Oil Price Environment Still Challenging: Petronas

Petronas November 16 announced its 3Q results and said current oil price environment continues to pose significant challenges to the industry and the outlook remains uncertain.

For the quarter ended September 30 the company recorded a revenue of Malaysian ringgit 48.7bn ($11.15bn), 1% higher compared with the preceding quarter. Profit after tax rose from Malaysian ringgit 1.6bn to Malaysian ringgit 6.1bn, the company said adding the increase primarily reflects lower net impairment on assets and well costs and higher average realised prices for most products.

Cumulatively, profit after tax for the nine month period was Malaysian ringgit 12.3bn, a 48% decline on year. Revenue for the nine months stood at Malaysian ringgit 146.3bn, down 22% on year.

Total LNG sales volume for the same period was slightly lower compared with the corresponding period in 2015 mainly due to lower trading volume, partially offset by volumes from Gladstone LNG. Malaysia’s cumulative average sales gas volume was lower by 22mn ft³/d compared with the corresponding period last year mainly due to lower demand.

Shardul Sharma