Petronas’ 3Q net profit rises over 19% to $5.37bn

13 November 2013, News Wires – Petroliam Nasional Berhad (Petronas) posted a 19.5 percent increase in net profit in the July-September quarter to $5.37 billion (MYR 17.19 billion), compared to $4.49 billion (MYR 14.38 billion) in the corresponding period last year, according to an interim financial report released by the Malaysia’s national oil company Tuesday.

The company’s revenue rose 19.1 percent in the same period to $25.46 billion (MYR 81.40 billion), up from $21.37 billion (MYR 68.34 billion) a year ago.

“The increase in current quarter revenue was primarily driven by higher crude oil, processed gas and LNG (liquefied natural gas) sales volume as well as higher petroleum products trading volume on the back of stronger customer demand and increased trading opportunities respectively, coupled with the effect of the strengthening of the US dollar against the (Malaysian) ringgit,” Petronas said in a press release.

Petronas’ 3Q 2013 revenue from its exploration and production business jumped 45.2 percent to $10.78 billion (MYR 34.5 billion) compared to $7.42 billion (MYR23.75 billion) in the previous year. ”

The higher revenue mainly due to higher entitlement for all products, following production resumption in South Sudan, coupled with new production from Malaysia fields and Iraq,” the firm added.

Total production for 3Q 2013 was 8.4 percent higher at 2.06 million barrels of oil equivalent per day (MMboepd), up from 1.9 MMboepd in the corresponding quarter last year.

Crude oil and condensates production was higher by 89,000 boped in the third quarter, while natural gas production increased 71,000 boepd to 1.29 MMboepd mainly due to additional production from Canada and newly producing fields in Malaysia operations.

– Rigzone

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