PETALING JAYA: PETRONAS delivered a steady financial performance for the first half of fiscal year 2026, posting a 15% revenue jump to RM152.4 billion despite ongoing turbulence across global energy markets.
The national oil company attributed the surge to stronger domestic output, higher LNG and processed gas sales volumes, and more favourable realised prices compared with the same period last year.
Profit after tax climbed 4% year-on-year to RM27.2 billion. EBITDA rose to RM56.8 billion, up from RM54.4 billion in 1HFY25. Operating cash flow held firm at RM47.5 billion, though slightly below the previous year’s figure due to working capital movements.
Capital expenditure more than doubled to RM41.4 billion from RM17.7 billion, driven largely by upstream exploration activities and additional injections into the PRefChem joint venture in Pengerang.
Tan Sri Tengku Muhammad Taufik, President and Group CEO, framed the results around a single priority: protecting energy security for Malaysia while reinforcing the company’s portfolio against prolonged uncertainty.
“PETRONAS leveraged the strength of our integrated portfolio and intensified efforts across the value chain to deliver uninterrupted energy for Malaysia,” he said.
He credited disciplined financial management, upstream expansion, broader LNG supply networks, and new energy offerings for the resilient outcome.
Operationally, upstream production averaged 2.34 million barrels of oil equivalent daily. While slightly lower due to portfolio optimisation and conflict-related disruptions, improved gas availability helped offset the decline.
The Group recorded seven first hydrocarbon achievements, 18 final investment decisions, and three exploration discoveries across Suriname and Indonesia. A standout development involved forming Searah Ltd with Italy’s ENI, combining 19 assets across Malaysia and Indonesia with sustainable output of 500,000 barrels daily.
LNG sales volumes jumped 17% to 20.29 million metric tonnes, backed by fresh long-term supply deals with Japanese and Korean partners plus a landmark agreement with QatarEnergy.
Downstream units kept supply chains intact during the West Asia conflict. Gentari, the clean energy arm, expanded its renewable portfolio to 9.1 GW while advancing EV charging networks and hydrogen initiatives across the region.
The results position PETRONAS to maintain momentum through the second half, with strategic investments now flowing into production capacity and energy transition projects.
