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PETRONAS Posts Commendable Q1 FY2023 Performance Amidst Market Volatility

2023 Media Release - 7 Jun

Note: All numbers are in RM billion

KUALA LUMPUR, 7 June 2023 – PETRONAS has posted a profit after tax (PAT) of RM23.8 billion for the first quarter of 2023, a two per cent decrease from the fourth quarter of 2022. Compared to the previous corresponding quarter, PAT recorded a two per cent improvement. The Group revenue for the quarter was RM90.4 billion, a 15 per cent drop from the fourth quarter of 2022. The reported result is a 16 per cent increase compared with the revenue registered in the first quarter of 2022.

Given the risk of continued uncertainty and volatility in the business environment, PETRONAS will maintain a cautious outlook for 2023. The Group will continue to exercise prudent financial management and firm discipline in reinvesting to strengthen its business portfolio and build the necessary resilience with continuous improvements in commercial and operational excellence.

Q1 FY2023 Results (Analysis against Q1 FY2022)

  • Revenue improved to RM90.4 billion, largely due to improved sales volumes and favourable impact from foreign exchange. This was partially offset by lower average realised prices from major products.
  • PAT stood at RM23.8 billion and recorded EBITDA of RM38.6 billion.
  • Cash Flows from Operating Activities (CFFO) stood at RM25.5 billion, lower compared with the corresponding quarter, in line with lower cash from operations.
  • Capital Investments (CAPEX) amounted to RM10.5 billion, mainly contributed by Upstream and Gas projects. Domestic CAPEX increased by 44 per cent against the same period last year mainly for investments in the PETRONAS Nearshore Floating LNG Project in Sabah and the Kasawari Gas Field Development in Sarawak.
  • Total Assets strengthened to RM713.6 billion as at 31 March 2023.
  • Shareholders’ Equity decreased to RM388.7 billion as at 31 March 2023.

PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik said:

“PETRONAS’ commendable performance in the first quarter bears testimony to the Group’s continuing commitment to meet growing energy demand while developing solutions for a lower carbon future, even as we contend with an increasingly complex and volatile business environment.

Against this backdrop, PETRONAS will need to take credible actions to continue delivering sustainable value in discharging our responsibility as a national oil company even as we aspire to grow as a global energy player. We will remain steadfast in progressing our strategies and have now crystallised our Three-Pronged Growth Strategy into the PETRONAS Energy Transition Strategy, further demonstrating our clear ambition for a just and responsible transition.

As we move forward, PETRONAS will remain cautious, focus on prudent financial management and invest in strengthening our core and expanding our business portfolio. At all times, we will aim to grow value for our stakeholders and partners, with an unwavering commitment to ensuring the well-being of Malaysians and the communities wherever we operate.”


Oil and gas prices are expected to moderate due to continued economic uncertainties, hence lower profitability is anticipated compared to last year. Nevertheless, PETRONAS remains committed to strengthening its business activities, while pursuing its sustainability agenda.


Click here to view PETRONAS Group Financial Report:

Click here to view PETRONAS Group Financial Operational Report:

Refer Appendix for Sustainability & Social Impact and Operational Highlights



Greenhouse Gas (GHG) Emissions 

During the first quarter, PETRONAS recorded GHG emissions of 11.8 million tonnes of carbon dioxide equivalent (Mil tCO2e) for Malaysia operations (2022 Q1: 11.5 Mil tCO2e). The 2.5 per cent increase, compared to the comparable period in 2022, was a result of production growth.

Upstream business recorded a 10.5 per cent reduction in GHG emissions within this quarter compared to the same period last year. This includes reducing flaring and venting emissions from Malaysia operated assets in the quarter by 18.7 per cent.

Gas and Downstream businesses reduced an estimated 0.04 Mil tCO2e and 0.05 Mil tCO2e  respectively, mainly through flaring reduction and fuel gas optimisation efforts.

Education Beneficiaries 

In our commitment to providing access to quality education as part of our sustainability targets, PETRONAS has achieved its objective of reaching 24,000 beneficiaries through education programmes between 2020 to 2024. To date, the cumulative total of 54,271 beneficiaries has surpassed the target. Moving forward, PETRONAS strives to continue providing opportunities with sustainable impact to underprivileged students and is in the process of developing methods to measure the impact of such interventions.

PETRONAS’ Social Impact Investment 

In Quarter 1, PETRONAS contributed close to RM100 million in its Social Impact activation efforts benefitting over 400,000 beneficiaries worldwide. PETRONAS remains resolute in its commitment to create a positive social impact for Malaysians and the communities wherever it operates.



  • Recorded a total daily production average of 2,497 thousand barrels of oil equivalent (boe) per day in Q1 2023, higher than 2,456 thousand boe per day recorded in the first quarter of last year. This was mainly driven by higher natural gas production from Malaysia operations coupled with higher crude production from international operations.
  • Achieved first hydrocarbon for four brownfield projects – three in Malaysia and one in South Sudan.
  • Achieved final investment decision (FID) for four brownfield projects – three in Malaysia and one in Iraq.
  • Signed 12 Production Sharing Contracts (PSCs) for the offerings marketed under Malaysia Bid Round (MBR) 2022 namely, three Discovered Resource Opportunities (DRO) clusters on 17 January and nine exploration blocks on 15 February.
  • Launched MBR 2023 offering 10 exploration blocks and two clusters of DRO on 15 February.
  • Signed Heads of Agreement (HOA) with SMJ Sdn Bhd (SMJSB), a company wholly owned by the Sabah State, for SMJSB’s potential interest in the Samarang PSC on 23 February. 


