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PETRONAS Records Steady Performance in Q1 FY2024 Amid Prolonged Volatile Pricing Landscape

2024 Media Release - 31 May

KUALA LUMPUR, 31 May 2024 – For the first quarter ended 31 March 2024, PETRONAS recorded revenue of RM89.7 billion, comparable to the first quarter of 2023 amid prolonged volatility in the pricing landscape.

PETRONAS continues to exercise prudent financial management in its focus to preserve value and deliver energy security for Malaysia and its customers worldwide while pursuing lower carbon solutions.

Q1 FY2024 (Analysis against Q1 FY2023)

  • Revenue is marginally higher at RM89.7 billion as compared to the same period last year.
  • Profit After Tax (PAT) stood at RM21.3 billion, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM36.2 billion.
  • Cash Flows from Operating Activities (CFFO) decreased by RM2.1 billion to RM23.4 billion in line with lower profits.
  • Capital Investments (CAPEX) spending amounted to RM10.7 billion primarily attributed to Gas and Upstream projects, including the ongoing LNG Canada Project, La Amarga Chica in Argentina as well as the Nearshore Floating LNG Project and Kasawari CO2 Sequestration Facilities in Malaysia. Domestic CAPEX investment increased by 20 per cent.
  • Total Assets strengthened to RM796.3 billion as at 31 March 2024.
  • Shareholders’ equity declined to RM434.4 billion as at 31 March 2024, attributable to dividends declared to shareholders amounting to RM32.0 billion.

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

“PETRONAS’ steady financial performance in the first quarter demonstrates our focused execution of a clear strategy for the energy transition: developing hydrocarbons with measurable and effective decarbonisation initiatives and pursuing cleaner energy solutions.

As we expect to face increasingly difficult headwinds for the rest of the year, PETRONAS will leverage the strength of its integrated portfolio to reinvest with pace and discipline. The Group remains steadfast in its approach to generate profitable growth responsibly and sustainably. At all times, PETRONAS will continue to exercise prudent management of its financial commitments and debt obligations.

As PETRONAS celebrates its 50th anniversary, the Group remains determined to continue contributing to a lower carbon future in line with the PETRONAS Energy Transition Strategy. We aim to fulfil the trust of our stakeholders as their progressive energy and solutions partner. PETRONAS remains steadfast in upholding its amanah to keep energy flowing for economic growth and ensure the energy security of Malaysians and the customers we serve around the world.”


For the first quarter of 2024, the oil and gas market continued to be affected by the instability of the macroeconomics and geopolitical dynamics amid the energy transition that leads to a prolonged volatile pricing landscape.

PETRONAS strives towards preserving its value and remains committed to ensuring energy security for its customers within and outside Malaysia through strategic cost management, a sustained robust portfolio and prudent liquidity management. The Group will continue to execute all efforts to address the increasing market volatilities, while contending with stakeholders’ expectations.

In line with its Energy Transition Strategy, PETRONAS is progressing at pace to strengthen its Core Business1 by continuing towards completion of the Kasawari Gas Field Development in Malaysia and LNG plant in Canada by the end of the year. In addition, PETRONAS is scaling up its New Business2 with the commissioning of the inaugural interstate transmission system-connected solar project in India.

1Core Business is divided into four main focus areas – Upstream Malaysia, Upstream International, LNG and Downstream.
2New Business encompasses Specialty Chemicals, Carbon Capture & Storage, Bio-Based Value Chain, Renewable Energy, Hydrogen, Green Mobility, Non-Fuel Retails, Advanced Materials and Circular Economy.


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


Sustainability Highlights

Greenhouse Gas (GHG) Emissions

In Q1 2024, PETRONAS recorded GHG emissions of 11.3 million tonnes of carbon dioxide equivalent (CO2e) for its Malaysia operations, contributed by 11.17 million tonnes CO2e of Scope 1 emissions and 0.12 million tonnes CO2e of Scope 2 emissions. The overall GHG emissions reduced by 2.6 per cent compared to Q1 2023 (11.6 million tonnes CO2e), contributed by continuous emissions reduction efforts and lower venting in upstream operations.

Health, Safety and Environment (HSE)

Lost Time Injury Frequency (per million man-hours) recorded in Q1 2024 is 0.18 per million manhours, which is an increase by 29 per cent. PETRONAS is committed to taking proactive measures and intensifying efforts on safety to prevent recurrence of incidents and address emerging risk areas.

PETRONAS’ Social Impact Investments

For Q1 2024, PETRONAS contributed over RM99 million towards its social impact programmes, benefitting more than 160,000 people around the world. The contribution was delivered through more than 100 activations, under our three focus areas: Powering Knowledge (Education), Uplifting Lives (Community Well-being), and Planting Tomorrow (Environment).



