Petronas posts RM4.5b net profit in 1Q, to cut opex and capex

Its president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said: “For 2020, we are planning to reduce our capex by 21% and lower our opex by 12” compared to what we had budgeted previously. Efforts on cost compression are also driven group-wide with emphasis on capex and opex rationalisation.”

KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), which saw its net profit slump by 68% to RM4.5bil in the first quarter ended March 31, 2020, expects it to be very challenging for the rest of the year.

Its president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said he expected economic activities to only gradually recover in the second half of the year, adding that “industry players, including Petronas, will be adversely impacted if the current market situation persists and oil prices remain low”.