Petroliam Nasional Bhd recorded a profit after tax of RM27.2 billion for the first half ended June 30, 2026, up 4% from RM26.2 billion a year earlier.
Revenue rose 15% to RM152.4 billion from RM132.6 billion previously, while earnings before interest, tax, depreciation and amortisation rose 4% to RM56.8 billion.
The national oil company said the increase in revenue was mainly supported by higher domestic production, higher sales volumes of liquefied natural gas and processed gas, and favourable average realised prices across major products.
However, the gains were partly offset by an unfavourable foreign exchange impact and cost pressures arising from global energy market volatility.
Petronas said its downstream business helped safeguard national energy security during the West Asia conflict, including by diversifying crude sourcing and supporting domestic supply needs.
Group president and CEO Tengku Muhammad Taufik Aziz said Petronas’s priority in the first half of 2026 was to safeguard energy security for those it served.
“To fulfil this duty, we undertook strategic investments to reinforce our portfolio for long-term resilience.
“In responding to the impact of the global energy crisis, Petronas leveraged the strength of our integrated portfolio and intensified efforts across the value chain to deliver uninterrupted energy for Malaysia as its national oil company,” he said in a statement.
The group’s capital expenditure more than doubled to RM41.4 billion from RM17.7 billion, mainly driven by additional capital injection in the PRefChem joint venture and investments in upstream exploration and development activities.
Cash flows from operating activities stood at RM47.5 billion, a marginal decrease of RM600 million from the same period last year, following working capital outflows.
Petronas said global energy conditions remain fragile and uncertain amid elevated geopolitical headwinds and prolonged conflict in West Asia, which continue to influence prices, trade flows, and cost structures.
LNG markets could also face renewed pressure during the northern hemisphere winter, when heating demand rises, and buyers in Japan, China and Europe compete more aggressively for supply.
Malaysia produces some 350,000 to 360,000 barrels of crude oil a day, while national refining capacity stands at about 730,000 to 740,000 barrels a day.
This means the country still relies on imported crude and careful supply planning to ensure domestic fuel availability.
Petronas said its downstream business played a key role during the West Asia conflict by coordinating the enterprise response to safeguard national energy security, while PETCO Trading Labuan diversified crude sourcing to reduce dependency on crude passing through the Strait of Hormuz.
The results also reflected the financial impact of Petronas assuming full ownership of PRefChem, the Pengerang Refining and Petrochemical joint venture previously held with Saudi Aramco.
Petronas said the move enhances operational alignment and flexibility across PRefChem’s value chain, while drawing on its international crude supply network and reinforcing reliability across varying market conditions.
The company said it would continue to maintain financial and operational discipline while investing in Malaysian exploration and development, expanding LNG supply arrangements, strengthening supply resilience and enhancing new energy offerings.
Petronas said its outlook remained cautious, with the global energy landscape still fragile amid elevated geopolitical headwinds and prolonged conflict in West Asia.
It said these conditions continue to influence prices, trade flows and cost structures, creating a challenging operating environment and cost pressures across the value chain.
Petronas’s performance remains closely watched because of its role in federal revenue, fuel supply, gas reliability and Malaysia’s wider energy transition.
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