PETRONAS saw revenue surge 15% to RM152.4 billion in the first half of 2026 as higher domestic production, stronger LNG and processed gas sales and improved realised prices helped the national oil company withstand a volatile global energy market.
The group recorded profit after tax of RM27.2 billion for the six months ended June 30, an increase of RM1 billion or 4% from the corresponding period last year, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose to RM56.8 billion.
Revenue increased RM19.8 billion from RM132.6 billion previously, although the improvement was partly offset by unfavourable foreign exchange movements.
Petronas said the performance reflected disciplined financial and operational management, supported by reliable operations and commercial execution despite a challenging macroeconomic environment.
The group also invested heavily during the period, with capital expenditure reaching RM41.4 billion.
A significant portion was channelled into additional capital injections by the downstream segment into Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (PRefChem), alongside investments in upstream exploration and development.
The additional capital injection was part of a group transaction to acquire full ownership of PRefChem during the current financial year.
The transaction also resulted in Petronas recognising its accumulated share of PRefChem's losses, which had previously been recorded at the joint venture level.
Despite the impact, Petronas' shareholders' equity increased to RM449.1 billion, mainly supported by profits generated during the period, although this was partly offset by RM20 billion in dividends declared to shareholders.
Total assets also expanded to RM794.3 billion, primarily due to higher investments in joint ventures, as well as increases in receivables and inventories.
Petronas President and Group Chief Executive Officer Tan Sri Tengku Muhammad Taufik said energy security remained the group's key priority as geopolitical tensions continued to disrupt the global energy landscape.
“To fulfil this responsibility, we have made strategic investments to strengthen our portfolio for long-term resilience.”
Muhammad Taufik added Petronas was leveraging its integrated portfolio and intensifying efforts across the energy value chain to ensure uninterrupted supplies to Malaysia amid the global energy crisis.
“Despite the current challenges, Petronas continues to maintain financial and operational discipline, while strengthening our upstream position, expanding LNG supply nodes and enhancing our new energy offerings.
“These efforts contributed to resilient financial performance during the period under review, achieved amid prolonged uncertainty and volatility,” he said.
He said Petronas remained committed to providing reliable energy while pursuing sustainable growth and creating long-term value for stakeholders.
Looking ahead, Petronas said the global energy landscape remained fragile and uncertain amid heightened geopolitical risks and the prolonged conflict in West Asia.
The company said these developments continued to influence energy prices, trade flows and cost structures, creating a challenging operating environment and increasing cost pressures across the value chain.
Petronas added it would continue investing in exploration and development activities in Malaysia to strengthen long-term resource sustainability and future energy resilience, while expanding its international presence to diversify supply routes.
“Despite the challenging environment, Petronas demonstrated its resilience through prudent financial management and a steadfast commitment to advancing its transformation agenda,” the group said. - August 28, 2026
