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PETRONAS Registers Robust Nine Months Performance, Advances Actions for Net Zero and Just Energy Transition

2022 Media Release - 30 Nov

KUALA LUMPUR, 30 November 2022 – PETRONAS has delivered a robust performance in the first nine months of 2022 in an energy market that continues to be volatile combined with the acceleration of the energy transition.

The Group’s strong performance was driven by its focus to safely deliver commercial and operational excellence across the integrated value chain, supported by high commodity prices.

The Group will continue to exercise discipline in investing responsibly towards executing the PETRONAS three-pronged growth strategy and Net Zero Carbon Emission by 2050 (NZCE 2050) targets.

Cumulative Period Ended 30 September 2022
(Analysis against Cumulative Period Ended 30 September 2021)

For the first nine months of 2022, the Group recorded an improved revenue of RM271.3 billion, compared to RM171.4 billion in the corresponding period last year, mainly due to favourable price impact for major products aligned with higher benchmark prices.

Profit after Tax (PAT) improved to RM77.2 billion and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at RM130.2 billion.

Cash Flows from Operating Activities (CFFO) increased to RM83.1 billion.

Total assets strengthened to RM725.6 billion as at 30 September 2022, compared to RM635.0 billion as at 31 December 2021.

Shareholders’ equity increased to RM386.2 billion as at 30 September 2022, compared to RM350.8 billion as at 31 December 2021 mainly attributable to profit recorded during the period.

The Group’s capital investments (CAPEX) stood at RM27.4 billion, an increase of 34 per cent as compared to same period last year. Upstream business remains a major contributor.

Third Quarter FY2022
(Analysis against Third Quarter FY2021)

For the third quarter ended 30 September 2022, the Group recorded higher revenue of RM99.2 billion, compared to RM61.8 billion in the same quarter last year predominantly due to favourable price impact for major products and favourable impact of exchange rate.

PAT increased to RM30.8 billion and EBITDA stood at RM47.5 billion.

CFFO stood at RM20.7 billion, compared to RM21.8 billion in the same quarter last year following higher net receivables in line with higher prices.

Datuk Tengku Muhammad Taufik, President and Group CEO, PETRONAS

"PETRONAS' delivery of a robust financial performance in the nine months of 2022 is the result of the dedication and service of our employees and partners as we contended with an ongoing volatile period in the energy market.

The Group will continue to focus on delivering safe performance to maximise its cash generators and grow the business portfolio, in line with its three-pronged growth strategy and NZCE 2050 target.

PETRONAS remains fully determined to strengthen its resilience and seize new opportunities, by staying true to prudent financial management and firm capital discipline in investing responsibly to sustainably deliver profitable growth.

As it pursues these efforts, PETRONAS remains grounded in discharging its responsibilities to its shareholder including the nurturing of a resilient local OGSE ecosystem and contributing to the well-being of the communities where we operate.

As we look forward, PETRONAS is resolute in accelerating growth with increased investments, particularly in future-proofing our portfolio in an environment that is increasingly uncertain and volatile. The Group has taken a long-term strategic positioning in response to the energy transition with the launching of the PETRONAS NZCE 2050 Pathway. We are taking deliberate steps to unlock new value from our core portfolio with a focus on the decarbonisation of our operations and will pursue attractive opportunities in cleaner energy solutions.

Anchored on our Statement of Purpose, PETRONAS remains fully committed to providing the world with the energy it needs to achieve our shared aspiration for a lower-carbon future in a just and responsible manner."

Sustainability and Social Impact Investment

PETRONAS announced its NZCE 2050 pathway on 1 November 2022, setting out the details of how the organisation will address emissions from its operations and growth targets for its cleaner energy solutions. PETRONAS has set a near-term target to cap operational emissions to 49.5 million tonnes of carbon dioxide equivalent by 2024 in Malaysia and achieve 25 per cent absolute emissions reduction Groupwide by 2030 based on 2019 emissions data. PETRONAS is allocating 20 per cent of its capital expenditure for decarbonisation projects and expansion into cleaner energy solutions from 2023 to 2026.

Delivery of these targets is anchored on business context, national policies, international frameworks and scientific consensus on climate change that supports the ambitious goals outlined in the Paris Agreement.

Beyond business, PETRONAS is committed to giving back to society and creating a positive social impact for Malaysians and the countries where we operate. As at 30 September 2022, PETRONAS contributed more than RM540 million towards the nation’s sustainability and community well-being and development efforts, benefitting over 900,000 beneficiaries worldwide.


Oil and gas prices will remain volatile, influenced by intensifying geopolitical and economic headwinds. In the face of the unprecedented global energy crisis, PETRONAS will focus on safely delivering commercial and operational excellence. PETRONAS will continue to invest responsibly towards ensuring energy supply security whilst pursuing its growth strategy and Net Zero Carbon Emissions target by 2050.

