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PETRONAS Records Strong Third Quarter 2021 Results

2021 Media Release - 30 Nov

KUALA LUMPUR, 30 November 2021 – PETRONAS has recorded a profit after tax (PAT) of RM35.2 billion for the first nine months of 2021, on the back of a revenue of RM171.4 billion.

The improved performance was attributed to the higher commodity prices, underpinned by the rebound in energy demand as key economies recover from the impact of the COVID-19 pandemic. 

Cumulative Period Ended 30 September 2021
For the first nine months of the year, the Group recorded an improved revenue of RM171.4 billion, an increase of 27 per cent from RM134.7 billion in the corresponding period last year. This was predominantly attributable to favourable average realised prices for major products coupled with higher sales volume, mainly for liquefied natural gas (LNG) and sales gas.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 67 per cent to RM72.4 billion from RM43.4 billion, in line with higher revenue recorded.

The Group recorded a Profit After Tax (PAT) of RM35.2 billion, a more than 100 per cent increase from the Loss After Tax (LAT) of RM19.9 billion in the corresponding period last year, in tandem with higher EBITDA coupled with lower net impairment losses on assets.

Cash Flows from Operating Activities (CFFO) stood at RM54.5 billion, up by 67 per cent from RM32.6 billion, in line with higher cash operating profit.

Total assets increased to RM618.9 billion as at 30 September 2021 compared to RM574.1 billion as at 31 December 2020. 

Shareholders’ equity increased to RM337.5 billion compared to RM330.6 billion as at 31 December 2020, mainly attributable to profit recorded during the period.

Capital Investments (CAPEX) amounted to RM20.4 billion, mainly attributed to Upstream projects.

Third Quarter 2021 

For the third quarter ended 30 September 2021, the Group recorded a revenue of RM61.8 billion, an increase of 50 per cent from RM41.1 billion recorded in the corresponding quarter last year, mainly due to higher average realised prices for major products. This was partially offset by lower sales volume mainly from crude oil and condensates.

EBITDA registered an 88 per cent growth to RM26.3 billion from RM14.0 billion in the corresponding quarter last year, in line with higher revenue.

The Group registered a PAT of RM16.3 billion from the LAT of RM3.4 billion in the corresponding quarter last year, in tandem with higher EBITDA and lower net impairment losses on assets.

CFFO more than doubled to RM21.8 billion from RM6.3 billion, in line with higher cash operating profit and positive working capital movement.

Datuk Tengku Muhammad Taufik, President and Group CEO, PETRONAS

"PETRONAS' third quarter financial performance demonstrates our relentless focus on the Group's operational and commercial excellence. We continue to ensure the reliability of our operations to leverage the recovery in global energy demand with the safety of our people and assets as our highest priority.

 “PETRONAS will continue to preserve and strengthen its core portfolio while growing the new energy business to deliver safer, cleaner and faster solutions to our customers at competitive prices, reinforcing our role as an energy partner.

 “As we look ahead, PETRONAS will continue to pursue its three-pronged growth strategy and Net Zero Carbon Emissions by 2050 aspiration to contribute towards a responsible and just energy transition.”


The current trajectory of the oil and gas industry is expected to continue, given modest recovery in demand underpinned by improvements of economic activities globally. 

PETRONAS will remain steadfast in driving operational and commercial excellence to improve its liquidity and profitability, in pursuit of its growth strategy. 

Operational Highlights 


  • Upstream recorded a total daily production average of 2,269 thousand barrels of oil equivalent (boe) per day for the first nine months of 2021. The increase from 2,190 thousand boe per day in the same period in 2020 was mainly due to higher natural gas production contributed by higher demand for both Malaysia and international operations. This was partially offset by lower crude oil production.

  • Upstream successfully achieved the following:
    • Fourteen projects in Malaysia achieved first hydrocarbon – 11 brownfields and three greenfields.
    • Seven projects achieved final investment decision (FID) – one in Peninsular Malaysia, two in Sarawak, three in Sabah and one in Indonesia.
    • Seven exploration discoveries – five discoveries offshore Sarawak and Sabah in Malaysia, one discovery offshore East Java in Indonesia, and one discovery offshore Brunei.

