PETRONAS logo with text PETRONAS logo with text


PETRONAS Posts Lower Nine-month Performance in Line with Lower Energy Prices

2023 Media Release - 29 Nov

KUALA LUMPUR, 29 November 2023 – PETRONAS has recorded a lower financial performance for the nine months ended 30 September 2023 due to declining energy prices, partially offset by higher sales volume for major products.

YTD Q3 FY2023 (Analysis against YTD Q3 FY2022)

  • Revenue for the first nine months of the year stood at RM251.9 billion, a decrease of RM17.5 billion as compared to the same period in 2022. This is mainly due to lower average realised prices for all products in line with the declining benchmark prices, partially offset by improved sales volumes for major products as well as favourable foreign exchange impact.
  • PAT decreased by RM13.1 billion and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) declined to RM103.9 billion.
  • Cash Flows from Operating Activities (CFFO) stood at RM76.0 billion.
  • Capital Investments (CAPEX) amounted to RM34.3 billion, mainly attributed to Upstream and Gas projects. Domestic CAPEX increased by 37 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 and CO2 Sequestration Facilities in Sarawak.
  • Total Assets increased to RM752.2 billion as at 30 September 2023 compared to RM710.6 billion as at 31 December 2022.
  • Shareholders’ equity increased to RM432.4 billion as at 30 September 2023 from RM401.6 billion as at 31 December 2022, primarily due to profit attributable to shareholders recorded and favourable impact from foreign exchange during the period, partially offset by dividend declared to the Government.

Q3 FY2023 (Analysis against Q3 FY2022)

  • Revenue stood at RM82.9 billion compared to RM98.9 billion primarily due to lower average realised prices, partially offset by favourable foreign exchange impact.
  • PAT stood at RM23.9 billion and EBITDA decreased to RM33.3 billion.
  • CFFO stood at RM18.1 billion, in line with lower profits generated during the period.

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

“PETRONAS’ performance in the third quarter demonstrates the focused delivery of our Energy Transition strategy despite a volatile energy market.

We continued to reinvest with discipline in our core and new businesses, doubling-down on our efforts to ensure the security of energy supply for Malaysia and our customers around the world. To date, we are on track to achieve full utilization of the 20 per cent CAPEX committed to intensify decarbonisation of our operations and growth in new business.

As we build on this momentum to deliver long-term sustainable value as a national oil company and continue to grow as a global energy player, PETRONAS remains resolute to navigate the cyclical swings in the energy market with a firm commitment to not disrupt and make every effort to provide energy that is safe, responsibly produced, cost-optimised and emissions abated.

In the same stride, PETRONAS will continue to increase efforts in giving back to the societies we serve focused on investments that include empowering human capital development which saw the successful completion of MRSM Bintulu and MRSM Ranau recently. PETRONAS will not waver from its commitment to enriching the lives around us for a sustainable future.”


The volatility in oil and gas prices is expected to be elevated by persistent economic uncertainties and heightened concerns over global energy security amid geopolitical tensions in the Middle East. Against this backdrop, PETRONAS anticipates lower profits compared to last year. Nevertheless, PETRONAS will continue to strengthen operational excellence in its core business while intensifying its growth and sustainability agenda in Malaysia and internationally.


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

As of Q3 2023, PETRONAS recorded year-to-date (YTD) GHG emissions of 33.9 million tonnes of carbon dioxide equivalent (Mil tCO2e) for its Malaysian operations, which is a reduction of 0.6 per cent compared to YTD Q3 2022 (YTD Q3 2022: 34.1 Mil tCO2e). This is mainly due to emissions reduction efforts across all businesses, coupled with lower production at Upstream in Q3.

A total of 39 emissions reduction projects have been completed up to Q3 focused on energy efficiency, flaring and venting reduction, and electrification. 

PETRONAS is on track to achieve its near-term GHG emissions target of capping emissions at 49.5 Mil tCO2e by 2024 from our Malaysia operations, as outlined in the PETRONAS Net Zero Carbon Emissions 2050 Pathway.

PETRONAS’ Social Impact Investments

In Q3 2023, PETRONAS contributed over RM200 million towards its Social Impact efforts, supporting over 840,000 beneficiaries which include investments in education under the PETRONAS Education Sponsorship Programme (PESP).

Cumulatively for 2023, PETRONAS has spent close to RM540 million to create a positive impact for the lives of more than 1.9 million people. PETRONAS is committed to giving back to Malaysia and in the countries where we operate through our programmes -- Uplifting Lives (Community Well-being and Development), Powering Knowledge (Education) and Planting Tomorrow (Environment).



  • Recorded a total daily production average of 2,391 thousand barrels of oil equivalent (boe) per day in Q3 2023, lower than 2,415 thousand boe per day recorded in the same period last year, with continuous focus on managing emissions.
  • Achieved first hydrocarbon for 21 projects – 15 in Malaysia and six overseas.
  • Achieved final investment decision (FID) for 17 projects – 14 in Malaysia and three overseas.
  • Achieved eight oil and gas discoveries in Malaysia – one in Peninsular Malaysia and seven in Sarawak.
  • Commenced gas delivery from the Bintulu Additional Gas Facility (BAGSF-2) to a new Sarawak methanol plant in Bintulu, Sarawak on 18 September 2023.
  • Embarked on the first phase of development of the Sarawak Integrated Sour Gas Evacuation System (SISGES) project with a groundbreaking ceremony for its onshore gas plant in Bintulu, Sarawak on 21 September 2023.
  • Signed the Sale and Purchase Agreement with Shell Upstream Overseas Services (I) Limited for the acquisition of 15 per cent participating interest in the Masela Block Production Sharing Contract, offshore Indonesia on 25 July 2023.
  • Completed the acquisition of 40 per cent participating interest in Block 20, Angola from TotalEnergies on 27 September 2023.
  • Signed a Term Sheet with Mitsui O.S.K Lines, Ltd. and MISC Berhad for the potential incorporation of a joint venture entity to invest in developing and monetising Liquefied Carbon Dioxide (LCO2) carriers for Carbon Capture and Storage (CCS) projects in Malaysia on 22 September 2023.


