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

Eni Expands Asian Footprint with Long-Term LNG Contract in Thailand

Finder Energy Buys Petrojarl I FPSO for Timor-Leste Oil and Gas Projects

CNOOC Puts New South China Sea Development Into Production Mode

Mubadala Energy, PLN Energy Primer Team Up for Andaman Sea Gas Supply

Venture Global, Tokyo Gas Ink 20-Year LNG Supply Deal

Greater Sunrise Moves to Next Phase with Timor-Leste, Woodside Deal

Russia Seeks to Boost Oil Exports to China as Sanctions Tighten

Blackford Dolphin Semi-Sub to Keep Drilling Offshore India

Seatrium Maintains $12.8B Order Book on Renewables and FPSO Progress

Petrobras’ New FPSO Sets Sail From South Korea to Brazil's Santos Basin

Current News

Eni Makes Significant Gas Discovery Offshore Indonesia

Petronas Enlists MISC for FPU Job at Gas Field Offshore Brunei

Japan’s JERA Signs First Long-Term LNG Deal with India’s Torrent Power

India's ONGC Set to Retain 20% stake in Russia's Sakhalin-1 Project

Harbour Energy to Sell Stakes in Indonesian Assets to Prime Group for $215M

Eni Expands Asian Footprint with Long-Term LNG Contract in Thailand

Finder Energy Buys Petrojarl I FPSO for Timor-Leste Oil and Gas Projects

CNOOC Puts New South China Sea Development Into Production Mode

ADES Nets $63M Contract for Compact Driller Jack-Up off Brunei

Mubadala Energy, PLN Energy Primer Team Up for Andaman Sea Gas Supply

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