PETALING JAYA: Petroliam Nasional Bhd (PETRONAS) identified unfavourable foreign exchange as well as lower average realised prices from petroleum products, crude oil and condensates as the reason for the drop in its profit and revenue of the first half of 2025 (1H25).
The national oil company posted a 24% year-on-year (y-o-y) drop in revenue to RM132.6bil and 19% drop in profit after tax to RM26.2bil in the 1H25 as a result of the weaker pricing power.
Cash flows from operating activities for the period amounted to RM48.1bil. Capital investments for the period amounted to RM17.7bil mainly for upstream development and production activities.
Total daily production average for the period ended June 30, 2025, was at 2,403,000 barrels of oil equivalent per day.
PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik, said the company is strengthening its business and portfolio resilience for long-term growth amid an increasingly challenging macro environment.
“Through the focused execution of our Energy Transition Strategy, portfolio optimisation and prudent capital management, we are expediting a critical transformation to continue delivering energy safely, reliably and sustainably to those we serve,” he stated in a release.
Taufik said PETRONAS will double down on its efforts in commercial and operational excellence, portfolio high-grading through strategic partnerships, and disciplined financial stewardship.
PETRONAS expects oil prices to remain subdued due to persistent geopolitical tensions, macroeconomic uncertainties, evolving regulatory landscapes and accelerated unwinding of OPEC+’s production cuts which will continue to reshape global energy dynamics and trade flows.
It added the successful shipment of its first liquefied natural gas (LNG) cargo from the newly commissioned LNG Canada facility reinforces PETRONAS’ position as a trusted global LNG supplier and marks a strategic expansion of its supply footprint.
In parallel, the Group continues to strengthen its integrated low-carbon value chain through targeted investments in solar energy and energy solutions hubs.
