Malaysian state energy firm Petronas on Friday reported higher revenue and profit for the first half of 2026, but warned the global energy landscape remained uncertain amid elevated geopolitical headwinds and prolonged Middle East conflict.
Petronas, or Petroliam Nasional, said revenue for the first half rose 15 per cent to MYR152.4 billion ($37.89 billion), compared with MYR132.6 billion a year earlier.
It posted a profit after tax of MYR27.2 billion ($6.76 billion) in the six months ending June 30, up from MYR26.2 billion in the corresponding period last year, according to a statement.
The revenue increase was supported by stronger domestic production, greater sales volumes of liquefied natural gas and processed gas along with favourable average realised prices across its major products.
Global uncertainty will continue to influence prices, trade flows and cost structures, creating a challenging operating environment and cost pressures across the value chain, the company said.
“Despite prevailing challenges, Petronas continued to maintain financial and operational discipline, while strengthening our upstream position, expanding our LNG supply nodes and enhancing our new energy offerings,” chief executive officer Tengku Muhammad Taufik Tengku Aziz said.
The firm's upstream business reported profit after tax of MYR28.11 billion in the first half of the year, up from MYR16.5 billion in the same period in 2025.
Profit from its gas and maritime business rose to MYR16.7 billion, while the downstream segment posted a net loss of MYR15.2 billion.
Capital investments amounted to MYR41.4 billion, mainly driven by downstream additional capital injection in its Pengerang Refining Company and Pengerang Petrochemical Company joint venture, as well as investments in upstream exploration and development activities.
Petronas also reported a slight decrease of greenhouse gas emissions for the first half of 2026 at 26.80 million tons of carbon dioxide equivalent compared to 26.82 million tons in the corresponding period of 2025.
(Reporting by Ashley Tang; Editing by Martin Petty)