Petronas Earnings Drop Amid Oil Market Volatility

Petronas, Malaysia’s state oil and gas giant, on Thursday reported a decline in its first-half profit amid continued market volatility, lower natural gas prices, and higher taxes paid. Petronas’s profit after tax fell by 19% to $7.48 billion (32.4 billion Malaysian ringgit) for the first half of 2024. Revenue increased by 2% from a year earlier thanks to favorable exchange rates. But profits were lower due to market volatility, higher taxation, and deconsolidation of subsidiaries, the company said in its interim report for H1 2024.…