PETRONAS reports RM23.8bil net profit in 1Q

A sign for a Petroliam Nasional Bhd (Petronas) gas station stands near the Petronas KLCC Twin Towers in Kuala Lumpur, Malaysia. - Goh Seng Chong/Bloomberg

KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS), which posted profit after tax (PAT) of RM23.8bil in the first quarter of 2023, expects moderating oil and gas prices to squeeze its profitability this year.

“Oil and gas prices are expected to moderate due to continued economic uncertainties, hence lower profitability is anticipated compared to last year.