Malaysia’s Petroliam Nasional Berhad (Petronas) has posted revenues of MYR 132.6 billion ($31.4 billion) for the first half of 2025, versus $41 billion for H1 2024.
The company, in its report, attributed the decline to discontinued operations from the Engen Group divestment in May 2024, as well as unfavorable foreign exchange. Petronas also cited lower average realized prices from petroleum products, crude oil, and condensates following the downward trend in benchmark prices.
Profit after tax was $6.2 billion, dropping 19 percent from H1 2024. EBITDA totaled $12.8 billion, lower by 15 percent in line with lower profits, Petronas said.
“Petronas remains unwavering in our commitment to strengthen our business and portfolio resilience for long-term growth amid an increasingly challenging macro environment in the first half of 2025”, Muhammad Taufik, Petronas President and Group CEO.
“Through the focused execution of our Energy Transition Strategy, portfolio optimization and prudent capital management, we are expediting a critical transformation to continue delivering energy safely, reliably and sustainably to those we serve”.
Petronas said it expects oil prices to remain low due to ongoing geopolitical tensions, uncertainties in the macroeconomic landscape, changing regulatory conditions, and the swift reversal of OPEC+ production cuts, which will continually alter global energy dynamics and trade patterns.
Petronas said it is focusing on providing advantaged hydrocarbons with reduced costs and emissions. This initiative is supported by numerous upstream discoveries and developments, especially in Malaysia, Suriname, Indonesia, and Angola, it said.
The inaugural liquefied natural gas cargo from the LNG Canada facility also marked a strategic expansion of Petronas’ supply footprint.
Petronas said it is enhancing its integrated low-carbon value chain through focused investments in solar energy and energy solutions hubs.
To contact the author, email andreson.n.paul@gmail.com
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