Malaysia's Petronas announces higher profit and revenue for H1 but warns about an uncertain energy landscape

Malaysian energy firm Petronas reported higher revenue and profit for the first six months of 2026. However, it warned that the global 'energy landscape' remained uncertain due to a slew of geopolitical challenges and the prolonged Middle East conflict. Petronas or Petroliam Nasional Bhd reported that revenue for the first six months rose by 15%, to 152.4 billion Ringgit ($37.89billion), from 132.6 billion Ringgit a year ago. The company reported a profit of $27.2 billion after taxes in the six-month period ending June 30. This is up from $26.2 billion in the same period last year. The increase in revenue was attributed to a stronger domestic production and increased sales of liquefied gas and processed natural gas, as well as favorable average realized prices for its main products.

The company stated that global uncertainty would 'continue to impact prices, trade flows, and cost structures. This will create a challenging "operating environment" and cost pressures across the value chain.

Tengku Muhammad Tafik Tengku Az said that despite the challenges faced, Petronas maintained financial and operational discipline while strengthening its upstream position and expanding our LNG supply points.

The upstream business of the firm reported a profit after tax of 28,11 billion ringgit for the first half of this year. This is up from 16,5 billion ringgit during the same period in 2025.

The downstream segment reported a loss of 15.2 billion Ringgit.

Capital investments totaled 41.4 billion ringgit. This was mainly due to downstream capital injections in the joint ventures Pengerang Refining Company, Pengerang Petrochemical Company, and investments in upstream exploration.

Petronas also reported a slight reduction?of greenhouse gases emissions for the first half of 2026, at 26,80 million tonnes of carbon dioxide equivalent as compared to 26,82 million tonnes in the same period of 2025.

(source: Reuters)