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Petronas 2Q Profit More Than Doubles on Higher Crude Oil Prices

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Malaysia’s state oil company Petroliam Nasional Bhd. said net income in the second quarter more than doubled from a year earlier due to a recovery in global demand and elevated energy prices.

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(Bloomberg) — Malaysia’s state oil company Petroliam Nasional Bhd. said net income in the second quarter more than doubled from a year earlier due to a recovery in global demand and elevated energy prices.

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Petronas posted profit of 23 billion ringgit ($5.1 billion) in the three months ended June, versus 9.6 billion ringgit a year earlier, the company said in a statement on Tuesday. Revenue climbed 64% to 93.3 billion ringgit. 

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The company benefited from a rally in crude oil prices that’s lifted incomes of global energy giants including Exxon Mobil Corp. and Chevron Corp. Brent prices were on average 66% higher in the first half of 2022 from a year earlier period, Petronas said, amid supply disruptions caused by the Russia-Ukraine war and rising demand.

Petronas will pay another 25 billion ringgit in dividend to the government, bringing the total payout for 2022 to 50 billion ringgit, President and Group Chief Executive Officer Muhammad Taufik said at a briefing.



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