips as Oman Reports Normal Operations at Key Oil Terminal

SBM Offshore to Sell 45% Stake in Mexico-Bound FSO to NYK

Aramco Picks McDermott for Energy Projects in Saudi Arabia

Velesto’s Jack-Up Rig Up for Gulf of Thailand Drilling Campaign

Kuwait Sees 70% Oil Output Recovery within Two Months of Hormuz Reopening

Ichthys LNG Strike Causes Delay to Taiwan-Bound Cargo

Indonesia Targets Higher Oil and Gas Output in 2027

Current News

JERA Takes Delivery of First LNG Cargo from Australia's Barossa Gas Project

Inpex’s Ichthys LNG Strike Persists as Fair Work Hearing Gets Postponed

Oil Falls More Than 2% as US-Iran Tensions Ease

TGS Books 3D Streamer Seismic Job in Africa and Middle East region

Hormuz Reopening Could Trigger OPEC’s Next Big Challenge

EnQuest to Buy Malaysia Offshore Interests in $833M Deal

Oil Holds Steady as Markets Assess Renewed US-Iran Hostilities

ADNOC Looks to Canada for Upstream and LNG Growth Through XRG

Petronas Signs 20-Year LNG Supply Deal with Japan's JERA

Oil Prices Slide as Israel-Iran Suspend Strikes

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