PETRONAS logo with text PETRONAS logo with text


PETRONAS Delivers Robust Half Year Results, Continues to Focus on Ensuring Energy Security

2022 Media Release - 30 Aug

KUALA LUMPUR, 30 August 2022 – PETRONAS has delivered a robust performance for the first half of 2022 amidst continued volatility in the energy market and accelerated energy transition.

The strong performance was mainly attributed to elevated oil and gas prices arising from a widening supply gap and dwindling system capacity. The Group’s performance in the first half of the year further reinforces the need for sustained operational resilience going forward.

In pursuing growth, the Group remained focused on its intent of delivering energy that is secure, accessible and sustainable to Malaysia and customers across the world.

1H FY022 Results

(Analysis against 1H FY2021)

In the first six months ended 30 June 2022, the Group recorded a revenue of RM172.1 billion, compared to RM109.6 billion in the first half of 2021, mainly due to favourable price impact for major products aligned with higher benchmark prices.

Profit After Tax (PAT) stood at RM46.4 billion compared to RM18.8 billion previously, in tandem with higher revenue following an upward trend in prices partially offset by higher product costs and taxation.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) improved to RM82.7 billion compared to RM46.0 billion previously, mainly attributable to higher revenue partially offset by an increase in product costs and other operating expenses.

Cash Flows from Operating Activities (CFFO) stood at RM62.4 billion, compared to RM32.7 billion previously, in line with higher cash from operations.

Total assets strengthened to RM699.5 billion in the first half of 2022 compared to RM635.0 billion as at 31 December 2021, mainly contributed by higher cash and fund investments and receivables.

Shareholders’ equity increased to RM375.6 billion as at 30 June 2022 compared to RM350.8 billion as at 31 December 2021 mainly attributable to profit recorded during the period.

Capital Investments (CAPEX) amounted to RM18.9 billion, mainly contributed by Upstream projects. Overall CAPEX spent during the quarter is reflective of the volume of activities returning to pre-pandemic levels.

Q2 FY022 Results

(Analysis against Q2 FY2021)

For the second quarter ended 30 June 2022, the Group recorded higher revenue of RM93.3 billion, compared to RM57.1 billion in the same quarter last year predominantly due to the favourable price impact for all products and favourable impact of the exchange rate.

PAT increased to RM23.0 billion compared to RM9.6 billion in the same quarter last year in tandem with higher revenue partially offset by higher product costs and taxation.

EBITDA stood at RM43.1 billion, which improved from RM23.2 billion in the same quarter last year in line with higher revenue.

CFFO improved to RM34.5 billion from RM18.4 billion in the same quarter last year in line with higher cash from operations.

Datuk Tengku Muhammad Taufik, President and Group CEO, PETRONAS

“PETRONAS’ strong performance in the first half of 2022 demonstrates our commitment to undertake all necessary measures to remain resilient even as we sustain commercial and operational excellence in all our business operations, in the face of the increasingly volatile global environment.

“Looking ahead, aligned to our three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration, PETRONAS remains resolute in ensuring that energy continues to be produced and delivered responsibly and sustainably.

“Towards this end, PETRONAS’ efforts are geared to continue strengthening the energy ecosystem at home and wherever we operate. To this end, the Group remains committed to creating value that supports Malaysia’s economic growth. This includes supporting the resilience of the local oil and gas ecosystem and cultivating strong partnerships towards sustaining a conducive environment for businesses to thrive.”

“Even as we pursue growth and unlock greater value for our stakeholders, we will remain steadfast in giving back to societies through our wide-reaching Social Impact programmes.”

Social Impact Investment

For the first half of 2022, PETRONAS contributed close to RM300 million towards the Nation’s Sustainability and Community Well-being and Development efforts, benefitting over 500,000 beneficiaries worldwide. The investments aimed to create positive alliances with the communities where the company operates by protecting the environment and adding value to the well-being of employees, partners and communities.


The prolonged geopolitical tensions, energy supply-demand imbalances and the risk of a global slowdown, continue to threaten post-pandemic economic recovery. PETRONAS remains steadfast in strengthening its core portfolio whilst pursuing its growth strategy and sustainability agenda at pace and resilience.

