One too many oil and gas hubs

AS the earnings reporting season begins, the largest oil and gas companies in the United States and Europe are looking at profit dropping by between 19% and up to 57% in the fourth quarter of last year.

Nearer home, the situation will not be any different for Petronas that will announce its fourth-quarter results in February. In tandem with the significant fall in oil prices during the last three months, Petronas’ results will be significantly lower than the RM15.1bil in pre-tax profit it chalked up in the third quarter of 2014.