The strong crude oil prices and weak ringgit helped push revenue up 60.5% to RM99.2 billion, from RM61.8 billion the year before, Petronas said in a statement. Both quarterly revenue and net profit are at the record high.  

In the corresponding quarter ended Sept 30, 2021 (3QFY2021), Petronas booked a net profit of RM16.3 billion.  

For the nine-month period ended Sept 30, 2022 (9MFY2022), the national energy firm’s net profit more than doubled to RM77.2 billion from RM35.1 billion, mainly due to favourable price impact for major products aligned with higher benchmark prices.

Revenue in 9MFY2022 soared 58.3% to RM271.3 billion from RM171.4 billion, again mainly due to favourable price impact for major products, aligned with higher benchmark prices.

The group’s strong performance was driven by its focus on safely delivering commercial and operational excellence across the integrated value chain, supported by high commodity prices, Petronas said.

“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,” said Petronas president and group chief executive officer Datuk Tengku Muhammad Taufik.

“As it pursues these efforts, Petronas remains grounded on discharging its responsibilities to its shareholder including the nurturing of a resilient local OGSE (oil and gas services and equipment) ecosystem and contributing to the well-being of the communities where we operate,” Muhammad Taufik said.

On a quarter-on-quarter basis, Petronas 3QFY2022 net profit of RM30.8 billion represented an increase of 33.9% from RM23 billion in 2QFY2022. Quarterly revenue of RM99.2 billion was 6.2% higher than RM93.4 billion in the preceding quarter.

Petronas said cumulative capital expenditure for 9MFY2022 amounted to RM27.4 billion, up 34% from the same period last year. “Upstream business remains a major contributor,” it said.

It recorded capex spending of RM18.9 billion in the first half of the year, which represents spending of RM8.5 billion in 3Q, back-of-the-envelope calculations showed.

In the nine-month period, the group achieved first hydrocarbon in 29 projects, representing an increase of 11 projects in the quarter compared to 18 in 6MFY2022.

A further seven projects have achieved final investment decisions in 3QFY2022, adding to the initial 10 projects in 6MFY2022.

“In expanding its growth strategy in West Africa, Petronas signed a farm-in with 30% equity in the Marine 20 Production Sharing Contract (PSC) in Congo Brazzaville with TotalEnergies and Woodside Energy, which achieved completion on 27 July 2022,” it added.

Despite its active upstream venture, Petronas said the upstream segment recorded a 19% reduction in greenhouse gas emissions in 3QFY2022, compared with the same quarter last year, thanks to the execution of multiple emissions reduction projects.

Meanwhile in the renewable energy segment, Petronas said its clean energy solutions provider Gentari Sdn Bhd achieved 1.12 gigawatt (gw) of renewable energy capacity in operations and under development as at end-September.

To-date, Gentari has installed a total of 89 electric vehicle charging points nationwide, it added.

In the nine-month period, the group also contributed more than RM540 million towards sustainability and community well-being and development efforts.

On industry outlook, Petronas expects oil and gas prices to 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, while pursuing its growth strategy and Net Zero Carbon Emissions (NZCE) target by 2050,” the group said.