Petronas' profit jumps 154% in Q1
Malaysian state oil and gas company Petronas on May 31 reported a 154% year/year jump in net profit in the first quarter of 2022 (Q1) on the back of higher oil and gas prices.
Petronas booked a profit of 23.4bn ringgit ($5.33bn) in Q1 versus 9.2bn ringgit in the year before. The revenue came in at 78bn ringgit, up from 52.2bn ringgit in the same period last year.
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In the first three months of 2022, production was up 3% yr/yr, mainly driven by higher crude oil production from international operations coupled with higher natural gas production.
The company said that despite favourable Q1 performance, the high oil and gas prices are expected to remain vulnerable with increased volatility due to geopolitical and macroeconomic uncertainties.