KUALA LUMPUR – Petroliam Nasional Bhd (Petronas) registered higher profit after tax of RM30.8 billion in the third quarter ended September 30, 2022 (Q3 2022) compared to RM16.3 billion in the same period last year, and Ebitda stood at RM47.5 billion.
The group recorded a higher revenue of RM99.2 billion compared to RM61.8 billion in the same quarter last year predominantly due to the favourable price impact for major products and the favourable impact of the exchange rate.
For the first nine months of 2022, Petronas recorded an improved profit after tax of RM77.2 billion and Ebitda stood at RM130.2 billion.
Revenue for the period stood at RM271.3 billion, compared to RM171.4 billion in the corresponding period last year, mainly due to the favourable price impact for major products aligned with higher benchmark prices.
“Petronas has delivered a robust performance in the first nine months of 2022 in an energy market that continues to be volatile combined with the acceleration of the energy transition.
“The group’s strong performance was driven by its focus to safely deliver commercial and operational excellence across the integrated value chain, supported by high commodity prices,” said the national oil firm in a statement.
Petronas said its cash flows from operating activities for the first nine months has increased to RM83.1 billion.
Its total assets strengthened to RM725.6 billion as at September 30, 2022, compared to RM635.0 billion as at December 31, 2021.
Meanwhile, its shareholders’ equity increased to RM386.2 billion as at September 30, 2022, compared to RM350.8 billion as at December 31, 2021 mainly attributable to profit recorded during the period.
The group’s capital investments stood at RM27.4 billion, an increase of 34% compared to the same period last year.
Its upstream recorded a total daily production average of 2,415 thousand barrels of oil equivalent (boe) per day in the first nine months of 2022, higher than 2,269 thousand boe per day recorded in the same period last year, mainly driven by higher production from Malaysia operations, coupled with higher crude oil production from international operations.
However, it said, this was partially offset by lower natural gas production from international operations following the divestment of Azerbaijan assets.
Petronas president and group chief executive officer Datuk Tengku Muhammad Taufik said the group will continue to focus on delivering safe performance to maximise its cash generators and grow the business portfolio, in line with its three-pronged growth strategy and Net Zero Carbon Emission by 2050 (NZCE 2050) target.
He said Petronas remains fully determined to strengthen its resilience and seize new opportunities by staying true to prudent financial management and firm capital discipline in investing responsibly to sustainably deliver profitable growth.
“As it pursues these efforts, Petronas remains grounded in discharging its responsibilities to its shareholder including the nurturing of a resilient local OGSE ecosystem and contributing to the well-being of the communities where we operate.
“As we look forward, Petronas is resolute in accelerating growth with increased investments, particularly in future-proofing our portfolio in an environment that is increasingly uncertain and volatile,” said Tengku Muhammad Taufik.
He added that Petronas has taken a long-term strategic positioning in response to the energy transition with the launching of the Petronas NZCE 2050 Pathway.
“We are taking deliberate steps to unlock new value from our core portfolio with a focus on the decarbonisation of our operations and will pursue attractive opportunities in cleaner energy solutions,” he said.
Moving forward, the group said the oil and gas prices will remain volatile, influenced by intensifying geopolitical and economic headwinds.
“In the face of the unprecedented global energy crisis, Petronas will focus on safely delivering commercial and operational excellence and the group will continue to invest responsibly towards ensuring energy supply security whilst pursuing its growth strategy and Net Zero Carbon Emissions target by 2050,” said Petronas. – Bernama, December 1, 2022
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