  • Recorded a total daily production average of 2,587 thousand barrels of oil equivalent (boe) per day in 2024, an increase from the 2,497 thousand boe per day recorded for the same period in 2023.
  • Achieved a key milestone by exceeding 2,000 kboed of production in Malaysia within Q1 2024, on the back of outstanding performance from our domestic assets.
  • Achieved first hydrocarbon for one project in Malaysia and final investment decision for one project each in Malaysia and in Brazil.
  • Awarded Production Sharing Contracts (PSCs) for six exploration blocks and one Discovered Resource Opportunities (DRO) cluster marketed under the Malaysia Bid Round 2023 and launched the Malaysia Bid Round 2024, offering five exploration blocks and five clusters of DRO to potential investors on 23 January 2024.
  • Expanded core portfolio via the signing of the Exploration & Appraisal Concession Agreement for Onshore Block UC05 in Abu Dhabi on 1 February 2024 and the award of the Bobara Working Area PSC on 20 February 2024.
  • Advanced carbon capture and storage (CCS) efforts through three signings; a Storage Site Agreement (SSA) for the M3 depleted field with PETROS, JAPEX, JGC and “K” LINE on 26 February 2024; a PSC for Bujang, Inas, Guling, Sepat & Tujoh (BIGST) Cluster on 27 February 2024 and a Joint Study Agreement with JERA Co., Inc. to evaluate the feasibility of the CCS value chain on 29 March 2024.


  • Overall Equipment Effectiveness (OEE) for Gas Business stood at 96.6 per cent across all business segments.
  • Delivered 112 liquefied natural gas (LNG) cargoes from PLC in Bintulu to customers across the globe.
  • Delivered 10 LNG cargoes from PETRONAS’ Floating LNG facilities, PFLNG Satu and PFLNG Dua.
  • Completed 2,352 MMscfd of average sales gas volume delivered in Peninsular Malaysia.
  • Completed 91,000 m3 of LNG Bunkering Vessel deliveries to the marine industry in Malaysia.
  • Delivered 249 Virtual Pipeline System trucks to remotely located customers across Malaysia.


  • Downstream’s operations recorded OEE of 86.2 per cent. 
  • Chemicals business recorded lower production and sales volumes due to planned turnaround activity. Overall marketing sales volume stood at 6.48 billion litres, an increase from 6.26 billion litres from Q1 FY2023, driven by higher demands amid festive seasons.
  • Perstorp, a wholly owned subsidiary of PETRONAS Chemicals Group (PCG) Sdn Bhd, officially inaugurated a state-of-the-art plant in Sayakha, India for Pentaerythritol production and International Sustainability & Carbon Certification (ISCC) PLUS certified VoxtarTM M40 to strengthen its market position in the Asia Pacific region.
  • PCG partnered with Sarawak Petchem Sdn Bhd to conduct a joint feasibility study to develop a low-carbon ammonia and urea plant in Bintulu, Sarawak, addressing the growing demand for cleaner energy solutions.
  • Over 249 tonnes of Used Cooking Oil have been collected from multiple sites across the nation, including PETRONAS stations and other PETRONAS assets, as part of a programme spearheaded by the Refining, Marketing and Trading unit last year. Collaborating with PETRONAS Dagangan Berhad and the Ministry of Plantation and Commodities, the initiative expanded to 53 PETRONAS stations by Q1 FY2024.


Gentari Sdn Bhd


  • Commissioned Amplus’ first interstate transmission system-connected solar project, totalling approximately 360 MW in Rajasthan, India. This is Gentari’s single largest open access solar plant, utilising bifacial PV modules and a single-axis tracker to enhance yield while minimising water consumption through a robotic cleaning system.


  • Signed Heads of Agreement with SEDC Energy Sdn Bhd for the joint development of a centralised, global-scale hydrogen production hub in Bintulu, Sarawak.

Green Mobility

  • Launched Gentari Go, a customer experience platform that offers an integrated sustainable lifestyle by unifying Gentari’s cleaner energy ecosystem through green mobility and home energy management. Gentari Go is currently active in Malaysia, offering access to 70 per cent of the country’s charging points and empowering cross-border charging through the first electric vehicle (EV) charging corridor from Singapore to Thailand, with regional expansion slated for 2024.
  • Currently operating the largest network of DC fast chargers in Malaysia, Gentari has established a network of 699 charging points across Malaysia, India and Thailand to date.
  • Ventured into the Vehicle-as-a-Service segment in Indonesia, increasing Gentari’s combined fleet to 3,012 EVs in Malaysia, India and now Indonesia. This resulted in approximately 8.3 million electric kilometres driven during the quarter, contributing to carbon avoidance of approximately 231 tonnes of carbon dioxide equivalent (tCO2e) in Q1 2024. Cumulatively, Gentari has clocked in approximately 22.7 million electric kilometres, contributing to carbon avoidance of around 572.3 tCO2e across Malaysia and India.

MISC Berhad

  • Delivered the third LNG dual-fuel Very Large Crude Carrier (VLCC), Eagle Veracruz, marking the final delivery of the three sister vessels that began with Eagle Vellore in August 2023 and Eagle Ventura in October 2023.
  • Signed a Memorandum of Understanding with Yayasan Sarawak and University of Technology Sarawak to jointly enhance maritime education and industry development in Borneo and the wider region.
  • Completed the construction phase of FPSO Marechal Duque de Caxias safely with 28 million man-hours LTI-free and achieved a successful sail away from Yantai, China to the Mero Field of the Santos Basin offshore in Brazil.
  • Entered into long-term Time Charter Parties agreement with QatarEnergy for three newbuild LNG Carriers which will be chartered for 15 years from 2026 onwards.
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