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PETRONAS GROUP RESULTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2002
OVERVIEW
The Financial Year ended 31 March 2002 has been a challenging year for PETRONAS amidst a less favourable business environment due to the global economic slowdown. The impact of economic slowdown was further compounded by the effects of September 11th tragedy and increasing geopolitical instability in many parts of the world. The combination of these events dampened demand for energy and drove prices down, resulting in a 21% decline in the average price of Malaysian crude oil during the financial year.
Financial Highlights
Despite the adverse business and economic environment, PETRONAS was able to mitigate the impact to its financial performance and operations largely due to its strategy to integrate, add value and globalise its operations which has successfully enhanced the Group’s competitiveness, resilience and operational efficiency. Consequently, PETRONAS recorded another year of satisfactory performance with strong revenue of RM 67.18 billion, albeit marginally lower by 8.4% from RM 73.35 billion previously. The percentage of revenue contraction is comparable to the decline recorded by integrated oil and gas majors which averaged between 9% and 12%. (more…)
PETRONAS GROUP RESULTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2002
The Financial Year ended 31 March 2002 has been a challenging year for PETRONAS amidst a less favourable business environment due to the global economic slowdown. The impact of economic slowdown was further compounded by the effects of September 11th tragedy and increasing geopolitical instability in many parts of the world. The combination of these events dampened demand for energy and drove prices down, resulting in a 21% decline in the average price of Malaysian crude oil during the financial year.
Financial Highlights
Despite the adverse business and economic environment, PETRONAS was able to mitigate the impact to its financial performance and operations largely due to its strategy to integrate, add value and globalise its operations which has successfully enhanced the Group’s competitiveness, resilience and operational efficiency. Consequently, PETRONAS recorded another year of satisfactory performance with strong revenue of RM 67.18 billion, albeit marginally lower by 8.4% from RM 73.35 billion previously. The percentage of revenue contraction is comparable to the decline recorded by integrated oil and gas majors which averaged between 9% and 12%.
Group profit before tax amounted to RM 24.32 billion, down 16.2% from RM 29.03 billion due to tight margins as a result of depressed prices, but well within the steeper decline of crude oil prices. PETRONAS’ return on revenue remained amongst the highest in the industry at 21.69%, compared to the average return on revenue of below 10% recorded by most oil and gas companies globally.
Overall, the financial performance recorded was the second highest in PETRONAS’ history. (more…)
PETRONAS Acquires Producing Asset in Indonesia
PETRONAS is pleased to announce that it has acquired, through its overseas exploration and production subsidiary, PETRONAS Carigali Overseas Sdn Bhd, the entire share capital of Kerr-McGee Indonesia, Ltd (KMI), for US$ 170 million. KMI is a subsidiary of Kerr-McGee Corporation, an Oklahoma City-based energy and inorganic chemical company listed on the New York Stock Exchange.
KMI holds a 30 per cent interest in Jabung Block which covers 5,339 square kilometres (sq km) onshore South Sumatra in a prolific oil and gas producing area. The Jabung Block has significant oil and gas reserves, with five fields producing approximately 24,000 barrels of oil per day (bopd). (more…)
PETRONAS Acquires Producing Asset in Indonesia
PETRONAS is pleased to announce that it has acquired, through its overseas exploration and production subsidiary, PETRONAS Carigali Overseas Sdn Bhd, the entire share capital of Kerr-McGee Indonesia, Ltd (KMI), for US$ 170 million. KMI is a subsidiary of Kerr-McGee Corporation, an Oklahoma City-based energy and inorganic chemical company listed on the New York Stock Exchange.
KMI holds a 30 per cent interest in Jabung Block which covers 5,339 square kilometres (sq km) onshore South Sumatra in a prolific oil and gas producing area. The Jabung Block has significant oil and gas reserves, with five fields producing approximately 24,000 barrels of oil per day (bopd). (more…)
FOGGY PETRONAS RACING TEAM LAUNCHED, NEW RACE BIKE UNVEILED
Foggy PETRONAS Racing, the team sponsored by PETRONAS to race in the World Superbike Championship, was officially launched today, just five weeks before its planned debut in the Laguna Seca round of the championship in July.
The London launch of the team, headed by four-time British World Superbike champion Carl Fogarty, also saw the unveiling of the eagerly awaited race bike, the FP1. (more…)
FOGGY PETRONAS RACING TEAM LAUNCHED, NEW RACE BIKE UNVEILED
Foggy PETRONAS Racing, the team sponsored by PETRONAS to race in the World Superbike Championship, was officially launched today, just five weeks before its planned debut in the Laguna Seca round of the championship in July.
The London launch of the team, headed by four-time British World Superbike champion Carl Fogarty, also saw the unveiling of the eagerly awaited race bike, the FP1.
The understated launch ceremony was officiated by Tan Sri Dato’ Seri Azizan Zainul Abidin, Chairman of PETRONAS, together with Fogarty. It was also attended by Peter Sauber, Team Principal of the Sauber PETRONAS F1 Team and several other senior officials from the motorsports industry. (more…)