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PETRONAS Records Steady 2023 Half-Year Performance Amid Weaker Energy Prices

2023 Media Release - 30 Aug

KUALA LUMPUR, 30 August 2023 – For the first half of 2023 (1H FY2023), PETRONAS delivered steady performance amid a marked decline in energy prices, recording a revenue of RM 170.3 billion - a marginal decrease from RM 170.4 billion in the same period last year. The Group recorded Profit After Tax (PAT) of RM 40.2 billion, a decrease of 13 per cent, mainly attributable to lower average realised prices.

For the second quarter ended 30 June 2023 (Q2 FY2023), revenue decreased by 13 per cent to RM 79.9 billion amidst a low-price environment as compared to Q2 FY2022. PAT dropped by 29 per cent to RM16.4 billion from RM 23.0 billion in tandem with the lower revenue.

First Half FY2023 (Analysis against First Half FY2022)

  • Revenue stood at RM 170.3 billion, as compared to RM 170.4 billion last year. This is mainly due to lower average realised prices for major products in line with the lower benchmark prices, partially offset by improved sales volumes mainly from petroleum and petrochemical products and favourable foreign exchange impact.
  • PAT decreased by RM 6.2 billion mainly due to lower average realised prices.    
  • Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM 70.5 billion in line with lower profit.
  • Cash Flows from Operating Activities (CFFO) stood at RM 57.8 billion, lower by seven (7) per cent compared to RM 62.4 billion previously, in line with profits generated during the period.
  • Capital Investments (CAPEX) amounted to RM 21.4 billion, mainly attributable to Upstream and Gas Business projects. Domestic CAPEX increased by 48 per cent against the same period last year mainly for investments in the Nearshore Floating LNG Project (ZLNG) in Sabah and the Kasawari Gas Field Development in Sarawak.
  • Total Assets strengthened to RM 742.0 billion as at 30 June 2023 compared to RM 710.6 billion as at 31 December 2022.
  • Shareholders’ equity increased to RM 410.0 billion as at 30 June 2023 compared to RM 401.6 billion as at 31 December 2022 primarily due to profit attributable to shareholders recorded during the period.

Q2 FY2023 (Analysis against Q2 FY2022)

  • Revenue stood at RM 79.9 billion due to lower average realised prices for all products, partially offset by improved sales volumes mainly from petroleum and petrochemical products and favourable foreign exchange impact.
  • PAT was at RM 16.4 billion, in tandem with lower revenue, partially offset by lower taxation.
  • EBITDA stood at RM 32.0 billion, a decrease of RM 11.1 billion, in line with lower profit.
  • CFFO stood at RM 32.3 billion, lower by RM 2.2 billion in line with lower profits for the period.

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

“The Group has resolutely progressed in our initiatives to sustain business performance despite contending with a volatile price environment in the first half of 2023. These efforts emphasized operational and commercial excellence across our value chain, sustaining upstream production and fulfilling our commitments to provide reliable energy to customers.

“Looking ahead, we expect to face increasingly difficult headwinds, including a bearish energy market for the rest of the year on the back of slowing global economic activity. Despite near term challenges, we will continue to focus on future-proofing the organisation for the long term. This will mean scaling up investments in our core business, even as we lower emissions while investing in cleaner energy to ensure the robustness of the Group’s portfolio, aligned to our Energy Transition Strategy.

“PETRONAS believes the right thing to do is to double-down on building resilience in order to deliver long-term sustainable value as a national oil company, and grow as a global energy player.”


Oil and gas prices remain volatile, influenced by persistent economic headwinds and energy security concerns. Amidst these challenges, PETRONAS remains resolute in delivering energy responsibly in support of its growth and sustainability agenda, both 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 Q2 2023, PETRONAS recorded cumulative GHG emissions of 23.04 million tonnes of carbon dioxide equivalent (Mil tCO2e) for Malaysia operations (Q2 2022: 22.42 Mil tCO2e). An increase of three per cent was recorded for the period, mainly due to increase in production at Downstream refineries.

