Key Financial Highlights (RM Bil) | Key Financial Highlights | YTD FY2026 | YTD FY2025 | Variance (RM Bil) | Variance (%) |
| Revenue | 152.4 | 132.6 | 19.8 | 15 |
| PAT | 27.2 | 26.2 | 1.0 | 4 |
| EBITDA | 56.8 | 54.4 | 2.4 | 4 |
| CFFO | 47.5 | 48.1 | (0.6) | (1) |
| CAPEX | 41.4 | 17.7 | 23.7 | >100 |
Against 31 December 2025 | RM Bil | 30 June 2026 | 31 Dec 2025 | Variance (RM Bil) | Variance (%) |
| Total assets | 794.3 | 775.0 | 19.3 | 2 |
| Shareholders’ equity | 449.1 | 448.3 | 0.8 | 0.2 |
KUALA LUMPUR, Aug 28 (Bernama) -- For the first half of the financial year ended 30 June 2026 (1H 2026), PETRONAS recorded revenue of RM152.4 billion, reflecting disciplined and orchestrated execution, coupled with operational reliability and commercial excellence amid a challenging macro environment.
PETRONAS remains focused on safeguarding energy security, continuing its steadfast and timely efforts at the forefront of supporting the nation’s fuel supply continuity amid prolonged uncertainties arising from the West Asia conflict.
The Group will continue to advance sustainable value creation for future growth, including investments in exploration and development activities in Malaysia to strengthen long-term resource sustainability and future energy resilience, while strengthening its international presence to diversify supply pathways.
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Revenue increased to RM152.4 billion, up RM19.8 billion or 15 per cent from RM132.6 billion in the same period last year. The increase was primarily supported by higher domestic production and higher sales volumes of Liquefied Natural Gas (LNG) and Processed Gas, further reinforced by favourable average realised prices across major products, partially offset by unfavourable foreign exchange impact.
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Profit After Tax (PAT) stood at RM27.2 billion, a modest increase of RM1.0 billion or 4 per cent, in line with higher Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of RM56.8 billion. The improvement in PAT was partly offset by the recognition of accumulated share of losses from the Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (collectively known as PRefChem) joint
venture upon additional capital injection, which is in accordance with applicable accounting standards. Previously, the losses were only recorded at the joint venture level. This injection formed part of the Group’s transactions to attain full ownership of PRefChem in this financial year.
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Cash Flows from Operating Activities (CFFO) stood at RM47.5 billion, a marginal decrease of RM0.6 billion from the same period last year, following working capital outflows.
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Capital Investments (CAPEX) amounted to RM41.4 billion, mainly driven by Downstream’s additional capital injection in the PRefChem joint venture as stated above, as well as investments in Upstream exploration and development activities.
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Total Assets increased to RM794.3 billion, mainly due to higher investments in joint ventures, coupled with higher receivables and inventories. This was partially offset by lower cash and cash equivalents and a decrease in assets held for sale.
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Shareholders’ Equity increased by RM0.8 billion to RM449.1 billion, primarily attributable to the profit recorded during the period, partially offset by RM20 billion in dividends declared to shareholders.
PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik said:
“PETRONAS’ priority in the first half of 2026 was to safeguard energy security for those we serve. 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.
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. These efforts have contributed to a resilient financial performance in the period under review, which was delivered against a backdrop of prolonged uncertainty and volatility.
The Group’s commitment remains unwavering as we work to deliver reliable energy, pursue sustainable growth, even as it endeavours to strengthen its position and create long-term value for our stakeholders.”
OutlookThe global energy landscape remains fragile and uncertain amid elevated geopolitical headwinds and prolonged West Asia conflict. These conditions continue to influence prices, trade flows and cost structures, creating a challenging operating environment and cost pressures across the value chain. Despite the challenging environment, PETRONAS is demonstrating its resilience through prudent financial management and a steadfast commitment to advancing its transformation agenda. The Board and management will ensure
that the Group remains well-positioned to navigate the market volatility and create long-term value.
