LogIn LogOut

Petronas Posts Lower Profit, Warns of Market Volatility

February 26, 2020

Petronas' recently launched FLNG unit - Credit: Petronas
Petronas' recently launched FLNG unit - Credit: Petronas

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



Current News

Roc Oil Books Velesto Jack-up Rig

Roc Oil Books Velesto Jack-up Rig

All 47 Turbines Installed at Formosa 2 Offshore Wind Project

All 47 Turbines Installed at Formosa 2 Offshore Wind Project

Exxon Banks Record $56B Profit in '22

Exxon Banks Record $56B Profit in '22

Offshore Wind: Floating Wind is the Future

Offshore Wind: Floating Wind is the Future

U.S. Major ExxonMobil Faces $220M Tax Claim from Russia

U.S. Major ExxonMobil Faces $220M Tax Claim from Russia

Japan's Marubeni Starts Commercial Ops at Akita Offshore Wind Farm

Japan's Marubeni Starts Commercial Ops at Akita Offshore Wind Farm

Samsung Heavy Delivers LNG Pair for MISC

Samsung Heavy Delivers LNG Pair for MISC
photo

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