Overall, PETRONAS expects to be on target to meet near- and mid-term emissions targets - as described in NZCE 2050 Pathway, delivered through existing and planned emissions reduction projects.

PETRONAS’ Social Impact Investment

For 1H FY2023, PETRONAS has contributed close to RM300 million towards its Social Impact efforts, aiding 1.1 million beneficiaries. During Q2 FY2023, PETRONAS contributed nearly RM190 million for the same efforts, benefitting over 670,000 people worldwide, including in Malaysia.

A significant portion of this contribution was focused on Education, including the PETRONAS Education Sponsorship Programme, the Young Technologist Programme and Program Duta Guru.

PETRONAS is committed to giving back to Malaysians and the countries where we operate toward Uplifting Lives (Community Well-being and Development), Powering Knowledge (Education) and Planting Tomorrow (Environment).



  • Recorded a total daily production average of 2,425 thousand barrels of oil equivalent (boe) per day in 1H FY2023, comparable to 2,425 thousand boe per day recorded in 1H FY2022.
  • Achieved first hydrocarbon for 11 projects – seven in Malaysia and four overseas.
  • Achieved final investment decision (FID) for 12 projects – nine in Malaysia and three overseas.
  • Made five oil and gas discoveries in five blocks off the coast of Sarawak, Malaysia.
  • Signed a Farm Out Agreement for the sale of PETRONAS Carigali Sdn Bhd’s 50 per cent non-operating participating interest in the Samarang Production Sharing Contract (PSC) with SMJ Sdn Bhd on 5 April 2023. 
  • Signed a PSC for the Agua Marinha exploration block located in the Campos Basin, offshore Brazil with Petrobras, TotalEnergies and QatarEnergy on 31 May 2023. 
  • Signed a Development Agreement (DA) to pursue a Carbon Capture and Storage project in Malaysia with TotalEnergies Carbon Neutrality Ventures and Mitsui & Co. Ltd on 26 June.
  • Attained Approvals in Principle (AiPs) for four jointly developed liquefied carbon dioxide (LCO2) carriers and LCO2 floating storage and offloading (FSO) units with Mitsui O.S.K. Lines, Ltd. and Shanghai Merchant Ship Design & Research Institute on 28 June.


  • Delivered 200 LNG cargoes from PETRONAS LNG Complex (PLC) in Bintulu and 19 LNG cargoes from PFLNG Satu and PFLNG Dua to customers across the globe.
  • 2,214 million standard cubic feet per day (MMscfd) of average sales gas volume delivered in Peninsular Malaysia.
  • Overall Equipment Effectiveness (OEE) for Gas Business stood at 96.3 per cent across all business segments.
  • Completed 2,760 Virtual Pipeline System and LNG Bunkering deliveries in Malaysia to remotely located customers and to the marine industry.
  • Continues to undertake decarbonisation efforts to reduce GHG emissions across its operations, including flaring reduction at PLC and Gas Processing & Utilities (GPU), optimisation of fuel gas consumption via a digital initiative U-RTO (Utility Real Time Optimiser) at PLC to deliver operational efficiency, and adoption of simulation modelling for plant operations at GPU to minimize fuel consumption while meeting customers’ needs.