In strengthening regional and global energy security, PETRONAS has achieved significant milestones across its integrated portfolio. These include the establishment of Searah joint venture with ENI, upstream discoveries in Malaysia, Suriname and Indonesia, and the expected completion of the acquisition of full ownership in PRefChem during the second half of the year. The Group has further expanded its supply footprint through the diversification of long-term LNG supply arrangements via strategic partnerships, underpinning supply resilience and supporting sustainable growth.
PETRONAS is resolute in capturing growth opportunities and delivering sustainable value by leveraging its integrated portfolio across businesses. The Group continues to be guided by its energy transition agenda, reinforcing its commitment to meeting customers’ energy needs.
ReferenceClick here to view PETRONAS Group Financial Report
Click here to view PETRONAS Group 1H 2026 Highlights
Refer Appendix for Sustainability and Operational Highlights
APPENDIX
SUSTAINABILITY HIGHLIGHTS
Greenhouse Gas (GHG) Emissions In 1H 2026, PETRONAS’ Group-wide greenhouse gas emissions from assets under operational control stood at 26.80 million tonnes of carbon dioxide equivalent (MtCO₂e), marginally lower than the 26.82¹ MtCO₂e recorded in the corresponding period of 2025. PETRONAS continues to strengthen emissions management through energy-efficiency improvements, reductions in routine venting and flaring, enhanced methane measurement and management, improved data quality, and targeted electrification projects.
Health, Safety and EnvironmentPETRONAS recorded Lost Time Injury Frequency (LTIF) of 0.17 per million hours worked in 1H 2026, compared with 0.14² in the corresponding period of 2025. This increase reflected both higher number of lost time injuries, 17 compared with 152 in the corresponding period in 2025, and lower total hours worked by close to 10 per cent from 110.60 million to 99.61 million.
PETRONAS continues to strengthen Health Safety and Environment interventions in a targeted manner by reinforcing personal accountability, enhancing work execution discipline and addressing priority risk areas.
PETRONAS’ Social Impact InvestmentsPETRONAS invested more than RM145.0 million in social impact programmes, benefitting over 640,000 individuals, in the first six months of the year. These programmes contributed to long-term value creation by advancing education, community well-being and environmental stewardship. Key outcomes included expanded access to education including STEM³ learning, clean water and sanitation, renewable energy solutions, and entrepreneurship development.
Notes:
1 The 1H2025 figure has been restated from 27.30 MtCO2e to 26.82 MtCO2e following external verification in accordance with ISO 14064-3:2019 Greenhouse Gases Part 3, Specification with guidance for the verification and validation of greenhouse gas statements.
2 Changes to the LTI numbers and LTIF reflect the outcome of the completed investigation, final incident classification, and changes of the actual manhours.
3 Science, Technology, Engineering, and Mathematics
OPERATIONAL HIGHLIGHTSUpstream• Delivered average global daily production of 2,341 thousand barrels of oil equivalent (boe) per day in 1H 2026, compared with 2,402 thousand boe per day in the corresponding period in 2025. This was primarily due to planned portfolio optimisation and asset transition activities, and the ongoing West Asia conflict, while partially offset by improved operations and higher gas availability to meet demand at the PETRONAS LNG Complex in Sarawak.
• Achieved first hydrocarbons from seven projects, 18 Final Investment Decisions (FIDs) and three exploration discoveries, supporting continued resource maturation, monetisation and long-term production sustainability. The discoveries include Swartzia Aspasia Complex-1 in Suriname, Barokah-1 in East Java, Indonesia and PM Meransi in Peninsular Malaysia, while the Limbayong Deepwater Project in Sabah secured FID approval.
• Established Searah with ENI under the Satellite Business Model effective 1 June 2026 to develop 19 assets across Malaysia and Indonesia, with 500 thousand boe per day of sustainable production, approximately 3 billion boe of developed reserves, and an estimated 10 billion boe of exploration potential.
• Advanced PETRONAS’ decarbonisation agenda with 84 per cent of oil facilities across Malaysia and international operations achieving Zero Routine Flaring.
• Strengthened Malaysia’s upstream investment pipeline through the launch of Malaysia Bid Round 2026, offering nine exploration blocks and six Discovered Resource Opportunities, alongside the award of the Permata Cluster Production Sharing Contract (PSC).