Operational Highlights for 1H FY2022


Maximising Cash Generators

Upstream recorded a total daily production average of 2,425 thousand barrels of oil equivalent (boe) per day for the first half of 2022, higher than the 2,345 thousand boe per day recorded in the first half of 2021. This was mainly driven by high oil and gas production from Malaysia operations, coupled with higher crude oil production from international operations. This was partially offset by lower natural gas production from international operations following the divestment of its Azerbaijan assets. 

Upstream achieved the following in the first half of 2022:

18 projects in Malaysia and abroad achieved first hydrocarbon – 15 brownfields and three greenfields. 

10 projects achieved final investment decision (FID) – two in Sarawak, one in Sabah, one in the Malaysia-Thailand Joint Development Area (MTJDA), four in Indonesia, one in South Sudan and one in Brazil.  

As a reliable and progressive partner, PETRONAS ensures attractive opportunities and safe energy supply Production Sharing Contracts (PSCs):

Advocating Malaysia as a world-class investment destination with the awards of five PSCs for six offshore exploration blocks located off the coast of East Malaysia namely SB412, 2W, X and SK439/440 on 23 March 2022, and Block SK427 on 22 April 2022. 

Enhancing Upstream’s portfolio in Indonesia with the signing of the PSC for the North Ketapang block in East Java, Indonesia on 24 June 2022, in which PETRONAS holds 100 per cent equity and operatorship. This is subsequent to it winning the North Ketapang block in the Indonesia Petroleum Bid Round 2021.

PETRONAS’ subsidiaries, PETRONAS Azerbaijan (Shah Deniz) S.à r.l. and PETRONAS South Caucasus S.à r.l., completed the divestment of entire assets in the Republic of Azerbaijan in February 2022.  The Sale and Purchase Agreements for these transactions were signed on 10 December 2021.

Stepping Out

  • 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 Ltd on 27 January
    • MoU with Mitsui O.S.K. Lines Ltd on 7 February
    • MoU with Schlumberger WTA (Malaysia) Sdn Bhd on 22 March
    • MoU with Mitsui & Co Ltd on 29 June

Low Carbon Excellence

  • In line with PETRONAS’ aspiration to achieve Net Zero Carbon Emissions by 2050, Upstream recorded a 25 per cent reduction in GHG emissions in the first half of 2022 compared to the same period last year following the execution of multiple emissions reduction projects.


Maximising Cash Generators

  • Overall Equipment Effectiveness (OEE) stood at 96 per cent across all business segments.
  • Amidst a volatile landscape, Gas Business continues to record strong performances as a one-stop-centre for lower carbon energy solutions. In the first half of 2022, PETRONAS achieved the following:
    • Delivered 201 LNG cargoes from PETRONAS LNG Complex (PLC) in Bintulu to customers across the globe
    • Delivered 22 LNG cargoes from PETRONAS’ Floating LNG facilities, PFLNG Satu and PFLNG Dua
    • Concluded 273 million standard cubic feet per day (MMscfd) of natural gas supply deals from new and existing customers
    • Completed 1,612 Virtual Pipeline System (VPS) and LNG Bunkering deliveries to ensure reliable supply to remote customers and to the marine industry in Malaysia.


Maximising Cash Generators

  • Downstream business recorded stable operations with OEE at 79.5 per cent for the first half of 2022.
  • PETRONAS Chemicals Group Berhad (PCG) recorded production volume of 4.4 million metric tonnes, while its sales volume stood at 3.5 million metric tonnes.
  • Marketing business recorded an increased sales volume of 12 billion litres in the first half of 2022, an increase from 10.2 billion litres in the same period last year as the retail and commercial segment experienced strong demand recovery for PETRONAS Dagangan Berhad (PDB) and Engen Petroleum Limited (Engen).