  • Downstream achieved improved operational performance with OEE surging to 89.0 per cent from 79.5 per cent, and plant utilisation reaching 84.4 per cent from 71.8 per cent in the same period last year.
  • Overall marketing segment recorded sales of 12.8 billion litres, a 6.7 per cent increase from the corresponding period last year of 12.0 billion, mainly contributed by PDB’s retail and aviation sectors.
  • Chemicals business recorded plant utilisation of 89.1 per cent, significantly higher than 79.2 per cent in the corresponding period last year, contributing to higher production volume and sales volume of 4.9 million metric tonnes.
  • PCG reached the FID to fully acquire Maleic Anhydride (MAn) plant in Gebeng, Kuantan from BASF PETRONAS Chemicals Sdn. Bhd. The plant will be able to produce refined MAn by 2H FY2025 and will broaden PCG’s product portfolio to tap larger derivatives market.
  • PETRONAS will provide HVO100, a second-generation biofuel, to Mercedes-AMG PETRONAS Formula One Team’s fleet of trucks that transport all the freight required for the races in Europe this summer. HVO100 is fully renewable and made from sustainably sourced materials and is expected to reduce the partners’ greenhouse gas emissions by up to 90 per cent.
  • PETRONAS Dagangan Berhad (PDB) collaborated with various aircraft Original Equipment Manufacturers and signed Memorandum of Understandings with Helicopters Service Providers on 23 May 2023 for upstream operations to advance sustainable aviation fuel (SAF) research and development in Malaysia, with the aim to establish SAF as a commercially viable option for the industry.
  • PDB also signed a SAF offtake agreement on 25 May 2023 to supply more than 230,000 tonnes of SAF to Malaysia Aviation Group’s airlines, with the first delivery expected to commence from 2027. The partnership offers an opportunity to capitalise on PETRONAS' entire value chain, which includes every facet of SAF production and distribution from its Melaka refinery.


Gentari Sdn Bhd

Signed several Strategic Collaboration Agreements (SCAs) and Memorandum of Understanding (MoUs) with domestic, regional and international partners to explore collaborations in the development and deployment of clean energy solutions including renewable energy projects, the production, supply and transportation of low-carbon hydrogen, renewable energy trading, and EV charging networks, ecosystems and energy-as-a-service opportunities.

Achieved the following milestones under its three core offerings:


  • Achieved 200 MW renewable energy capacity in operations and under development in Q2 2023, with a total cumulative 2.0 GW in operations and under development, of which 1.5 GW is installed capacity.


  • Signed a Joint Feasibility Study Agreement (JFSA) with Tenaga Nasional Bhd to explore a green hydrogen supply chain for Peninsular Malaysia.
  • Signed MoU with SEDC Energy Sdn Bhd for collaborative studies to develop low carbon hydrogen to support the Kuching Urban Transportation System (KUTS) and a hydrogen hub in Bintulu.
  • Successfully obtained approval from the Tamil Nadu State Government in India on an investment proposal to construct green hydrogen and green ammonia facilities.

Green Mobility

  • Collaborated with Permodalan Nasional Berhad (PNB) for their first batch of electric vehicle (EV) charging points (CPs) in Kelantan. The collaboration will see 59 units of EV CPs installed at 18 of PNB Group’s properties throughout Malaysia by the end of 2023.
  • Achieved cumulative installation of 331 CPs across Malaysia, India and Thailand. In addition, 898 EVs have been deployed under the Vehicle-as-a-Service (VaaS) offering across Malaysia and India.
  • In partnership with EV Connection Sdn Bhd and Green EV Charge Sdn Bhd (a subsidiary of Yinson GreenTech), activated a roaming network which enables customers to cross-access CPs using Setel, JomCharge and chargEV mobile applications seamlessly.
  • Signed MoUs with JLand Group Sdn Bhd, Lotus Cars Malaysia and Sunway Group with the aim to develop green mobility infrastructure across residential, commercial and industrial facilities throughout the country.

MISC Berhad

The MISC Group achieved the following milestones:

  • Unveiled its Newbuild FPSO (NBFPSO), known as MMEGA (Mega-Module Engineering & Green Architecture) on 2 May 2023. It is the world’s first NBFPSO that uses the Mega-Module topsides and incorporates sustainable technologies into the design, which makes it one of the largest and greenest in the market.
  • Signed milestone Collaboration Agreements with WinGD and DNV through its entities AET and Malaysian Maritime Academy Sdn Bhd respectively on 20 June 2023. These agreements are focused on formulating a comprehensive training syllabus to enhance maritime capabilities in the safe management of zero-emission ammonia engines within the industry.
  • Malaysia Marine and Heavy Engineering Holdings signed an MoU with Uzma Berhad on 3 July 2023 to develop comprehensive services, including floater conversion and modification as well as renewable energy solutions, to meet the increasing demands of the energy industry.
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