Malaysia’s Petronas posts higher Q4 profit, sees lower oil prices in 2023
Malaysia’s state oil firm Petroliam Nasional Berhad on Monday posted a 55 per cent jump in quarterly profit on higher energy prices and bigger sales volume, but warned of moderating prices for this year due to an expected slowdown in the global economy.
Petronas, as the company is known, reported a profit of 24.4 billion ringgit ($5.44 billion) for the three-month period ending December 2022, compared with a profit of 15.7 billion ringgit in the same quarter a year ago.
Revenue jumped 38 per cent to 105.9 billion ringgit.
For 2022, Petronas joined other oil majors in posting record financials: revenue surged 51 per cent to 375.3 billion ringgit, while profit doubled to 101.6 billion ringgit.
Energy prices rose in 2022 after Russia’s invasion of Ukraine, boosting oil companies’ profits.
Petronas’ Chief Executive Officer Tengku Muhammad Taufik said he expects prices to correct this year.
“As demand recovery is still fragile, based on supply challenges, this means volatility,” he said at a news conference.
Petronas also said the group will continue to exercise prudent financial management and firm discipline in reinvesting.