Petronas Posted Dip in Q4 Profits, Driven by Lower Energy Prices

SEATTLE (Oil Monster): The Malaysian state-owned energy firm Petroliam Nasional (Petronas) announced results for Q4 and full year 2023. The company posted dip in profits during the last quarter of the year, mainly due to lower energy prices.

The company reported a profit of 16.6 billion ringgit during the three-month period from October to December 2023. This is down significantly from the profit of 24.4 billion ringgit during the corresponding quarter a year before. The revenue too recorded 12% year-on-year decline, falling from 104.2 billion ringgit to 91.7 billion ringgit, said the company press release.

Meantime, Petronas reported full-year 2023 revenue of 343.6 billion ringgit and profit of 80.7 billion ringgit.

Tengku Muhammad Taufik, Chief Executive Officer,Petronas noted that the global oil and gas markets are likely to face uncertainties during the current year, primarily due to slowdown in global demand and escalated supply risks on account of rising geopolitical tensions in Europe and the Middle East.

Petronas reiterated its commitment towards responsible monetisation of resources, despite persistent volatility in global environment. The company is on track to meet its goal to cap carbon dioxide emissions at its domestic operations at 49.5 million tons by the end of the current year.