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PETRONAS Records Improved Q1 FY2022 Results, Delivering Energy Security and Sustainable Value For Collective Progress

2022 Media Release - 31 May

KUALA LUMPUR, 31 May 2022 – PETRONAS has recorded favourable financial results for the first quarter of 2022 in an environment still volatile from an uneven post-pandemic recovery and geopolitical uncertainties.    

The Group continued to undertake significant measures to ensure it remains on a steady footing as heightened concern over disruption in global energy supply elevated prices for liquefied natural gas (LNG), petroleum products and crude oil and condensates.

In its role as an energy player, PETRONAS’ priority is to ensure the security of energy supply for Malaysia and its customers around the world. The Group is also determined to fulfil its responsibility towards the goal of net zero and will continue to partner with stakeholders to develop a robust and resilient ecosystem.

Beyond business, PETRONAS continues to give back to society and is committed to creating positive social impact for Malaysians and the countries where we operate. In Quarter 1, PETRONAS registered RM96.1 million in CSR contributions in its three focus areas namely, Education, Community Well-being and Development and the Environment.  

Q1 FY2022 
(Analysis against Q1 FY2021)

For the first three months of the year, the Group posted a Profit After Tax (PAT) of RM23.4 billion in tandem with higher revenue, following an upward trend in prices partially offset by higher product costs and taxation. 

Excluding impairment write back/(losses), the Group recorded a PAT of RM23.7 billion.

Revenue stood at RM78.8 billion, compared to the previous corresponding period, predominantly due to price impact for major products in line with higher benchmark prices.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM39.6 billion, mainly attributable to higher revenue partially offset by an increase in product costs.

Cash Flows from Operating Activities (CFFO) stood at RM27.9 billion in line with higher cash from operations.

Overall Capital Investments (CAPEX) stood at RM7.4 billion whereby domestic CAPEX increased by close to 30 per cent. Upstream remains a major contributor in overall CAPEX spending.

Total assets increased to RM652.3 billion as at 31 March 2022 as compared to RM635.0 billion as at 31 December 2021 mainly contributed by higher cash and fund investments.

Shareholders’ equity decreased to RM348.4 billion as compared to RM350.8 billion as at 31 December 2021 mainly due to dividends declared to shareholders.

Datuk Tengku Muhammad Taufik, President and Group CEO, PETRONAS 

“While PETRONAS’ performance in this quarter has greatly benefited from an elevated price environment, it also clearly demonstrates the disciplined delivery of our core and growth strategy. The Group leveraged the strength of its integrated portfolio to provide energy that is secure and sustainable for Malaysia and our customers across the globe.

"Despite a degree of recovery and growth expected with the reopening of economies, PETRONAS will continue exercising prudent financial management and a firm focus on reinvesting, given our cautious outlook amid volatile geopolitical conditions and accelerated energy transition. PETRONAS will continue to nurture a robust oil and gas services and equipment (OGSE) ecosystem to strengthen our resilience in responding to these challenges and effectively contribute to Malaysia’s economic growth.

"As we continue to deliver progress in our three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration, we are determined to do so as a progressive energy and solutions partner for our stakeholders both at home and wherever we operate.”  


Despite favourable Quarter 1 performance, the high oil and gas prices are expected to remain vulnerable with increased volatility due to geopolitical and macro-economic uncertainties. PETRONAS will continue to strengthen our operational excellence to maximise value creation whilst intensifying our growth and sustainability agenda in Malaysia and internationally. 

Operational Highlights for Q1 FY2022

  • In the first three months of 2022, Upstream recorded a total daily production average of 2,456 thousand barrels of oil equivalent (boe) per day, higher than the 2,386 thousand boe per day recorded in the first quarter of 2021. This was mainly driven by higher crude oil production from international operations coupled with higher natural gas production contributed by higher demand for both Malaysia and international operations. This was partially offset by lower crude oil production for Malaysia. 
  • Upstream achieved the following in Q1:
    • Six projects in Malaysia and abroad achieved first hydrocarbon – Four brownfields and two greenfields. 
    • Six projects achieved final investment decision (FID) – one in Brazil, four in Indonesia and one in South Sudan.
  • Promoting Malaysia as a world class investment destination, the Malaysia Bid Round achieved the following in Q1:
    • Launched Malaysia Bid Round (MBR) 2022 in January offering new and existing investors with attractive prospects in 14 new offshore exploration blocks located in prolific geological provinces located off the coast of Malaysia, six clusters of Discovered Resource Opportunities (DRO) and one cluster of Late Life Assets (LLA). 
    • Launched PETRONAS myPROdata, an interactive, 24/7 self-serve interface web-based platform on Malaysia’s Exploration & Production data to promote greater access and transparency.
    • Four Production Sharing Contracts (PSCs) for five offshore exploration blocks, namely SB412, 2W, X and SK439/SK440 located off the coast of East Malaysia awarded in the Malaysia Bid Round 2021 were signed on 23 March 2022. The PSCs drew capital commitments of about RM600 million in exploration activities in Malaysia.
  • In January, PETRONAS and the Sabah State Government launched the Sabah Gas Masterplan to unlock the full potential of Sabah’s natural gas industry. The Masterplan will serve as a road map for the State Government and PETRONAS to collaboratively develop the natural gas industry for long-term economic value creation for the State and the nation. 
  • PC Ketapang II Ltd won the North Ketapang block located onshore and offshore East Java, during the second round of the Indonesia Petroleum Bid Round 2021. The block is located adjacent to the North Madura II block where an encouraging discovery was made at the Hidayah-1 exploration well in February 2021. The success of this bid strengthens our commitment to deliver clean, safe and reliable energy supply for the Republic of Indonesia.
  • PETRONAS continues to position Malaysia as a leading Carbon Capture & Storage solutions (CCS) hub in the region with partnerships forged under:  
    • MoU with Japan Petroleum Exploration Co., Limited on 27 January
    • MoU with Mitsui O.S.K. Lines, Ltd on 7 February
    • MoU with Schlumberger WTA (Malaysia) Sdn Bhd on 22 March
  • In line with PETRONAS’ aspiration to achieve Net Zero Carbon Emissions by 2050, Upstream recorded a 29 per cent reduction in greenhouse gas (GHG) emissions in the first quarter of 2022 compared to the same period last year following the execution of multiple emissions reduction projects.   


