While PETRONAS president and group CEO Datuk Tengku Muhammad Taufik Tengku Aziz stopped short of predicting a lower bottom line for 2023, he said the national oil company would continue to exercise prudent financial management and firm discipline in reinvesting.“Typically, over the next five years, we are looking at US$70 to US$80 . For planning purposes, we still test the scenario of US$40 for our upstream business to ensure its robustness,” he told a press conference here yesterday.
According to Tengku Muhammad Taufik, the group aims to scale up investments in the core business, while investing in clean energy to future-proof its portfolio. For the financial year ended Dec 31, 2022 , PETRONAS reported record-breaking profit after tax of RM101.6bil on the back of higher crude oil prices.
Meanwhile, PETRONAS’ revenue increased by 51% year-on-year to RM375.3bil in FY22, mainly due to the favourable price impact for all products aligned with higher benchmark pricesIt is worth noting that the revenue and PAT recorded by PETRONAS in FY22 are the strongest-ever achieved since the oil company was established in 1974.
When asked about the dividend payment for 2023, Tengku Muhammad Taufik said it would depend on PETRONAS’ affordability.