Petronas 1Q Profit Up 26% on Year
Malaysian Petronas January-March (1Q) profit after tax increased 26% year on year thanks to higher oil and gas prices, it said May 30.
Company reported a profit after tax of ringgit 13bn ($3.27bn) in 1Q while revenue for the quarter was ringgit 57.9bn compared with ringgit 56.5bn in the same period last year.
Total production volume for the quarter rose to 2.46mn boe/d compared with 2.38mn boe/d in the same quarter last year, mainly due to higher gas demand, Petronas said. Total LNG sales volume in 1Q was higher by 0.42 million metric tons as compared with the corresponding quarter last year, mainly attributable to higher volume from both Petronas LNG Complex and trading activities. Malaysia average sales gas volume increased by 61mn ft3/d compared with the same period last year, mainly contributed by higher demand.
“While oil prices have trended upwards, the industry must continue to be diligent in institutionalising the cost-effective discipline and the drive for efficiencies pursued over the past few years. This will ensure the sustainability of Malaysia’s oil and gas industry in the current competitive global landscape,” said company president Tan Sri Wan Zulkiflee Wan Ariffin.