Operational Highlights (YTD Q3 FY2022)


Maximising Cash Generators

  • Upstream recorded a total daily production average of 2,415 thousand barrels of oil equivalent (boe) per day in the first nine months of 2022, higher than 2,269 thousand boe per day recorded in the same period last year. This was mainly driven by higher production from Malaysia operations, coupled with higher crude oil production from international operations. This was partially offset by lower natural gas production from international operations following the divestment of Azerbaijan assets.
  • Upstream has achieved the following to date:
    • 29 projects in Malaysia and abroad achieved first hydrocarbon – 25 brownfields and four greenfields.
    • 17 projects achieved final investment decision (FID) – six in Sarawak, one in Sabah, one in the Malaysia-Thailand Joint Development Area (MTJDA), four in Indonesia, four in South Sudan and one in Brazil.
    • Three exploration discoveries – one each in Malaysia, Brazil and Suriname
  • In expanding its growth strategy in West Africa, PETRONAS signed a farm-in agreement with 30 per cent equity in the Marine 20 Production Sharing Contract (PSC) in Congo Brazzaville with TotalEnergies and Woodside Energy which achieved completion on 27 July 2022.

Stepping Out

  • PETRONAS is positioning Malaysia as a leading Carbon Capture & Storage solutions (CCS) hub in the region. In Q3 FY2022, PETRONAS has forged strategic partnerships through Memorandums of Understanding (MoUs) with:
    • DNV GL Malaysia Sdn Bhd on 8 July 2022
    • Six South Korean companies; GS Energy Corporation, Lotte Chemical Co., Samsung Engineering Co.LTD, Samsung Heavy Industries, SK Earthon Co.Ltd, SK Energy Co.Ltd on 2 August 2022
    • Storegga Limited on 24 August 2022
    • Japan’s Ministry of Economy, Trade & Industry (METI) and Japan Bank for International Corporation (JBIC) on 27 September 2022

Lower Carbon Excellence

  • In addressing emissions from its operations as PETRONAS progresses towards its NZCE 2050 target, Upstream recorded a 19 per cent reduction in greenhouse gas (GHG) emissions in Q3 FY2022 compared to the same period last year following the execution of multiple emissions reduction projects.


Maximising Cash Generators

  • Overall Equipment Effectiveness (OEE) for Gas Business stood at 96.2 per cent across all business segments.
  • PETRONAS’ Gas Business achieved the following milestones in the first nine months of 2022
    • Delivered 301 liquefied natural gas (LNG) cargoes from PETRONAS LNG Complex (PLC) in Bintulu to customers across the globe
    • Delivered 33 LNG cargoes from PETRONAS’ Floating LNG facilities, PFLNG Satu and PFLNG Dua
    • Completed 1,943 Virtual Pipeline System (VPS) and LNG Bunkering deliveries in Malaysia to off-grid customers and to the marine industry
    • Concluded 136 million standard cubic feet per day (MMscfd) of natural gas supply deals with new and existing customers from the non-power sector

Expanding Core Business

  • PETRONAS continues to grow and diversify its integrated business with a strategic partnership with YPF in Argentina that covers an MoU and a Joint Study and Development Agreement (JSDA). The collaboration will see PETRONAS and YPF conduct detailed studies on a potential integrated LNG project in Argentina from upstream gas production, dedicated pipeline and infrastructure development, LNG production as well as in the marketing and shipping of LNG.
  • PETRONAS further expands its LNG partnership with Japan via a Memorandum of Collaboration (MoC) with Japan’s Ministry of Economy, Trade & Industry (METI). The MoC with METI aims to strengthen collaboration for energy security in Asia via a cooperative LNG framework that covers investments in LNG, reduction in GHG emissions and the development of a flexible and liquid LNG market to manage market disruptions.


Maximising Cash Generators

  • Downstream business recorded OEE of 82.8 per cent in Q3 FY2022 supported by stable plant operations.
  • Overall Marketing business recorded 18.5 billion litres in sales, a 20.9 per cent increase from the corresponding period last year of 15.3 billion mainly driven by demand recovery in both Retail and Commercial segments. PETRONAS Dagangan Berhad (PDB) recorded 33 per cent increase in sales volume as more economic and social sectors reopen. Meanwhile, Engen recorded a 9.5 per cent increase in sales volume mainly contributed by demand recovery in Commercial segment.
  • PETRONAS Chemicals Group Berhad (PCG) recorded plant utilisation of 85.1 per cent producing 7.1 million metric tonnes of petrochemical products due to statutory turnarounds at five plants. PCG recorded petrochemical sales volume of 5.7 million metric tonnes on the back of stable petrochemical product prices, in line with market recovery and tight supply.