Expanding Core Business

  • PCG is expected to produce higher quality Maleic Anhydride (MAn) suited for the food and pharmaceutical industries by 2025 after it signed an agreement in June to acquire a 113 kilo-tonnes per annum MAn plant located in Gebeng, Kuantan. PCG’s existing integrated facility in the vicinity will ensure competitive and secure feedstock, while the plant’s proximity to identified target markets in Asia-Pacific and the Indian subcontinents will further enhance PCG’s ability to provide competitive pricing to its customers.
  • PDB demonstrated its capabilities and readiness in supplying sustainable aviation fuel (SAF) following the successful first SAF-fuelled Kuala Lumpur-Singapore Malaysia Airlines passenger flight on 5 June. This milestone is a collaboration with PETCO Trading (UK) Ltd, Malaysia Aviation Group and Neste, proving the feasibility of SAF as a cleaner and more viable fuel option to be made available at the KL International Airport for potential airline customers.

Stepping Out

  • PCG signed a Securities Purchase Agreement in May to acquire the entire equity interest in Perstorp Holding AB, a global leader in sustainable specialty chemicals, at an enterprise value of RM10.5 billion (EUR2.3 billion). The landmark acquisition marks yet another step in PCG’s strategic diversification into the specialty chemicals industry to capture new growth opportunities. It is expected to add some 2.3 million metric tonnes per annum to PCG’s production capacity and contribute approximately 28 per cent incremental revenue.
  • To further enhance end-to-end charging experience for electric vehicles (EV) drivers, Setel integrated a new feature on the app which enables users to locate charging stations, activate chargers, make payments, and earn Mesra points – all from the comfort of their vehicles. Setel can now be used at 15 EV charging locations in Malaysia, with more to be rolled out progressively. Additionally, PDB is supporting the transition to green mobility by growing the number of fast-charging facilities at PETRONAS stations by collaborating with established EV industry partners. 

Cleaner Energy Solutions

  • PETRONAS introduced Gentari Sdn Bhd (Gentari) in June 2022 to accelerate the adoption and commercialisation of clean energy. Gentari made progress in Q2 FY2022 in its three core offerings: renewable energy, hydrogen, and green mobility solutions. 
  • To-date, Gentari has surpassed 1.1GW of renewable energy capacity in operations and under development and completed Malaysia’s largest single solar roof installation (7.4 MWp) at Universiti Teknologi PETRONAS.
  • Under the Vehicle-as-a-Service (VaaS) model, Gentari deployed 18 two-wheeler electric vehicles for delivery riders via collaboration with Eclimo Sdn Bhd in Malaysia and delivered 158 three-wheeler electric vehicles in India.
  • Additionally, 107 charge points were installed as part of VaaS in India while two were deployed in Malaysia.
  • On 5 January 2022, AET took delivery of Eagle Campos, the first of three Suezmax Dynamic Positioning (DP2) shuttle tankers (DPST) from Hyundai Heavy Industries (HHI). The second and third DPSTs, Eagle Canoas and Eagle Colombo, were delivered on 24 February and 25 May, respectively. All three DPSTs are purpose-built for long-term charter to Brazil Shipping I Limited, a wholly owned indirect subsidiary of Shell.
  • Eagle Valence, the first of two dual-fuel Very Large Crude Carriers (VLCC), was delivered to AET from Samsung Heavy Industries (SHI) on 28 February 2022 and successfully delivered to the charterers on 1 March. The VLCC is one of the world’s first dual-fuel and amongst the most environmentally friendly VLCCs in the market, built for long-term charter to Chartering and Shipping Services SA, a wholly owned subsidiary of TotalEnergies SA (TotalEnergies). AET took delivery of its sister vessel, Eagle Vallery from SHI on 29 April and is also chartered by TotalEnergies.
  • AET took delivery of its first two of three eco-efficient and highly specialised Suezmax Dynamic Positioning (DP2) shuttle tankers, Eagle Colatina and Eagle Cambe, from SHI on 25 March and 31 May, respectively. These vessels are purpose-built for long-term charter to Petroleo Brasileiro S.A - Petrobras for operations in the Brazilian Basin. The third vessel will be delivered in Q3 2022.


Click here to view PETRONAS Group Financial Report

Click here to view PETRONAS Group Financial Operational Report

Left footer graphic with PETRONAS Dots Right footer graphic with PETRONAS Dots