Petronas' 3Q 2013 Net Profit Rises More Than 19% to $5.37B

Petronas' 3Q 2013 Net Profit Rises More Than 19% to $5.37B

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.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Chee Yew Cheang
APAC Editor | Rigzone
 -  Malaysia's InvestKL Woos Top Oil, Gas ... (Oct 6)
 -  Petrobangla Invites EOIs for 3 Offshor... (Sep 30)
 -  Malaysia's SapuraKencana Posts 7.1% Ga... (Sep 29)
 -  TH Heavy Engineering, McDermott End Pa... (Sep 26)
 -  Singapore's NUS Slowly Builds its Petr... (Sep 26)

Most Popular Articles

From the Career Center
Jobs that may interest you
Survey Project Manager
Expertise: Landman|Project Management|Surveying
Location: Corpus Christi, TX
Accountant - Intercompany
Expertise: Accounting
Location: Alpharetta, GA
Cost Accountant
Expertise: Accounting
Location: Ville Platte, LA
search for more jobs

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours