Petronas kekal berdaya tahan ketika kos bekalan tenaga meningkat

Petroliam Nasional Bhd (Petronas) remained financially stable despite a surge in global energy demand costs, driven by geopolitical tensions and prolonged conflicts in the Western Asia region. The company reported a profit of RM27.2 billion for the first half of 2026, up 4% from RM26.2 billion in the same period last year. Revenue increased by 15% to RM152.4 billion from RM132.6 billion, while earnings before interest, taxes, depreciation, and amortization rose by 4% to RM56.8 billion.

Petronas attributed the rise in earnings mainly to higher domestic output, increased sales of liquefied natural gas (LNG) and processed gas, and better average selling prices for its core products. However, the growth was partly offset by adverse currency fluctuations and pressure on costs due to the uncertain global energy market.

The company stated that its downstream operations help ensure national energy supply guarantees during regional conflicts, including diversifying crude oil feedstock and meeting domestic energy needs. Petronas President and Executive Officer Tengku Muhammad Taufik Aziz emphasized the importance of ensuring energy supply reliability for those dependent on the company.

"To fulfill this responsibility, we are making strategic investments to strengthen the portfolio for long-term resilience," he said in a statement. The group's capital expenditure rose more than twice to RM41.4 billion from RM17.7 billion, primarily due to additional capital injections into PRefChem and investments in exploration and upstream activities.

Net cash flow from operations was RM47.5 billion, with slight depreciation of RM600 million compared to the same period last year. Petronas noted that the global energy situation remains uncertain due to increasing geopolitical pressures and prolonged conflict in the Western Asia region, which continues to influence prices, trade flows, and cost structures.

The LNG market may face renewed challenges as winter demand approaches in the Northern Hemisphere when heating demand rises, and buyers from Japan, China, and Europe compete more intensely for supply. Malaysia produces around 350,000 to 360,000 barrels of crude oil daily, while the country's exploration capacity ranges from 730,000 to 740,000 barrels daily.

This means the nation still relies on imported crude oil and needs a meticulous supply plan to ensure domestic fuel needs are met. Petronas said its downstream operations play a crucial role during regional conflicts by coordinating the entire group's response to ensure national energy supply guarantees. Meanwhile, PETCO Trading Labuan diversifies crude oil feedstock to reduce dependence on imports through the Hormuz Strait.

This decision also considers the impact of Petronas fully taking ownership of PRefChem, a joint venture oil refining and chemicals company previously held with Saudi Aramco. The move enhances operational coordination and flexibility across the PRefChem value chain while allowing the company to leverage its cross-regional crude oil supply network and improve operational resilience in various market conditions.

Petronas said it will continue to maintain financial and operational discipline while investing in exploration and development activities within Malaysia, expanding LNG supply arrangements, strengthening supply resilience, and increasing new energy offerings. The company noted that its prospects remain cautious due to the uncertain global energy landscape amid increasing geopolitical tensions and prolonged conflict in Western Asia.

In its view, this situation continues to impact prices, trade flows, and cost structures, creating a challenging operating environment and cost pressures across the value chain. Petronas' performance continues to draw attention due to its role in the federal government's proceedings, national fuel supply, gas reliability, and Malaysia's overall energy transition.