Petronas doubles Q1 profit
Malaysian state-run Petronas on May 31 reported a net profit of 9.3bn ringgit ($2.25bn) in the three months ending March 31 (Q1), up 105% year/year owing to lower costs and higher realised product prices.
Revenue came in at 52.5bn ringgit, down 12% yr/yr owing to the lower sales volume of petroleum products, LNG and natural gas and stronger ringgit. Petronas' production averaged 2.36mn barrels of oil equivalent/day, down from 2.46mn boe/day in the same period of last year,
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Petronas' second floating LNG (FLNG) facility PFLNG Dua delivered its maiden LNG cargo in March, one month after achieving its first LNG drop. Its first FLNG facility, PFLNG Satu, delivered four LNG cargoes in Q1, growing its total LNG cargoes delivered to date to 42 since the start of production in 2017.
The company said it expects oil and gas industry demand to improve following the global vaccine roll-out programme, but recovery prospects remain uncertain due to risk of COVID-19 resurgence.