Petronas kekal berdaya tahan ketika kos bekalan tenaga meningkat

Petroliam Nasional Bhd (Petronas) has maintained its financial strength despite rising energy commodity costs amid global geopolitical tensions and prolonged conflict in the Western Asia region. The Malaysian state-owned oil and gas company reported a profit of RM27.2 billion for the first half ending June 30, 2026, a 4% increase from RM26.2 billion in the same period last year.

Revenue rose 15% to RM152.4 billion from RM132.6 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 4% to RM56.8 billion. The company attributed the revenue increase to higher domestic production, rising liquefied natural gas (LNG) and processed gas sales, and better average selling prices for its core products.

However, the increase was partly offset by the negative impact of foreign exchange fluctuations and pressure on energy commodity costs due to uncertainty in the global energy market. Petronas said its downstream operations help ensure national energy supply security amid Western Asia conflicts, including diversifying crude oil feedstock and meeting domestic energy needs.

Petronas President and Chief Executive Officer Tengku Muhammad Taufik Aziz said the company's priority for the first half of 2026 is to ensure energy supply reliability for those relying on the company. "To fulfill this responsibility, we are making strategic investments to strengthen our portfolio for long-term resilience. "In managing the impact of the global energy crisis, Petronas leverages our diverse portfolio and enhances efforts across the value chain to ensure energy supply to Malaysia is uninterrupted as the state-owned oil company," he said in a statement.

Group expenditure increased more than twofold to RM41.4 billion from RM17.7 billion, primarily due to additional capital injections into pre-chem subsidiary and investments in exploration and upstream activities. Operating cash flow amounted to RM47.5 billion, with a slight reduction of RM600 million compared to the same period last year, with a decrease in capital outflow.

Petronas said global energy conditions remain uncertain due to rising geopolitical pressures and prolonged conflict in Western Asia, affecting prices, trade flows, and cost structures. The LNG market may face renewed pressure as winter heating demand increases, and buyers from Japan, China, and Europe compete more intensely for supply.

Malaysia produces about 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 country still depends on imported crude oil and requires a meticulous energy supply plan to ensure domestic fuel needs are met. Petronas said its downstream operations play a crucial role during Western Asia conflicts by coordinating group responses to ensure national energy supply reliability.

At the same time, PETCO Trading Labuan diversifies crude oil feedstock to reduce dependence on deliveries through the Hormuz Strait. This decision also considers the impact of Petronas taking full ownership of PRefChem, a joint venture pre-chem and petrochemical company previously owned with Saudi Aramco. The move enhances operational integration and flexibility throughout the PRefChem value chain while enabling the company to leverage its diversified crude oil supply network and improve operational reliability in various market conditions.

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

It believes 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 garner attention due to its impact on the federal government's revenue, energy supply reliability, natural gas availability, and Malaysia's overall energy transition.