Malaysia’s nationwide oil and gasoline firm has reported $8.63 billion (MYR 40.2 billion) in revenue after tax for the primary six months of 2023, down 13 p.c in comparison with the identical interval final 12 months resulting from decrease costs.
Petroliam Nasional Berhad (Petronas) collected $36.57 billion (MYR170.3 billion) in income for the January-June interval, down from $36.59 billion (MYR170.4 billion) for the primary two quarters of 2022. “That is primarily resulting from decrease common realized costs for main merchandise according to the decrease benchmark costs, partially offset by improved gross sales volumes primarily from petroleum and petrochemical merchandise and favorable overseas alternate impression”, the state-owned firm mentioned in a press launch final week.
Earnings earlier than curiosity, tax, depreciation and amortization stood at $15.14 billion (MYR 70.5 billion) for the primary two quarters of 2023, down from $17.76 billion (MYR 82.7 billion) for a similar interval final 12 months.
It offered 2.214 billion cubic toes per day of gasoline to prospects in peninsular Malaysia through the first half of 2023, in addition to delivered 200 liquefied pure gasoline (LNG) cargoes from the Petronas LNG complicated in Sarawak’s Bintulu district and 19 LNG cargoes from floating amenities PFLNG Satu and PFLNG Dua to prospects throughout the globe, based on its quarterly outcomes announcement.
Petronas produced 2.425 million barrels of oil equal per day (boepd) on common for the primary half of 2023, the identical as through the corresponding 2022 interval. It offered 12.8 billion liters through the interval, up 6.7 p.c pushed by Petronas Dagangan Bhd.’s retail and aviation sectors.
Petronas mentioned it began manufacturing at 11 hydrocarbon initiatives, seven at dwelling and 4 overseas, through the first half of 2023, whereas reaching closing funding selections for 12 extra, 9 in Malaysia and three abroad. It additionally made 5 oil and gasoline discoveries in 5 blocks offshore Sarawak state on the Malaysian aspect of Borneo island, Petronas famous within the information launch.
Within the chemical substances phase, Kuala Lumpur-based Petronas offered 4.9 million metric tons as plant utilization improved to 89.1 p.c in comparison with 79.2 p.c within the first half of 2022.
Petronas generated $12.41 billion (MYR 57.8 billion) from working actions within the first half, down seven p.c. It enters the second half with $46.73 billion (MYR 217.586 billion) in money and money equivalents and complete present liabilities of $23.18 billion (MYR 107.957 billion).
Petronas declared $75,163.76 (MYR 350,000) per strange share February 23, with $3.44 billion (MYR16 billion) paid out of a complete of $7.52 billion (MYR 35 billion). On June 22 it declared $10,737.68 (MYR50,000) per strange unit, or $1.07 billion (MYR 5 billion) in complete.
“Trying forward, we anticipate to face more and more tough headwinds, together with a bearish power marketplace for the remainder of the 12 months on the again of slowing international financial exercise”, president and chief govt Tengku Muhammad Taufik mentioned in an announcement.
“Regardless of close to time period challenges, we’ll proceed to deal with future-proofing the group for the long run. This can imply scaling up investments in our core enterprise, whilst we decrease emissions whereas investing in cleaner power to make sure the robustness of the Group’s portfolio, aligned to our Power Transition Technique.”
Petronas mentioned it had 23.04 million metric tons of carbon dioxide equal cumulative emissions from its operations in Malaysia as of the tip of the second quarter of 2023. “A rise of three p.c was recorded for the interval, primarily resulting from enhance in manufacturing at Downstream refineries”, its outcomes announcement acknowledged.
Throughout the first half Petronas signed a take care of TotalEnergies SE and Mitsui & Co. Ltd. to determine a carbon dioxide “service provider storage service” that will cater to Asia’s industrial sector, based on a press launch by the French international power big June 26.
“The companions will consider a number of CO2 storage websites within the Malay Basin, together with each saline aquifers and depleted offshore fields”, the media launch mentioned.
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