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.

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