Malaysia’s national oil and gas company has reported MYR 45.4 billion ($11.6 billion) in profit after tax for 2025, down from MYR 55.1 billion for 2024 on lower sales volumes and prices.
Petroliam Nasional Bhd (Petronas) produced 2.42 million barrels of oil equivalent per day (MMboepd) last year, down from 2.45 MMboepd in 2024. The decrease was “mainly due to portfolio high-grading activities and partially offset by improved operations and higher gas availability supporting stronger demand in some states”, Petronas said in an online statement. Petronas also said the divestment of its 74 percent stake in Engen Group to commodities trader Vitol, a transaction completed May 2024, weighed down on production.
In 2025 Petronas started production in 26 projects, as well as made final investment decisions on 28 projects and achieved 12 discoveries. On November 3, 2025 Petronas and Italy’s state-backed Eni SpA announced a deal to combine their assets in Indonesia and Malaysia into a company equally owned by the partners. They expect to complete the transaction this year.
In the liquefied natural gas (LNG) market, Petronas said it had delivered 563 LNG cargos in 2025. LNG Canada, where it holds a minority stake, started operation last year. In Peninsular Malaysia, Petronas sold 2.17 billion cubic feet per day of gas last year.
“Total marketing sales volume stood at 17.95 billion liters, with Petronas Dagangan Bhd achieving its record-high annual sales volume of 17.1 billion liters, driven by higher jet fuel uplift and increased Retail Mogas from the BUDI95 program resulting from swift and seamless integration of Setel application upon the roll-out of BUDI95”, Petronas said.
“Petronas Lubricants International also delivered higher sales volume, underpinned by increased base oil trading and stronger lubricant performance.
“Collectively, this helped to partially mitigate the overall decline in petroleum product sales volume following the divestment of the Engen Group in 2024.
“The chemicals business also recorded a higher overall sales volume, however, offset by narrowing spreads and continued market oversupply”.
Revenue totaled MYR 266.1 billion, down from MYR 320.1 billion for 2024. Operating profit fell to MYR 74.6 billion for 2025 from MYR 87.4 billion for 2024. EBITDA fell to MYR 103 billion, down from MYR 114.1 billion for 2024. Net cash from operating activities totaled MYR 85.2 billion, down from MYR 102.5 billion for 2024.
“Heightened market volatility, persistent geopolitical tensions and evolving regulatory landscapes shaped the 2025 operating environment, exerting downward pressure on Brent price to sub-$70/bbl level, while supply chain challenges further compressed margins”, Petronas said.
“Against this backdrop, Petronas leveraged the strength of its integrated value chain to generate and preserve value through disciplined capital allocation, operational and commercial excellence, structural cost optimization and active portfolio high-grading”.
President and chief executive Muhammad Taufik said, “Moving forward, geopolitical headwinds in the industry are expected to persist. To contend with these developments, Petronas will double down on measures to reinforce our portfolio and financial strength”.
Petronas ended 2025 with cash and cash equivalents of MYR 204.4 billion. Current assets totaled MYE 340.7 billion.
Current liabilities totaled MYR 92.1 billion including MYR 13.5 billion in current liabilities.
To contact the author, email jov.onsat@rigzone.com
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