The year 2020 proved to be an extraordinary year which saw the confluence of the coronavirus pandemic, OPEC+ alliance’s failure to conclude timely production accord and continuing energy market imbalances that severely impacted global energy demand and oil prices. Despite facing these challenges and the acceleration of the energy transition, PETRONAS today announced a commendable performance for its financial year ended 31 December 2020.
The Group delivered strong operational performance during the year through the implementation of risk mitigation efforts as immediate responses to unfavorable market conditions, as well as deliberate steps to strengthen its resiliency. Together with this, PETRONAS remains focused on operational efficiencies, commercial excellence and fiscal discipline across its value chain.
For the fourth quarter of 2020, the Group recorded improved results as compared to the preceding quarter, mainly due to the increase in Liquefied Natural Gas (LNG) sales volume, aided by a modest recovery in oil prices.
As uncertainties over the impact of the coronavirus pandemic remain, PETRONAS will continue to take decisive measures of reshaping its portfolio mix, retooling its human capital equation and emphasising on focused execution with pace in weathering the challenges, guided by its three-pronged growth strategy.
Tengku Muhammad Taufik, President and Group Chief Executive Officer, PETRONAS
“PETRONAS has weathered the toughest period in the Group’s history. As we go forward, we anticipate the oil and gas industry to still be impacted by uncertainties shaped by significant events of 2020.
“Notwithstanding this, the Group remains committed to undertake all the necessary measures in our path to recovery while ensuring the safety of our people and minimal disruption to our business. We are focused on our tactical interventions towards preserving value and continue to pursue customer-centric solutions.
In supporting our commitment towards sustainability and our Net Zero Carbon Emissions by 2050 aspiration, we aim to continue delivering cleaner energy solutions through our technological advancements whilst simultaneously realising growth pathways amidst the accelerated pace of energy transition.”