KUALA LUMPUR (May 14): Petra Energy Bhd (KL:PENERGY) on Thursday reported its largest quarterly net loss in nearly a decade, primarily due to the prolonged suspension of its Banang oilfield offshore Terengganu. The shutdown was due to mandatory dry docking for the group's mobile offshore production unit (MOPU).

The upstream asset only resumed operations in April this year following the completion of the dry docking exercise, roughly 15 months after it first halted production in early 2025.

“The asset is now back on stream, with production recommencing in April 2026 in line with the group’s operational plans,” Petra Energy said in a filing with Bursa Malaysia.

For the first quarter ended March 31, 2026 (1QFY2026), Petra Energy's net loss widened to RM20.11 million, compared with RM7.49 million a year earlier, as revenue dropped to RM37.62 million, about one-third of the RM106.24 million it logged previously.

No dividend was declared for the quarter under review.

Beyond its operation, Petra Energy said that the global economic environment remains uncertain amid geopolitical tensions, inflationary pressures and volatile crude oil prices. These conditions have led to market volatility, prompting industry players to adopt a cautious stance and strategies, it noted.

“Backed by secured projects and enhanced operational execution, the group is positioned to navigate the current uncertainties and, barring any unforeseen circumstances, is confident of positive performance in 2026,” the filing read.

Petra Energy shares closed unchanged at 68.5 sen on Thursday, valuing the company at RM220.4 million. The stock has risen more than 22% year to date.