Petronas profit falls on lower sales, oil price

PETROLIAM Nasional Bhd, Malaysia’s state oil company, said first-half profit dropped 48 per cent because the global economic slowdown sapped energy demand and reduced fuel prices.

Net income fell to RM20.29 billion (US$6 billion) in the six months ended Sept 30 from RM38.65 billion a year earlier, Petronas, as the company is known, said in a statement on its Web site. Sales declined 38 per cent to RM98.18 billion.



Oil producers are slashing costs, cutting jobs and holding back on some new investment to halt the slide in earnings amid slumping demand brought by the worst worldwide recession since at least the 1930s. Exxon Mobil Corp, the world’s largest oil company, cut this year’s capital-spending estimate by 10 percent after third-quarter profit dropped to the lowest in six years.

“The decrease in revenue was mainly due to the overall decrease in product prices and lower sales volume,” Petronas said in the statement. International operations remain the company’s biggest revenue generator, contributing 49 per cent to the company’s total sales, it said.
Tapis crude oil, Malaysia’s benchmark grade, averaged US$66.82 a barrel in the six months ended Sept 30, down from US$126.46 a year earlier, according to data compiled by Bloomberg.

Reduced Sales

Domestic sales dropped 33 per cent to RM21 billion. Exports fell 48 per cent to RM29.4 billion, according to the company.

Petronas’s total oil and gas production was equivalent to 1.73 million barrels of oil a day. The company didn’t provide comparative figures for a year earlier. Domestic output was at 1.08 million barrels of oil equivalent a day and international operations produced 642,800 barrels of oil equivalent a day.

Capital spending declined 17 per cent to RM19.2 billion in the six-month period from a year earlier.

Petronas said domestic output fell on the implementation of a reservoir management plan and an increase in maintenance activities, including pipeline replacement. Output at its international units fell mainly on a drop in demand for its gas in Africa. - Bloomberg

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Petronas profit falls on lower sales, oil price

PETROLIAM Nasional Bhd, Malaysia’s state oil company, said first-half profit dropped 48 per cent because the global economic slowdown sapped energy demand and reduced fuel prices.

Net income fell to RM20.29 billion (US$6 billion) in the six months ended Sept 30 from RM38.65 billion a year earlier, Petronas, as the company is known, said in a statement on its Web site. Sales declined 38 per cent to RM98.18 billion.



Oil producers are slashing costs, cutting jobs and holding back on some new investment to halt the slide in earnings amid slumping demand brought by the worst worldwide recession since at least the 1930s. Exxon Mobil Corp, the world’s largest oil company, cut this year’s capital-spending estimate by 10 percent after third-quarter profit dropped to the lowest in six years.

“The decrease in revenue was mainly due to the overall decrease in product prices and lower sales volume,” Petronas said in the statement. International operations remain the company’s biggest revenue generator, contributing 49 per cent to the company’s total sales, it said.
Tapis crude oil, Malaysia’s benchmark grade, averaged US$66.82 a barrel in the six months ended Sept 30, down from US$126.46 a year earlier, according to data compiled by Bloomberg.

Reduced Sales

Domestic sales dropped 33 per cent to RM21 billion. Exports fell 48 per cent to RM29.4 billion, according to the company.

Petronas’s total oil and gas production was equivalent to 1.73 million barrels of oil a day. The company didn’t provide comparative figures for a year earlier. Domestic output was at 1.08 million barrels of oil equivalent a day and international operations produced 642,800 barrels of oil equivalent a day.

Capital spending declined 17 per cent to RM19.2 billion in the six-month period from a year earlier.

Petronas said domestic output fell on the implementation of a reservoir management plan and an increase in maintenance activities, including pipeline replacement. Output at its international units fell mainly on a drop in demand for its gas in Africa. - Bloomberg

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Do you want to become a happy investor?
That`s your choice That`s what you desire!

I feel good, I began to take up income with the help of this company,
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I earn US$2,000 per day, and what I started with was a funny sum of 500 bucks!
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