PETRONAS 1H 2026: resilient results and energy-security focus
- Revenue rose to RM152.4 billion in 1H 2026, up RM19.8 billion (15%) from the prior year.
- Profit after tax was RM27.2 billion (up RM1.0 billion, 4%) with EBITDA of RM56.8 billion; accumulated PRefChem JV losses were recognised following an additional capital injection tied to full ownership.
- Capital expenditure totalled RM41.4 billion, driven by Downstream’s PRefChem injection and Upstream exploration and development.
- Gross LNG sales reached 20.29 MMT (up 17%) with 282 cargoes delivered; PETRONAS signed a 2 MTPA LNG SPA with QatarEnergy starting 2028 and executed 3.3 MTPA of long-term LNG arrangements.
Financial results
For the half year ended 30 June 2026, revenue rose to RM152.4 billion, up RM19.8 billion (15%) from the prior year, supported by higher domestic production, LNG and processed gas sales volumes and favourable realised prices, partly offset by foreign‑exchange effects. Profit after tax was RM27.2 billion (up RM1.0 billion, 4%), with EBITDA of RM56.8 billion. Cash flows from operating activities were RM47.5 billion. Capital expenditure totalled RM41.4 billion, driven largely by Downstream’s additional capital injection into the PRefChem joint venture and Upstream exploration and development. Total assets increased to RM794.3 billion and shareholders’ equity rose to RM449.1 billion after RM20 billion in dividends declared.
PRefChem transaction and strategic moves
Downstream signed agreements to acquire Saudi Aramco’s equity in PRefChem, moving towards full ownership with completion expected in the second half of 2026; the additional capital injection required recognition of accumulated joint‑venture losses at Group level. The Group also expanded its LNG supply footprint through new long‑term arrangements and secured a 2 MTPA SPA with QatarEnergy commencing 2028.
Operational highlights
Upstream delivered average global production of 2,341 thousand boe per day, achieved first hydrocarbons from seven projects, took 18 FIDs and recorded three exploration discoveries, and formed the Searah JV with ENI to develop 19 assets. Gas and Maritime reported 20.29 MMT gross LNG sales (up 17%), 282 cargoes and improved equipment effectiveness. Downstream OEE rose to 93.4% with overall marketing sales of 9.04 billion litres. Gentari reported 9.1 GW of renewable capacity (4.2 GW installed) and progressed wind, solar, storage, green‑mobility and hydrogen initiatives.
Outlook
Management flagged a fragile global energy landscape and prolonged West Asia conflict as ongoing headwinds that affect prices, trade flows and costs. The Group emphasised prudent financial management, energy‑security priorities, portfolio resilience and continued progress on the energy transition to position itself against market volatility.
Source: Petronas