Petronas 2024 profit decline of 34% highlights challenges in the oil and gas industry. (Photo: Petronas)
On Feb. 25, Malaysia's national oil company, Petronas, released its latest financial report, showing a 34% drop in annual profit. The company attributed this decline to falling international oil prices again and committed to continued investments in renewable energy and low-carbon initiatives to adapt to the global energy transition trend.
Petronas profit declined due to oil price volatility
Petronas' 2024 revenue stood at 320 billion ringgit (about 72 billion USD), a 7% decrease from the previous year. Despite an increase in overall sales volume, weak global energy prices impacted both revenue and profits.