• Progressed PETRONAS’ international upstream portfolio through key milestones in Turkmenistan, Oman and the United Arab Emirates (UAE), including the signing of Production Sharing Agreements (PSAs) for Turkmenistan’s Offshore Blocks 19 and 20, securing operatorship of Oman’s Block 18, and advancing unconventional appraisal activities in the UAE’s Unconventional Block 1 and Unconventional Block 5.
• Advanced sustainable value creation in Sabah through SMJ Energy’s participation in the 2011 North Sabah Enhanced Oil Recovery PSC and the signing of a Heads of Agreement with the Sabah State Government to support the development of the Mutiara Cluster gas resources.
• Transferred operatorship of selected late-life assets in Peninsular Malaysia and Sarawak to Vestigo Petroleum Sdn Bhd, selected producing assets to EnQuest, and formed a strategic partnership with TI Exploration & Production Sdn Bhd (TI EP) in supporting sustained production and state participation.
• Spearheaded the BIMP Regional Deepwater Collaboration, bringing together host authorities across Brunei, Indonesia, Malaysia and the Philippines to advance coordinated deepwater development, strengthen regional energy security and position the region as an attractive destination for long-term deepwater investment and resource monetisation.
• Reinforced commitment to a resilient and competitive upstream ecosystem through targeted oil and gas services and equipment development programmes, strengthening local capabilities, talent development and long-term industry sustainability.
Gas and Maritime Business• Gas and Maritime Business Overall Equipment Effectiveness (OEE) for 1H 2026 improved to 95.59 per cent, from 88.10 per cent in 1H 2025.
• Achieved 20.29 million metric tonnes (MMT) of Gross LNG Sales, an increase of 17 per cent from 17.34 MMT in 1H 2025.
• Delivered a total of 282 LNG cargoes in 1H 2026 to key markets from PETRONAS’ global LNG portfolio.
• Reinforced PETRONAS’ position as a trusted global LNG supplier through the execution of 3.3 million tonnes per annum (MTPA) of long-term LNG supply arrangements with key customers including JERA Co Inc, Hokkaido Electric Power Co Inc, S-Oil Corp, Hyundai Steel Co Ltd and Tiger Clean Energy Ltd.
• Signed LNG SPA with QatarEnergy to offtake 2 MTPA of LNG beginning 2028 to ensure a competitive and sustainable supply to support energy demand in Peninsular Malaysia and bolster long-term national energy security.
• Completed strategic re-entry of ENEOS Xplora into Malaysia LNG Tiga Sdn Bhd (MLNG Tiga) via a 10 per cent equity stake, further strengthening long-standing partnerships throughout the gas value chain.
• Completed 2,317 million standard cubic feet per day (MMscfd) of average sales gas volume delivered in Peninsular Malaysia.
• Achieved FID for the development of Regasification Terminal 3 in Lumut using a Floating Storage Regasification Unit, the first of its kind in Malaysia, expanding regasification capacity and supply flexibility to support future demand growth in Peninsular Malaysia.
• Vessel utilisation stood at 99 per cent, with asset uptime at 81 per cent in 1H 2026, supporting reliable maritime operations.
• MISC Berhad and PETRONAS LNG Ltd signed a Time Charter Party for five newbuild LNG carriers to support PETRONAS’ LNG growth, while accelerating MISC’s transition towards a lower-carbon portfolio through the deployment of modern, energy-efficient vessel technologies with reduced GHG emissions.
• Expanded MISC Berhad’s growth portfolio through its strategic entry into the European Carbon Capture and Storage value chain via a long-term Liquefied Carbon Dioxide (LCO₂) carrier charter for the Northern Lights project, while establishing its presence in Papua New Guinea through the country’s first Floating Storage and Offloading project with ExxonMobil PNG Ltd.
Downstream• Downstream played a key role during the West Asia conflict, coordinating the enterprise response in safeguarding national energy security and accelerating cross-sector collaboration across the integrated value chain. PETCO Trading Labuan Company Ltd diversified crude sourcing, reducing the dependency of crudes coming from the Strait of Hormuz. PETRONAS Chemicals Group Berhad (PCGB) worked closely with Federation of Malaysian Manufacturing and Ministry of Economy to ensure sufficient critical raw materials for domestic supply.
