Malaysia's Petronas Says Q1 Profit Doubles, but Cautious Over Outlook

Liz Lee
Tuesday, May 31, 2022

Malaysia's state energy firm Petronas on Tuesday posted higher profit of 23.4 billion ringgit ($5.35 billion) for its first quarter, in tandem with greater revenue following an upward trend in prices.

Revenue rose almost 50% to 78.8 billion ringgit in the January-March quarter, mainly due to the price impact for major products, the company said in a statement.

Petronas said the quarter's post-tax profit was 154% higher than a year ago, though that was partially offset by higher product costs and taxation.

President and Group CEO, Tengku Muhammad Taufik said the state oil firm "greatly benefited from an elevated price environment", but held a cautious outlook amid uncertain geopolitical conditions and accelerated moves towards renewable energy sources.

"Despite favorable Quarter 1 performance, the high oil and gas prices are expected to remain vulnerable with increased volatility due to geopolitical and macro-economic uncertainties," the firm said.

($1 = 4.3770 ringgit)

(Reuters - Reporting by Liz Lee; Editing by Martin Petty)

Categories: Energy Industry News Activity Production Asia

Related Stories

Yinson Completes $1.3B Financing for Agogo FPSO

BP Starts Oil Production at Major New Platform Offshore Azerbaijan

Russian Oil Companies Told to Boost Fuel Supply to Domestic Market

Sapura Energy to Provide Subsea Services for Shell Off Malaysia

CNOOC Finds Oil in South China Sea Deepwater Field

Singapore's Temasek Shortlists Saudi Aramco, Shell in Sale of Pavilion Energy Assets

Valeura Buys Nong Yao Field’s FSO Aurora and Expands Wassana Drilling Campaign

Borr Drilling Secures $82M for Three Jack-up Rigs

QatarEnergy and Petronet Sign 20-Year LNG Supply Deal for India

CNOOC’s Oil Field in Bohai Sea Starts Production

Current News

ConocoPhillips Misses Quarterly Profit Estimates

Taliban Plan Regional Energy Trade Hub with Russian Oil in Mind

Russia Shipping Oil to North Korea Above UN Mandated Levels

Yinson Completes $1.3B Financing for Agogo FPSO

Sapura Energy Hooks Subsea Services Contract from Thai Oil Major Off Malaysia

Philippines' PXP Energy Eyes Petroleum Blocks in Non-Disputed Areas

BP Suspends Production at Azerbaijani Platform for Maintenance Works

SOVs – Analyzing Current, Future Demand Drivers

Decarbonization Offshore O&G: Navigating the Path Forward

Subsea Vessel Market is Full Steam Ahead

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