Petronas posts 50% profit rise

By Stephanie Phang Bloomberg News

FRIDAY, JULY 1, 2005
KUALA LUMPUR Petroliam Nasional, Malaysia's state oil and gas company, posted a record full-year profit Thursday, up 50 percent from a year earlier because of the surge in crude oil prices.

Net income for the year that ended on March 31 rose to 35.6 billion ringgit, or $9.4 billion, from 23.7 billion ringgit a year earlier. Sales gained 41 percent to 137 billion ringgit.

"The year under review proved to be a good year for integrated oil and gas companies," the chief executive, Hassan Marican, told reporters in Kuala Lumpur. "Sustained global economic growth driven by China and the U.S. contributed to the upward pressure on oil demand."

Petroliam Nasional, or Petronas, and bigger rivals including BP and Exxon Mobil, are benefiting from oil prices that have risen 55 percent in the past year as demand for oil has grown faster than the increase in supply.

Oil futures, which reached an all-time high of $60.95 a barrel in New York on June 27, traded at $57.29 a barrel on Thursday. The average price for Malaysian crude oil rose 46 percent in the past year, to $45 a barrel, Hassan said.

For the company's second half, Petronas profit rose 28 percent to 18.8 billion ringgit from 14.7 billion ringgit a year earlier.

"The search for strategic oil reserves by China and India will disproportionately benefit companies like Petronas," said Michael Preiss, director of the Asian Bond Market Forum, which advises on bond-market issues and infrastructure development. "It gives Petronas an advantage that they are where others are not going."

Hassan expanded oil and gas production by increasing exploration in countries like Egypt and Chad to make up for stagnant Malaysian output. Hassan said June 13 that the company was in talks to explore for oil and gas in Iraq and that it would begin producing oil in Turkmenistan by the end of the year.

By volume, Petronas's sales of crude oil and condensate rose 6.6 percent to 194.2 million barrels in the year through March 31. Condensate is a hydrocarbon mixture similar to light oil.

Revenue from the oil company's international operations and exports from Malaysia rose 40 percent to 106 billion ringgit, accounting for 77 percent of total sales. Malaysia is the largest oil and gas producer in Southeast Asia after Indonesia.

Total assets grew 18 percent to 239.1 billion ringgit while borrowing fell 8.3 percent to 52.9 billion ringgit. Petronas's international operations involve 59 ventures in 26 countries.

3 comments:

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Trava said...

This is great info to know.

Petronas posts 50% profit rise

By Stephanie Phang Bloomberg News

FRIDAY, JULY 1, 2005
KUALA LUMPUR Petroliam Nasional, Malaysia's state oil and gas company, posted a record full-year profit Thursday, up 50 percent from a year earlier because of the surge in crude oil prices.

Net income for the year that ended on March 31 rose to 35.6 billion ringgit, or $9.4 billion, from 23.7 billion ringgit a year earlier. Sales gained 41 percent to 137 billion ringgit.

"The year under review proved to be a good year for integrated oil and gas companies," the chief executive, Hassan Marican, told reporters in Kuala Lumpur. "Sustained global economic growth driven by China and the U.S. contributed to the upward pressure on oil demand."

Petroliam Nasional, or Petronas, and bigger rivals including BP and Exxon Mobil, are benefiting from oil prices that have risen 55 percent in the past year as demand for oil has grown faster than the increase in supply.

Oil futures, which reached an all-time high of $60.95 a barrel in New York on June 27, traded at $57.29 a barrel on Thursday. The average price for Malaysian crude oil rose 46 percent in the past year, to $45 a barrel, Hassan said.

For the company's second half, Petronas profit rose 28 percent to 18.8 billion ringgit from 14.7 billion ringgit a year earlier.

"The search for strategic oil reserves by China and India will disproportionately benefit companies like Petronas," said Michael Preiss, director of the Asian Bond Market Forum, which advises on bond-market issues and infrastructure development. "It gives Petronas an advantage that they are where others are not going."

Hassan expanded oil and gas production by increasing exploration in countries like Egypt and Chad to make up for stagnant Malaysian output. Hassan said June 13 that the company was in talks to explore for oil and gas in Iraq and that it would begin producing oil in Turkmenistan by the end of the year.

By volume, Petronas's sales of crude oil and condensate rose 6.6 percent to 194.2 million barrels in the year through March 31. Condensate is a hydrocarbon mixture similar to light oil.

Revenue from the oil company's international operations and exports from Malaysia rose 40 percent to 106 billion ringgit, accounting for 77 percent of total sales. Malaysia is the largest oil and gas producer in Southeast Asia after Indonesia.

Total assets grew 18 percent to 239.1 billion ringgit while borrowing fell 8.3 percent to 52.9 billion ringgit. Petronas's international operations involve 59 ventures in 26 countries.

3 comments:

knicksgrl0917 said...

hey! i'm going to cali this weekend and won't be back until september...here is the website i was talking about where i made extra summer cash. Later! the website is here

Camiseta Personalizada said...

Oi, achei teu blog pelo google tá bem interessante gostei desse post. Quando der dá uma passada pelo meu blog, é sobre camisetas personalizadas, mostra passo a passo como criar uma camiseta personalizada bem maneira. Se você quiser linkar meu blog no seu eu ficaria agradecido, até mais e sucesso.(If you speak English can see the version in English of the Camiseta Personalizada.If he will be possible add my blog in your blogroll I thankful, bye friend).

Trava said...

This is great info to know.