KUALA LUMPUR (Reuters) – Malaysia’s state oil firm Petroliam Nasional Berhad on Wednesday reported a 29% drop in second-quarter profit from the same period last year as energy prices fell sharply.
Petronas, as the company is known, said profit for the April-June period totalled 16.4 billion ringgit ($3.53 billion), compared with 23 billion ringgit in the same quarter last year.
Revenue at the world’s fourth-biggest LNG exporter fell 13.4% to 79.9 billion ringgit.
Oil majors Chevron, Exxon Mobil, Shell and others have also recently reported sharp drops in quarterly earnings as energy prices fell from highs hit following Russia’s invasion of Ukraine a year and a half ago.
Petronas Chief Executive Officer Tengku Muhammad Taufik said oil and gas prices will continue to remain volatile.
“Looking ahead, we expect to face increasingly difficult headwinds, including a bearish energy market for the rest of the year on the back of slowing global economic activity,” he said in a statement.
Petronas will increase investments in its core business, even as it aims to lower emissions and invests in cleaner energy, the CEO said.
($1 = 4.6430 ringgit)
(Reporting by A.
Ananthalakshmi; Editing by Kanupriya Kapoor)
