Petronas Earnings Drop Amid Oil Market Volatility

Petronas, Malaysia’s state oil and gas giant, on Thursday reported a decline in its first-half profit amid continued market volatility, lower natural gas prices, and higher taxes paid. Petronas’s profit after tax fell by 19% to $7.48 billion 32.4 billion Malaysian ringgit for the first half of 2024. Revenue increased by 2% from a year earlier thanks to favorable exchange rates.

Looking ahead, Petronas says that “the prolonged geopolitical tensions and macroeconomic uncertainties remain the key drivers of heightened volatility that continue to negatively impact the global market.” The Malaysian company aims to accelerate its energy transition strategy to position itself for future growth, it said.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Earnings at William Hill owner Evoke tumble in ‘disappointing’ first halfThe owner of William Hill and 888 said earnings plummeted 67% in the first half of 2024, in a results statement it called “disappointing and behind our initial plan”.
Source: ShropshireStar - 🏆 98. / 51 Read more »

PetroChina Books Record-High First-Half EarningsPetroChina reported record-high operating profits for the first half of 2024, driven by increased oil and gas production and higher prices.
Source: OilandEnergy - 🏆 34. / 68 Read more »