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

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

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

China Rolls Out 17MW Floating Wind Turbine Prototype

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Puts Into Production New Oil Field in South China Sea

Petrovietnam, Petronas Extend PSC for Offshore Block

Current News

Norwegian Oil Investment Will Peak in '25

Saipem Marks First Steel Cut for Tangguh UCC Project at Karimun Yard

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

Seatrium Engages Axess Group to Clear FPSOs for Brazil Deployment

Inpex Picks FEED Contractors for Abadi LNG Onshore Plant

Inpex Kicks Off FEED Work for Abadi LNG Scheme Offshore Indonesia

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Sapura Energy Rebrands to Vantris Energy

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