  • PETRONAS signed two new Small Field Asset (SFA) Production Sharing Contracts (PSCs) with Rex International Holding Limited (Rex) and Duta Marine Sdn Bhd (Duta Marine) for the Rhu-Ara and Diwangsa clusters offshore Peninsular Malaysia on 30 August 2021. The PSCs mark Rex’s maiden entry into Malaysia’s upstream sector in partnership with local company Duta Marine, holding 95 per cent and five per cent participating interest respectively in both PSCs. The fields were offered during the Malaysia Bid Round 2020 (MBR 2020) based on the SFA fiscal terms introduced in the same year, underscoring PETRONAS’ commitment to monetising small discovered resource opportunities in Malaysian waters.

  • PETRONAS awarded Block SK437 PSC to PETRONAS Carigali Sdn Bhd (PCSB), Sarawak Shell Berhad (SSB), and Petroleum Sarawak Exploration and Production Sdn Bhd (PSEP), a wholly owned subsidiary of Petroleum Sarawak Berhad (PETROS) on 28 July 2021. This is expected to bolster exploration activities in the country, particularly off the coast of Sarawak.

  • Jadestone Energy Holdings Ltd became the latest upstream investor in Malaysia through its acquisition of SapuraOMV Upstream (PM) Inc on 2 August 2021. Jadestone’s entry is a testament to Malaysia’s attractiveness as a diverse investment hub to suit different investors’ appetites and capabilities. With a ‘right asset right player’ approach, PETRONAS and its upstream investors will unlock the full potential of the asset and maximise returns for both parties.

  • PETRONAS Energy Canada Ltd (PETRONAS Canada), ITOCHU Corporation (ITOCHU) and a local midstream company, entered into a Memorandum of Understanding (MOU) in July 2021 to explore the feasibility of producing blue ammonia in Alberta as a safe and cost-effective method to export hydrogen from Alberta’s Industrial Heartland to Asian markets. This strategic partnership combines the expertise of world-class leaders in natural gas development, petrochemical production and marketing with the possibility of PETRONAS Canada as the supplier of natural gas should the project be sanctioned. PETRONAS and ITOCHU plan to jointly coordinate the marketing of the blue ammonia, replacing hydrocarbon-based fuels for power plants, steel, chemical production and other applications. Both parties will also explore opportunities to supply blue ammonia for fertiliser and textile productions, assisting these industries in achieving lower-carbon footprints.

  • PETRONAS’ Wells Cost Compression efforts achieved RM208 million worth of financial value creation as at year to date (YTD) which includes design and operations optimisation, process simplification and implementation of wells technologies.

  • In line with the aspiration to achieve Net Zero Carbon Emissions by 2050, PETRONAS completed seven Greenhouse Gas (GHG) emissions reduction projects off the coast of Peninsular Malaysia and Sarawak as at Q3 2021. The cumulative GHG emissions reduction from all seven projects is approximately 2.88 million tonnes of CO2 equivalent per year.

  • PETRONAS and industry partners introduced the My Personnel e-Tracker (MyPeT) app, designed for all oil and gas personnel. The app allows for real-time check-in and tracking of COVID-19 vaccination and health status from embarkation to disembarkation points at various offshore locations in Malaysia. Any personnel entering a Green Bubble zone must satisfy all conditions and strictly adhere to the SOPs. The app is part of the Green Bubble Strategy to ensure continued safe operations of Malaysia’s oil and gas industry. (MySejahtera is only applicable for onshore locations)

  • PETRONAS Carigali (Turkmenistan) Sdn Bhd (PC(T)SB) achieved first oil from the Garagol Deniz West (GDW) Oil Development project on 5 August 2021, 54 days ahead of schedule. The project reached its significant milestone with 1.3 million safe manhours with zero lost time injury. The GDW field is located in Block 1, Turkmen Sector of the Caspian Sea. The unmanned Garagol Deniz Drilling Platform (GDDP-A) supplied 6,000 bp/d oil production to the PC(T)SB Gas Treatment Plant Onshore Gas Terminal (GTPOGT) on 15 August 2021.