Expanding Core Business

  • In further enhancing customer experience and diversifying its non-fuel portfolio, PDB ventured into Café Mesra; a new concept to improve retail offerings and future-proof its business. To date, Café Mesra is located at 16 PETRONAS stations around Malaysia’s city centre.
  • PDB introduced a new one-stop e-commerce platform – PETRONAS Shop – on Setel app with a One-Click Checkout feature for a seamless customer experience. The platform offers PETRONAS-branded products such as PETRONAS lubricants as well as merchandise from the PETRONAS Twin Towers Gift Shop and Petrosains.

Stepping Out

  • PCG and ExxonMobil signed an MoU to assess the potential for large-scale implementation of advanced plastic recycling technology to help create a New Plastics Economy in Malaysia. The MoU paves the way for PCG to develop technological expertise in plastics recycling, which will enable the Group to tap the growing demand for circular products and address the challenges of plastic waste.
  • PETRONAS has extended its role as Title and Technical Partner of the Mercedes-AMG PETRONAS Formula One Team, from the 2026 season onwards as part of its commitment towards a sustainable future by developing 100 per cent advanced sustainable fuel for the next-generation power units. With the extensive experience in formulating the Fluid Technology Solutions™ for the team over the years, PETRONAS is fully equipped with the capacity and capabilities to perfect the technology to produce and supply the fuel for the F1 team.

Other Business Highlights

Gentari Sdn Bhd

  • Clean energy solutions provider Gentari Sdn Bhd (Gentari) was officially launched in September.
  • Gentari achieved the following milestones under its three core offerings – renewable energy, hydrogen, and green mobility solutions:
  • Renewable Energy
    • Gentari achieved 1.12 GW of renewable energy capacity in operations and under development.
    • Project Dev, a major Open Access project in Uttar Pradesh, India, with a capacity of 56.5MW, was successfully commissioned in July 2022.
  • Hydrogen
    • Gentari and TNB are conducting feasibility studies for the development of hydrogen projects which includes supply to TNB’s Paka power plant as part of the MoU signed between PETRONAS and TNB to drive innovative solutions towards decarbonisation collaboratively.
    • Gentari has marked its foray into the Indian hydrogen play following the progress of its pre-feasibility studies for two hydrogen-to-ammonia projects in India.
    • An MoU was signed between Gentari and South Korea’s SK Companies to explore potential for joint development of clean hydrogen, ammonia or its related products.
  • Green Mobility
    • To date, the Vehicle-as-a-Service (VaaS) offering in India has delivered a total of 322 three-wheelers and 139 charge points, as well as clocked in 1 million clean kilometers (equivalent to 83.4 tonnes of CO2 emissions reduction)
    • To date, Gentari has installed a total of 89 charge points in Malaysia. This includes 49 charge points in Suria KLCC, making it the biggest EV charging hub in Southeast Asia. The hub also features the first DC fast charger deployed in a Malaysian shopping mall and the first EV charger installed with digital out-of-home advertising in Southeast Asia.
  • In Q3 FY2022, PETRONAS entered into an MoU with Japan Bank for International Corporation (JBIC) to enhance cooperation with Japanese companies in a variety of sectors including value chain development of hydrogen and ammonia, renewable energy, and green mobility.

MISC Berhad

  • MISC and its consortium partners, Nippon Yusen Kabushiki Kaisha (NYK), Kawasaki Kisen Kaisha, Ltd. (K-Line) and China LNG Shipping (Holdings) Limited (CLNG) secured long term contracts for seven newbuild LNG carriers with QatarEnergy on 10 August 2022. These vessels will be built by Hyundai Heavy Industries (HHI) in South Korea.
  • PTT Public Company Limited and MISC’s Petroleum arm, AET, signed an MoU on 29 September 2022 for the development and construction of two zero-emission Aframaxes to be powered by green ammonia. This collaboration is complementary to ‘The Castor initiative’, a multinational coalition founded by MISC and its industry partners to make zero emission shipping a reality. Depending on the various milestones including the availability of Green Ammonia in Asia, AET will select a suitable shipyard and the two zero-emission dual-fuel tankers will be delivered to PTT for long-term charters in Q4 2025 and Q1 2026 respectively. The MoU signed is a testament to MISC’s commitment as part of the PETRONAS Group to reduce GHG emissions through collaboration with its industry partners.
  • MISC secured long-term contracts for two newbuild LNG carriers with SeaRiver Maritime LLC on 30 September 2022. These vessels will be built by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea. MISC’s integrated marine services arm, Eaglestar will be involved in the project management phase and manage the vessels’ operations once they are delivered in 2025.


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