- Petronas Chief Executive Officer noted that oil and gas prices will remain unstable.
- Oil majors Chevron, Exxon Mobil, and Shell have also recently reported a fall in quarterly earnings.
On Wednesday, Malaysia’s state oil firm Petroliam Nasional Berhad reported a 29% drop in second-quarter profit from the same period last year as energy prices fell. As the company known as Petronas said, profit for the April-June period totalled 16.4 billion ringgit ($3.53 billion). However, it is compared with 23 billion ringgits in the same quarter last year. The revenue at the world’s fourth-biggest LNG exporter fell 13.4% to 79.9 billion ringgits.
Oil majors Chevron, Exxon Mobil, Shell, and others have also recently reported sharp drops in quarterly earnings as energy prices fell from the top following Russia’s invasion of Ukraine a year and a half ago. Petronas Chief Executive Officer Tengku Muhammad Taufik said oil and gas prices will continue to remain volatile. He said in a statement. “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,” he said in a statement.
The CEO said Petronas will increase investments in its core business, even as it aims to lower emissions and invest in cleaner energy.