Gas + New Energy

  • PETRONAS successfully delivered 11,889 LNG cargoes to date from the PETRONAS LNG Complex (PLC) in Bintulu since operations began in 1983. PETRONAS has concluded 5.47 million tonnes per annum (MTPA) of LNG sales.

  • PETRONAS recorded higher sales gas as of YTD Q3 2021 compared to the same period last year, mainly due to higher demand from the power sector. PETRONAS has secured up to 640.7 MMscfd of natural gas supply deals from new and existing customers.

  • PETRONAS marked another milestone in floating liquefied natural gas technologies following the delivery of its 50th LNG cargo from the PETRONAS Floating LNG SATU (PFLNG SATU) on 25 September 2021. Additionally, Gladstone LNG produced its 500th cargo that was sold to Kogas (Train 2) on 9 August 2021. These achievements demonstrate PETRONAS’ commitment in delivering reliable supply of cleaner energy to our customers around the world. 

  • PETRONAS’ Virtual Pipeline System (VPS) and LNG bunkering solution recorded a total of 563 deliveries as of YTD Q3 2021. In Q3 2021 alone, a total of 234 VPS and nine LNG bunkering deliveries were completed in Peninsular Malaysia and the Straits of Malacca respectively.

  • PETRONAS delivered its first carbon neutral LNG cargo from PLC in Bintulu, Sarawak to Japanese utility company Shikoku Electric in August 2021. The estimated life cycle carbon footprint of the LNG cargo which includes emissions generated from upstream gas exploration and production, transportation, liquefaction, and shipping was offset through renewables-based carbon credits. The successful delivery of the carbon neutral LNG cargo expands PETRONAS’ offerings of cleaner energy solutions that fuel progress in a responsible manner. 

  • PETRONAS New Energy continues to grow its domestic and international solar business with close to 1GW of solar capacity in operation and under development. This was contributed through a combination of organic and inorganic growth. 

  • With over three decades of partnership deeply rooted in trust and mutual aspirations, PETRONAS and ENEOS Corporation signed an MoU to jointly develop a competitive clean hydrogen supply chain between Malaysia and Japan. The MoU will also explore low carbon hydrogen production from PETRONAS’ petrochemical facilities and green hydrogen produced by renewable energy in the near future. 


  • Downstream business recorded stable operations in Q3 2021, with Overall Equipment Effectiveness (OEE) at 93.4 per cent, supported by reliable plant performance at domestic refineries. 

  • Overall Marketing business recorded 15.3 billion litres in sales due to lower domestic volume but bolstered by an increase from international operations. PETRONAS Dagangan Berhad (PDB) recorded 8.4 billion litres in sales as COVID-19 movement restrictions were still enforced in Q3 2021. Engen recorded close to six per cent increase in sales, mainly attributable to the extensive marketing programmes implemented and less restrictive lockdown measures. PETRONAS Lubricants International (PLI) recorded a three per cent increase in sales contributed by recovery in demand, particularly in Europe, the Middle East, Africa and Asia-Pacific. 

  • PETRONAS Chemicals Group Berhad (PCG) recorded plant utilisation of 93.8 per cent producing 7.9 million metric tonnes of petrochemical products despite statutory turnarounds at three plants. PCG recorded petrochemical sales volume of 6.1 million metric tonnes. Overall, petrochemical product prices improved with market recovery and tight supply.

  • PCG collaborated with the National Farmers Organisation (NAFAS) under the PETRONAS Integrated Paddy Growing Management (PTPB) to support local farmers in increasing their paddy yields. PCG supplied farmers at Kampung Nam Dam, Kedah, with the new Agrenas DTU fertiliser, and PTPB introduced smart farming SOPs and drone technology for spraying pesticides and herbicides. The programme has successfully increased the average paddy yield for the local farmers from four tonnes to seven tonnes per hectare. 

  • As part of the Downstream portfolio diversification strategy, PDB acquired D-Two Couriers (M) Sdn Bhd to provide parcel delivery services and is expected to reach nationwide coverage by the end of the year.  



Click here to view PETRONAS Group Financial Report 
Click here to view PETRONAS Group Financial Operational Report
Click here to view Video Messages from PETRONAS President and Group CEO Datuk Tengku Muhammad Taufik and PETRONAS Group Chief Financial Officer Liza Mustapha

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