• PETRONAS Refinery and Petrochemical Corporation Sdn Bhd (PRPC) had signed an agreement to acquire Saudi Aramco’s equity stakes in PRefChem. The transaction 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.
• Downstream operations recorded higher OEE of 93.4 per cent, attributed to reliable refineries and petrochemical plants operation.
• Overall marketing sales volume stood at 9.04 billion litres, with PETRONAS Dagangan Berhad (PDB) achieving higher Mogas sales as compared to the same period last year following seamless integration of Setel application upon the roll-out of BUDI 95 and higher jet fuel uplift due to higher demand. PETRONAS Lubricants International (PLI) also delivered higher lubricant sales volume resulting from customers’ stock-up activities in anticipation of supply disruption and price increase.
• PDB supported the successful nationwide implementation of BUDI Diesel and the expansion of Sistem Kawalan Diesel Bersubsidi (SKDS) 2.0 to Sabah and Sarawak, leveraging Setel to enable the seamless execution of the Government's diesel subsidy rationalisation initiative through integrated systems, operational readiness, and reliable service continuity across its retail network.
• PLI strengthened its industrial lubricants portfolio with the launch of the PETRONAS Pro Series, bringing its industrial solutions together under one simplified flagship range designed to enhance efficiency, maximise equipment uptime and extend asset life through advanced solutions powered by PETRONAS Fluid Technology Solutions™. The range began a phased global rollout commencing in India and Brazil, reinforcing PLI's push to grow its industrial segment through technology-led solutions.
Gentari Sdn Bhd
Renewables• Maintained 9.1 GW of cumulative renewable energy and storage capacity across installed and under construction projects as of 30 June 2026, including 4.2 GW of installed capacity. Gentari continued to advance solar, wind and battery energy storage projects through construction and into operations, underpinned by safe and disciplined project execution across its key markets.
• Expanded the adoption of renewable energy in Malaysia's key transport infrastructure through the deployment of a 3.1 MW solar system in Kuala Lumpur International Airport 2, supplying clean electricity to airport-linked operations and supporting lower carbon emissions.
• Continued the build-out of Gentari’s onshore wind portfolio in India, progressing two projects towards commercial operations in support of the country’s target of 500 GW of non-fossil capacity by 2030. Construction milestones include completion of 26 wind turbine generator (WTG) foundations and installation of 8 WTGs at a 153 MW project in Karur, Tamil Nadu, as well as achieving first WTG foundation completion at a 69 MW project in Latur, Maharashtra.
• Advanced the Hai Long Offshore Wind Project off the Changhua coast with the first wind turbine installed for Hai Long 3 after completing Hai Long 2 last year, further developing Gentari's offshore wind capability in Asia Pacific.
Green Mobility• Operated a network of 1,182 charging points, including 571 fast charging points, across Malaysia, Thailand and India as of 30 June 2026, providing accessible and high-performance charging infrastructure to support growing electric vehicle (EV) adoption.
• Expanded Gentari Go's regional roaming network to more than 18,000 charging points across Malaysia, Thailand, Singapore and India through strategic partnerships with other EV charging providers, enabling a more seamless charging experience and greater confidence for EV users on cross-border journeys.
• Received a third consecutive recognition with the Honorary Mention for Best Digital Experience at the CX Asia Awards, reflecting Gentari Go’s continued efforts in strengthening customer experience.
Hydrogen• Maintained 175 kilo tonnes per annum (KTPA) of matured hydrogen opportunities across demand centres in Europe and East Asia, with continued focus on progressing offtake discussions, exploring infrastructure and market-access partnerships, and continuing advocacy efforts to support future demand and project commercialisation.
• Signed a Joint Collaboration and Development Agreement with IHI Corporation and PCGB subsidiaries to carry out a demonstration of a fully ammonia-powered gas turbine at the PETRONAS Kertih Integrated Petrochemical Complex in Terengganu, Malaysia. Selected for support under the Global South Future-Oriented Co-Creation Project (Large-Scale Demonstration in ASEAN Member Countries), a programme administered by Japan’s Ministry of Economy, Trade and Industry, the project is expected to support the wider adoption of clean ammonia as a potential alternative clean fuel for the energy transition in Malaysia and the broader Asia Pacific region.
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--BERNAMA