- 6 hours ago
Sidang media kewangan bagi tahun berakhir 31 Disember 2025 yang diumumkan oleh PETRONAS menekankan prestasi kewangan yang kekal berdaya tahan dalam persekitaran harga minyak global yang tidak menentu serta cabaran ekonomi dunia.
Keuntungan selepas cukai menunjukkan daya tahan walaupun dipengaruhi turun naik harga minyak mentah dan kadar pertukaran asing.
Bersama rakan setugas hasimi muhamad untuk perkembangan sidang media tersebut.
Keuntungan selepas cukai menunjukkan daya tahan walaupun dipengaruhi turun naik harga minyak mentah dan kadar pertukaran asing.
Bersama rakan setugas hasimi muhamad untuk perkembangan sidang media tersebut.
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NewsTranscript
00:00:00Bertemu kembali, Sidang Media Kewangan bagi tahun berakhir 31 Disember 2025 yang diumumkan oleh Petronas menekankan prestasi kewangan yang kekal
00:00:09berdaya tahan dalam persekitaran harga minyak global yang tidak menentu serta cabaran ekonomi dunia.
00:00:16Keuntungan selepas cukai menunjukkan daya tahan walaupun dipengaruhi turun naik harga minyak mentah dan kadar pertukaran asing.
00:00:23Dan untuk perkembangan sidang media tersebut, kita bersama rakan tugas Hasimi Muhammad.
00:00:28Baik, sebenarnya telah pun berlangsung sidang media pengumuman kewangan bagi kumpulan Petronas bagi tahun berakhir 31 Disember 2025.
00:00:38Dan dalam sidang media berkenaan, beberapa perkara telah pun disentuh dan memastikan kumpulan Petronas boleh terus bergerak cemelang dalam mendepani
00:00:47keadaan yang tidak melentu dan juga ketidakstabilan geopolitik.
00:00:51Dan hadir sama dalam sidang media berkenaan sebelum tadi ialah Presiden dan Ketua Pegawai Eksekutif Kumpulan Petronas dan Sri Tengku
00:00:59Muhammad Taufid.
00:01:00Dan untuk jam ini kita mahu melihat juga pertama mengenai keuntungan bersih direkodkan oleh Kumpulan Petronas bagi tahun berakhir 31
00:01:08Disember 2025 yang telah pun dimaklumkan.
00:01:12antaranya Petronas mencatatkan keuntungan bersih sebanyak RM45.4 bilion ringgit bagi tahun kewangan berakhir 31 Disember 2025 menyusut sebanyak 18
00:01:24% sebanding RM55.1 bilion ringgit pada tahun lalu.
00:01:29Perunduan itu sebahagian besarnya disebabkan oleh harga perunduan direalisasikan yang lebih rendah jumlah jualan yang menurun,
00:01:37kesan pertukaran asing serta pelupusan kumpulan enjin.
00:01:41Manakala pendapatan kumpulan juga mencatatkan penurunan sebanyak 17% iaitu RM266.1 bilion ringgit berbanding RM320.0 bilion ringgit dalam
00:01:54tempoh sama.
00:01:55dan turut dimaklumkan dalam tempoh kajian berkenaan Petronas maklumkan pendapatan sebelum faedah cukai susut nilai dan perundasan EBITDA juga berkurang
00:02:0710% kepada RM103.0 bilion ringgit selaras dengan keuntungan yang lebih rendah.
00:02:15Pada 2025, aliran tunai daripada aktiviti operasi atau CFFO berjumlah RM85.2 bilion ringgit sejajar dengan paras EBITDA yang lebih
00:02:27rendah.
00:02:28Dari segi perbelanjaan moda pula, pelaburan moda berjumlah RM41.6 bilion ringgit terutamanya bagi menyokong aktiviti pembangunan dan pengeluaran sektor
00:02:39huluan.
00:02:40jumlah aset kumpulan mengukuh kepada RM775.0 bilion ringgit bagaimanapun, ekuiti pembangunan saham menurung kepada RM448.3 bilion ringgit terutamanya
00:02:56disebabkan dividen yang diistiharkan kepada pembangunan saham serta pergerakan pertukaran asing yang sebahagian diimbangi oleh keuntungan dalam tempoh tersebut.
00:03:08bagaimanapun, ditekankan dalam silamida perkenaan syarikat minyak dan gas negara itu akan terus mengandakan usaha untuk berkukuhkan portfolio dan kedudukan
00:03:18kewangan.
00:03:19antaranya dimaklumkan oleh Tan Sri Tengku Muhammad Taufik antaranya adalah melihat kepada daya tahan portfolio melalui perkongsian strategi, penambahbaikan kualiti
00:03:32portfolio serta inisiatif yang menjana nilai tambah
00:03:36melalui strategi peralihan tenaga Petronas yang telahpun diperkenalkan antaranya merangkumi pertama memperkukuh peniagaan teras iaitu hidrokarbon, kedua mempercepat pertumbuhan baharu
00:03:49yang menjana nilai
00:03:51dan ketiga mengurus pelepasan secara bertanggungjawab merentasi rantaian nilai bersepadu.