  • PETRONAS’ Gas Business continues to strengthen its position as a reliable partner for lower carbon energy. In the first quarter of 2022, Gas Business sustained strong performance in LNG production and natural gas sales which achieved the following milestones:
    • Delivered 102 LNG cargoes from PETRONAS LNG Complex (PLC) in Bintulu to customers across the globe
    • Overall Equipment Effectiveness (OEE) for Gas Business stood at 99 per cent across all business segments, recording an increase of 1.6 per cent from an OEE of 97.4 per cent achieved in the first quarter of 2021.
    • Concluded 81 million standard cubic feet per day (MMscfd) of natural gas supply deals from new and existing customers
  • PETRONAS delivered two carbon neutral LNG cargoes to Shenergy Group Company Limited (Shenergy) in January and February, supporting China’s energy needs aligned to its lower-carbon ambitions.
  • PETRONAS delivered 465 Virtual Pipeline System (VPS) and LNG Bunkering deliveries, fulfilling the growing demand for natural gas from remote customers and from the marine industry in Malaysia.


  • For the first quarter of 2022, Downstream business recorded stable operational performance, with improvements seen in the market. OEE recorded performance of 91.2 per cent across all business segments. 
  • PETRONAS Chemicals Group Berhad (PCG) recorded plant utilisation of 86.6 per cent with overall production volume of 2.4 million metric tonnes. The global market indicated positive product prices, contributed by gradual improvement in demand mainly from emerging markets. 
  • The marketing segment recorded overall sales volume of 5.8 billion litres, with Engen Petroleum recording an improvement in sales of nine per cent compared to the same period last year contributed by market recovery. The same trend was observed for the domestic market, with PETRONAS Dagangan Berhad (PDB) recording improved sales volume of up to 20 per cent compared to the same period last year.
  • In February, PDB launched Setel Express, an in-app parcel delivery service that leverages the vast network and strategic locations of PETRONAS stations as hubs, and pick-up and drop-off points. With the new feature, Setel users can track their e-commerce deliveries for a more seamless retail-on-the-go experience, making customers’ life simpler and better.
  • In January, PDB in collaboration with the Ministry of Domestic Trade and Consumer Affairs (MDTCA) launched ROVR’s first Mini Portable Container System (PCS) in Sabah. Located in Kampung Limbawang, the mini PCS provides easier access to fuel at retail pump price for communities in remote areas.
  • PCG is expanding its portfolio mix with the construction of a 60,000 tonnes per annum melamine plant in Gurun, Kedah. The new plant will position PCG as the sole melamine producer in Southeast Asia (SEA) and is targeted to come onstream in 2024.
  • PETRONAS is accelerating its transition towards a circular economy, with the signing of a MoU between PCG, KDEB Waste Management and One Biosys Sdn Bhd in March. Under the MoU, plastic waste from landfills will be supplied as feedstock for PCG in food packaging, healthcare, household and industrial applications, as well as a joint feasibility study for waste segregation facilities in Malaysia. 
  • PETRONAS Lubricants International (PLI) launched PETRONAS Syntium with CoolTech+TM hybrid range in February delivering up to three per cent better fuel economy and fewer emissions benchmarked against API SP engine oil standards to promote cleaner and more efficient mobility. In reducing the environmental impact of our products to customers, the product packaging is designed to use 15 per cent less single-use plastic and a new 20-litre bag-in-box packaging is also introduced, using 90 per cent less plastic.


  • PETRONAS has continued to make good strides in the cleaner energy space under its three core offerings namely, Renewables, Hydrogen and Green Mobility in the first quarter of 2022:
    • PETRONAS’ renewable energy capacity in operations and under development surpassed 1GW. Under its wholly owned distributed energy company, Amplus Energy Solutions (Amplus), it has successfully commissioned 39.7 MWp of solar energy power in operation and under development in India. 
    • Amplus also entered into a long-term agreement to sell environmental attributes in the form of Renewable Energy Certificates (RECs) from a 150 MWp solar project under development in Rajasthan.
    • PETRONAS Hydrogen Sdn Bhd (PHSB) executed a binding Joint Feasibility Study Agreement with ENEOS for detailed technical and commercial feasibility for Kerteh H2-to-MCH project. A non-binding key term sheet was also signed with Sumitomo for 100KTPA of low-carbon ammonia for offtake in 2025.
    • Amplus delivered 114 EV vehicles under the Vehicle as a Service (VaaS) model. A total of 174 charging points have also been installed in Delhi, Bangalore, Hyderabad and Pune in India. 

Click here to view PETRONAS Group Financial Report 

Click here to view PETRONAS Group Financial Operational Report

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