  • Overall Equipment Effectiveness (OEE) for Gas Business stood at 97.3 per cent across all business segments.
  • Delivered 109 liquefied natural gas (LNG) cargoes from PETRONAS LNG Complex in Bintulu to customers across the globe.
  • Delivered nine LNG cargoes from PETRONAS’ Floating LNG facilities, PFLNG Satu and PFLNG Dua.
  • Completed 2,253 million standard cubic feet per day (MMscfd) of average sales gas volume delivered in Peninsular Malaysia.
  • Completed 941 Virtual Pipeline System (VPS) and LNG Bunkering deliveries in Malaysia to customers in remote locations and to the marine industry.


  • Downstream recorded 88.9 per cent in OEE.
  • Overall marketing business registered sales of 6.3 billion litres, a 8.6 per cent increase from 5.8 billion in the same period last year. The increase in sales volume is mainly contributed from domestic retail and commercial segments driven by economic recovery.
  • Chemicals recorded plant utilisation of 96.1 per cent compared with 86.6 per cent in the same period last year. Overall production volume increased to 2.7 million metric tonnes while sales volume improved to 2.4 million metric tonnes.
  • Continued to expand partnership with TIGER GAS through PETRONAS Marine with its maiden ship-to-ship LNG bunkering transfer of approximately 500 tonnes of LNG to Tiger Maanshan, the world’s largest dual-fuel deck cargo ship. TIGER GAS is the first Chinese customer for PETRONAS’ LNG bunkering business building on the partnership established for the supply of LNG via ISO Tanks to China.
  • In growing the non-fuel business, Café Mesra has opened seven new outlets in high-traffic locations to offer affordable, quality coffee and daily prepared meals. The first standalone dining menu was unveiled at Mid Valley shopping mall in Kuala Lumpur and the first pilot café trailer at the PETRONAS Station Paka 2 in Terengganu.  
  • Setel joined the DuitNow QR ecosystem to enhance its user experience with seamless payments to over 1.6 million merchants nationwide while being rewarded with Mesra points.


Gentari Sdn Bhd

Achieved the following milestones under its three core offerings:


  • Achieved 0.2 GW of renewable energy capacity in operations and under development in the first quarter (total cumulative as at 31 March 2023 is 1.8 GW)
  • Completed the acquisition of WIRSOL Energy, a leading renewable energy solutions provider in Australia, on 13 February 2023, adding 422 MW of capacity to Gentari’s overall renewables portfolio.
  • Commissioned additional 15.7 MW of onsite projects under Amplus in March 2023.
  • Achieved FID of 209 MW capacity from Amplus’ Project Shiva, a solar wind hybrid project in Tamil Nadu, India.


  • Received a grant amounting to CAD2 million from Alberta Innovates to carry out a feasibility study for potential projects in Alberta Industrial Heartland. Alberta Innovates is the largest research and innovation agency for the province.

Green Mobility

  • Installed a total of 154 charging points across Malaysia as at 31 March 2023.
  • Vehicle-as-a-Service (VaaS) offering deployed an additional 138 EVs in Q1 2023 (a total of 553 EVs have been deployed across Malaysia and India as at 31 March 2023)
  • Signed Memorandum of Understanding (MoU) with Thailand’s Evolt Technology Company Limited on 13 January to explore green mobility infrastructure collaborations in Southeast Asia.
  • Signed a tripartite roaming agreement with EV Connection Sdn Bhd and Yinson GreenTech (through its subsidiary Green EV Charge Sdn Bhd) on 16 March, to enable cross-tracking and cross-access charging of electric vehicles on the Setel, JomCharge and chargEV mobile apps.
  • Exchanged MoUs with electric mobility provider MoEVing Urban Technology Private Limited and logistics company Gati Ltd on 27 March to support the decarbonisation of India’s transportation sector.  
  • Achieved approximately 1.5 million clean kilometres in Q1 2023 across India and Malaysia (with approximately four million cumulative clean kilometres as at 31 March 2023)

MISC Berhad

The MISC Group achieved the following milestones:

  • Signed MoUs with Mitsui & Co., Ltd., Samsung Heavy Industries (SHI) and Andritz AG (Andritz), respectively, on 28 January 2023 to explore opportunities for Carbon Capture and Storage (CCS) solutions in the maritime value chain.
  • Welcomed two new-generation LNG carriers, Seri Damai and Seri Daya on 31 January. Both vessels are equipped with sustainable technologies and will be on long-term charters to ExxonMobil’s wholly owned subsidiary, SeaRiver Maritime LLC (SRM).
  • MHB via its subsidiary, MMHE, secured a contract from Carigali-PTTEPI Operating Company Sdn Bhd (CPOC) to undertake the provision of engineering, procurement, construction & installation (EPCI) for five wellhead platforms, five subsea pipelines and host tie-ins works.
  • Valverde Power Solutions, Inc., MISC, Clean Energy Systems, Inc. and Aker Solutions jointly announced the execution of an agreement to specify and fund certain preliminary front-end engineering design (Pre-FEED) to assess and demonstrate two North American emission-free power projects utilizing Clean Energy Systems’ proven Oxy-Fuel burner technology (“Hestia Demo Project”) on 22 February.

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