  • Overall Equipment Effectiveness (OEE) for Gas Business stood at 95.0 per cent across all business segments.
  • Delivered 291 liquefied natural gas (LNG) cargoes from PLC in Bintulu to customers across the globe.
  • Delivered 29 LNG cargoes from PETRONAS’ Floating LNG facilities, PFLNG Satu and PFLNG Dua.
  • Completed delivery of 2,189 MMscfd of average sales gas volume in Peninsular Malaysia
  • Completed deliveries of 4,480 Virtual Pipeline System (“VPS”) and LNG Bunkering in Malaysia to remotely located customers and to the marine industry.


  • Downstream recorded OEE of 87.1 per cent, an increase from 82.9 per cent in the same period last year.
  • Overall marketing segment registered sales of 19.7 billion litres, a 6.3 per cent year-on-year increase on the back of demand recovery in Commercial and Retail segments. PETRONAS Dagangan Berhad (PDB) achieved its highest quarterly sales volume in five years, recording 4.18 billion litres for the quarter.
  • PETRONAS Chemicals Group (PCG) recorded plant utilisation of 85.1 per cent with overall production volume of more than 7.1 million metric tonnes. Sales volume recorded close to 7.2 million metric tonnes, an increase of 25.6 per cent from the corresponding period last year. This is mainly contributed by specialty chemicals, post PCG’s acquisition of Perstorp.
  • PETRONAS Lubricants International (PLI) signed a Joint Study Agreement with PT Kilang Pertamina Internasional to explore developing a new greenfield lubricant base oil plant in Central Java. The Agreement will enable PLI to grow its high-grade lubricant base oils portfolio and cater for the Indonesian market as well as growing regional markets.
  • PDB and Gamuda Land inked an MoU to provide residents and visitors to the newly developed townships – Gamuda Cove and Gamuda Gardens with access to a suite of PDB’s offerings.
  • Launched the Used Cooking Oil (UCO) collection drive across Terengganu, Johor, and Klang Valley to raise public awareness on simplified waste management practices while contributing to waste circularity into new products. The initiative successfully collected close to one and a half tonnes of UCO.


Gentari Sdn Bhd


  • Achieved 0.4 GW renewable energy capacity in operations and under development in Q3 2023, with a total cumulative of 2.4 GW in operations and under development, of which 1.5 GW is installed capacity.
  • Executed key terms with ReNew Energy Global Plc (ReNew) for a joint venture to explore the development of 5 GW in renewable assets including solar, wind and energy storage. Earlier in May this year, Gentari made an initial investment for a 49 per cent equity stake in ReNew’s 403 MW Peak Power project in India.

Green Mobility

  • Partnered with Sarawak Energy Berhad (SEB) to develop the Electric Vehicle infrastructure across Sarawak with the launch of the state’s first EV charging station at Kuching’s ICOM Square.
  • Announced strategic collaboration with Amazon EU SARL and Amazon Web Services EMEA SARL to decarbonise Amazon’s India transportation network by providing EVs and accompanying fleet management services for Amazon’s third-party delivery service partners. This supports Amazon’s commitment to deploy 10,000 EVs in its India fleet by 2025.
  • Signed MoU with BMW Malaysia Sdn Bhd to explore potential collaborations in areas such as installation of EV infrastructure at various BMW facilities; deployment of various EV fleet solutions; and value-added services for BMW EV owners including EV charging subscription plans, electric forecourts, portable charging and mobile charging services.
  • Achieved cumulative installation of 358 charging points (CPs) across Malaysia, India and Thailand. In addition, 1,629 EVs have been deployed under the Vehicle-as-a-Service (VaaS) offering across Malaysia and India.
  • Signed MoU with KPJ Healthcare to collaborate on the installation of EV charging facilities at 10 KPJ Healthcare premises and explore the introduction of EV fleet solutions to promote sustainable transportation in the healthcare sector.

MISC Berhad

  • Successfully delivered Eagle Vellore, Malaysia's second LNG dual-fuel Very Large Crude Carrier, and the first to be named in the country, marking a milestone in Malaysia’s maritime history.
  • Received an Approval in Principle from DNV, a world-leading classification society for innovative Floating CO2 Storage Unit concept, developed in partnership with Samsung Heavy Industries.
  • Entered into a new partnership agreement with Nissen Kaiun Co. Ltd for the sale and charter of its two LNG carriers.
  • Awarded Sustainability-Linked Deal of the Year for Asia by Marine Money for MISC’s USD527 million Sustainability-Linked Senior Term Loan in relation to six Very Large Ethane Carriers.
Left footer graphic with PETRONAS Dots Right footer graphic with PETRONAS Dots