PETALING JAYA: Petroliam Nasional Bhd (PETRONAS) has posted resilient financial results for the first half of financial year 2026 (1HFY26), underscoring its ability to safeguard energy security while navigating a volatile global energy landscape.
Revenue rose 15% year-on-year (y-o-y) in 1HFY26 to RM152.4bil on higher domestic production, stronger liquefied natural gas (LNG) and processed gas sales volumes, and favourable average realised prices.
Profit after tax edged up 4% y-o-y to RM27.2bil, while EBITDA increased to RM56.8bil from RM54.4bil in 1HFY25.
Cash flows from operations remained steady at RM47.5bil, though slightly lower than last year, reflecting working capital outflows.
Capital expenditure surged to RM41.4bil versus RM17.7bil in 1HFY25 driven by upstream exploration and development as well as additional capital injection into the Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (PRefChem) joint venture, the national oil company stated in a release.
President and Group CEO Tan Sri Tengku Muhammad Taufik stressed that PETRONAS’ priority was to “safeguard energy security for those we serve,” highlighting strategic investments to reinforce portfolio resilience.
"PETRONAS leveraged the strength of our integrated portfolio and intensified efforts across the value chain to deliver uninterrupted energy for Malaysia as its national oil company.
Despite prevailing challenges, PETRONAS continued to maintain financial and operational discipline, while strengthening our upstream position, expanding our LNG supply nodes and enhancing our new energy offerings. These efforts have contributed to a resilient financial performance in the period under review, which was delivered against a backdrop of prolonged uncertainty and volatility.
The Group’s commitment remains unwavering as we work to deliver reliable energy, pursue sustainable growth, even as it endeavours to strengthen its position and create long-term value for our stakeholders,” he stated.
Operationally, PETRONAS achieved several milestones. Upstream production averaged 2.34 million barrels of oil equivalent (boe) per day, slightly lower due to portfolio optimisation and conflict-related disruptions, but offset by improved gas availability.
The Group recorded seven first hydrocarbons, 18 final investment decisions, and three exploration discoveries, including in Suriname and Indonesia. A major highlight was the establishment of Searah Ltd with Italy's ENI, covering 19 assets across Malaysia and Indonesia with 500,000 boe/per day of sustainable production. In gas and maritime, LNG sales rose 17% y-o-y to 20.29 million metric tonnes (MMT) in the period supported by new long-term supply arrangements with Japanese and Korean partners, and a landmark LNG SPA with QatarEnergy to bolster Malaysia’s energy security.
Downstream operations played a critical role in ensuring supply continuity during the West Asia conflict, while Petronas Chemicals Group Bhd
and Petronas Dagangan Bhd units worked closely with government and industry to secure raw materials and fuel supply.
Gentari, PETRONAS’ clean energy arm, advanced its renewable portfolio to 9.1 GW, expanded EV charging infrastructure across Southeast Asia and India, and progressed hydrogen initiatives, including a demonstration project with IHI Corporation for ammonia-powered turbines.
