Petronas Posts RM27.2B Net Profit in H1 2026

PETRONAS Reports RM27.2 Billion Net Profit for H1 2026

PETRONAS, the national oil and gas company of Malaysia, reported a net profit after tax (PAT) of RM27.2 billion for the first half of the financial year ending 30 June 2026. This represents a RM1.0 billion (4%) increase compared to the same period in the previous year, driven by higher domestic production and improved sales volumes of liquefied natural gas (LNG). The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to RM56.8 billion, reflecting disciplined execution despite a challenging global macroeconomic environment.

Key Facts

What Drove PETRONAS's Revenue Growth in H1 2026?

PETRONAS’s revenue increased by RM19.8 billion (15%) to RM152.4 billion, primarily supported by higher domestic production and increased sales volumes of LNG and processed gas. The company also benefited from better average realised prices for its major products. However, this growth was partially offset by unfavourable foreign exchange rate impacts during the period.

The company’s financial performance was further strengthened by operational reliability and commercial excellence, which allowed it to navigate a volatile global energy landscape. The increase in revenue was not uniform across all segments, as foreign currency fluctuations created headwinds for the state-owned energy giant.

How Did the PRefChem Investment Affect PETRONAS's Net Profit?

The net profit increase was partially offset by the recognition of accumulated losses from Pengerang Refining Company Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (PRefChem) following an additional capital injection. These losses were previously only recorded at the joint venture level, but under applicable accounting standards, they are now consolidated into PETRONAS’s financial statements. This capital injection is part of a group transaction to acquire full ownership of PRefChem during the current financial year.

The PRefChem investment is a strategic move by PETRONAS to consolidate its downstream operations. Capital investment for the period totalled RM41.4 billion, largely driven by this downstream segment injection into PRefChem, along with investments in upstream exploration and development activities.

What Is the Outlook for PETRONAS in the Current Energy Landscape?

PETRONAS expects the global energy landscape to remain fragile and volatile due to escalating geopolitical risks and the prolonged West Asian conflict. These conditions continue to influence prices, trade flows, and cost structures, creating a challenging operating environment with cost pressures across the entire value chain. Despite these challenges, the company remains committed to its transformation agenda through prudent financial management.

"In addressing the impact of the global energy crisis, PETRONAS leverages the strength of its integrated portfolio and intensifies efforts across the value chain to ensure uninterrupted energy supply to Malaysia as the national oil company."

— Tan Sri Tengku Muhammad Taufik, President and Group Chief Executive Officer, PETRONAS

The group will continue to drive 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 also enhancing its international presence to diversify supply routes.

Who Is This Financial Report Relevant For in Malaysia?

This financial report is relevant for Malaysian investors, energy sector analysts, and citizens who rely on PETRONAS as the primary contributor to national revenue and fuel supply security. The company’s performance directly impacts government dividends, fuel subsidy frameworks, and the broader Malaysian economy. For individual stakeholders, understanding PETRONAS’s profitability provides insight into the nation’s fiscal health and energy independence.

PETRONAS remains focused on ensuring energy security, continuing consistent and timely efforts as a leader in supporting the country’s fuel supply continuity amidst prolonged uncertainty following the West Asian conflict. The company’s commitment to domestic exploration and development projects signals long-term stability for Malaysia’s energy sector.

Common Questions

How much dividend did PETRONAS declare to shareholders in H1 2026?

PETRONAS declared dividends amounting to RM20 billion to shareholders for the first half of 2026. This dividend payment partially offset the increase in shareholder equity, which grew to RM449.1 billion primarily due to profits recorded during the period.

Why did PETRONAS acquire full ownership of PRefChem?

The acquisition of full ownership of PRefChem is part of a group transaction to consolidate downstream operations. The additional capital injection required PETRONAS to recognise accumulated losses from the joint venture in its financial statements, aligning with applicable accounting standards that were previously recorded only at the joint venture level.

What was PETRONAS's total capital investment in H1 2026?

Capital investment totalled RM41.4 billion for the first half of 2026. This was driven primarily by the additional capital injection by the downstream segment into the PRefChem joint venture, alongside investments in exploration and development activities in the upstream segment.

Sources and Methodology

This article is based on the original report published by Careta on 28 August 2026, titled "PETRONAS untung bersih RM27.2 bilion separuh pertama 2026" (source URL: https://careta.my/article/petronas-untung-bersih-rm272-bilion-separuh-pertama-2026). The original Malay-language source was translated to English (British spelling) for this article. All financial figures are presented in Ringgit Malaysia (RM) as reported by the source. No currency conversion was required as the original figures were already in RM. The article was last updated on 28 August 2026. Information specific to Malaysia was verified against the original source material and statements attributed to Tan Sri Tengku Muhammad Taufik, President and Group Chief Executive Officer of PETRONAS.