September 3, 2013

Petronas Second-Quarter Net Profit Slips as Oil Prices Weaken


Malaysian state oil firm Petroliam Nasional (Petronas) said second-quarter net profits were slightly lower as weaker crude oil prices and higher upstream costs ate into margins.

Net profit in the April to June period fell 0.9 percent to 15.262 billion Malaysian ringgit ($4.62 billion) from 15.4 billion ringgit a year earlier, Petronas data showed.

CEO Shamsul Azhar Abbas told a results briefing that the higher costs may trigger a review of major projects.

Petronas' total domestic and international production climbed 12 percent in the second quarter to 2.07 million barrels of oil equivalent, from 1.85 million tonnes as the Fortune 500 company ramped up output in Malaysia, Iraq and Canada. ($1 = 3.3005 Malaysian ringgit).

Source: Reuters

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