KUALA LUMPUR, 20 September 2019 – Petronas recently announced its improvement of the earnings for the first half 2019. It is driven by the Group’s that continue to focus on commercial and operational excellence despite having more challenging market conditions and lower commodity prices.
This year market has been dominated by greater price volatility in the oil and gas section, geopolitical upheavals and protracted trade disputes that threatened to slow economic growth.
The Group’s revenue increased to RM 121.1 billion as compared to RM 117.2 billion in 2018. It is contributed from the higher sales volume for petroleum products and liquefied natural gas (LNG) as well as the effect of weakening Ringgit to US Dollar exchange rate.
Corresponding to the revenue growth, it recorded the increase in the Profit After Tax (PAT) that rose by 9% to RM28.9 billion.
“Petronas continues to deliver healthy financial performance for the first half of 2019 despite the market conditions. Our growth continue to be guided by the three-pronged strategy and progress with our effort to face the anticipated prolonged market volatility and changing energy landscape”
said, Tan Sri Wan Zulkiflee Wan Ariffin, Petronas President and Group CEO
The upstream performance recorded an increase in the production of 2,418 thousand barrels of oil equivalent (boe) per day higher than 2,383 thousand boe per day at the same period of last year. Further, it managed to get 11 projects to achieve the first hydrocarbon, which adding 63 thousand boe per day of new production as well as 4 new exploration discoveries.
The total LNG performance for the first half of 2019 recorded a 5% higher at RM15.2 million which mainly contributed by higher sales volume from Petronas LNG Complex in Bintulu and higher trading activities. Furthermore, Petronas acquires Amplus Energy Solutions Pte Ltd (M+) of renewable energy asset in Asia with it 500 MW of solar capacity under the operation and development.
The Downstream business remained resilient and delivered a strong operational performance across all business segments. The Overall Equipment Effectiveness (OEE) stood at 91.2 %. Recently, Petronas has completed its first acquisition of specialty chemicals company, Da Vinci Group B.V and with 99.7% progress of Pengerang Integrated Complex as at 30 June 2019.