00:03:58tiga tonggak ini ditekankan bahawa ia kekal relevan sepanjang masa dan signifikan dalam usaha untuk memastikan kumpulan Petronas terus bergerak
00:04:07dengan lebih baik di masa hadapan.
00:04:10juga disentuh dalam sidang media berkenaan adalah mengenai agihan dividen dan perkara ini akan kita lihat dalam bulitan-bulitan seterusnya
00:04:18tetapi untuk jam ini juga kita mahu melihat secara menyeluruh sidang media berkenaan
00:04:24telahpun selesai sebentar tadi dan untuk ini kita dengarkan sidang media penuh telahpun disampaikan oleh kumpulan Petronas berhubung keuangan bagi
00:04:36tahun berakhir 31 Desember 2025
00:04:45Bismillahirrahmanirrahim
00:04:47Members of the media, friends and colleagues, ladies and gentlemen, Assalamualaikum warahmatullahi wabarakatuh and good afternoon
00:04:53and I should not neglect selamat berpuasa. Thank you for joining us for the Petronas Group Full Year 2025 Financial
00:05:01Results Announcement
00:05:02Today, we will be sharing some insights on how Petronas has worked to continue delivering value
00:05:07in a year that has been beset by geopolitical volatility, prolonged elevated costs and persistent market uncertainty
00:05:16Notwithstanding the developments in the operating environment, Petronas remains unwavering in discharging our two core duties
00:05:24Namely, firstly, creating long-term sustainable value for our shareholders and stakeholders
00:05:30Secondly, providing energy security affordably, reliably and responsibly to all those we serve
00:05:38The results that you are about to see were delivered on the back of the Group's efforts in reinforcing portfolio
00:05:44resilience
00:05:44I stress again, portfolio resilience
00:05:47These efforts were underpinned by prudent financial management and the continuing commitment to operational and commercial excellence by all employees
00:05:57of the Group
00:05:57After this, in a few moments, Petronas EVP and Group CFO Puan Liza will share more details about the Group's
00:06:05financial performance for the period under review
00:06:08But before we begin, permit me to formally announce, of course, the appointment of Encik Mohd Jukris Abdul Wahab as
00:06:14the Chief Operating Officer of Petronas
00:06:16I believe some of you may have already reported this piece of news in early February
00:06:20He also retains the EVP upstream role, so he will work twice as hard
00:06:26Encik Jukris assumes this role on top of his existing responsibilities, and I hope the media will work with him
00:06:34For the Q&A session later, Puan Liza and I will, as usual, be joined
00:06:40Not only by Encik Jukris, but also the EVP and CEO of Gas and Maritime, Datuk Adif Zulkifli
00:06:45And, of course, the EVP and CEO of Downstream, Datuk Sazali Hamzah
00:06:49Ladies and gentlemen, how do we begin?
00:06:53The geopolitical fragmentation inevitably resulted in governments across the world reacting to safeguard their respective national interests
00:07:02More and more, across the globe, we are now witnessing the implementation of regulatory and business policies that prioritise energy
00:07:11security and, indeed, resource sovereignty
00:07:14Even as these same economies pursue industrial and technological competitiveness with even greater fervour
00:07:22These responses are expected, but they are contributing to an increasingly fragile global economy
00:07:30And making our operating environment even more uncertain
00:07:34This necessitates all businesses to continuously adapt and pivot their strategies with a marked focus on building resilience
00:07:42During the period of the review, some notable metrics you need to take cognizance of
00:07:48Oil prices fell by 14% to $69 per barrel, from $81 per barrel in the prior year
00:07:55This was attributable to oversupply concerns and persistent macroeconomic headwinds
00:08:00The average LNG spot prices, however, increased by 7% from 2024 to 2025 by reaching $12.70 per MMBTU
00:08:10This indicates rising demand for LNG not only in Northeast Asia or core markets, but also in Europe
00:08:17Refining margins recovered somewhat by 18% in 2025, partially due to short-term supply-demand dynamics
00:08:27Ethylene, which we use as a proxy for chemical prices, saw a reduction, indicating that this sector is facing softening
00:08:34A reduction of 12% in 2025 to levels which are lowest on record as a result of prolonged global
00:08:40oversupply and persistent weak demand
00:08:44Petronas navigated the continued volatility we saw last year with focus
00:08:49A focus that was relentless on strengthening portfolio resilience, as I mentioned earlier
00:08:54We did this through strategic partnerships, we did this through portfolio higher grading, and we also embarked on value-aggressive
00:09:02undertakings
00:09:03These efforts continue to be underpinned by prudent financial management, and certainly we still continue to pursue operational and commercial
00:09:12excellence
00:09:12As a result, I can now report that Petronas financial performance for the full year of 2025 remained resilient, with
00:09:20a profit after tax of $45.4 billion on the back of $266.1 billion in revenue
00:09:30EBITDA stood at $103 billion for the year under review
00:09:34Puan Liza will of course elaborate on these financial highlights shortly
00:09:39In delivering the group's performance, safety of course continues to be the top imperative in all of our business and
00:09:46operations
00:09:47I am pleased to report that for the year 2025, Petronas recorded a lost time injury frequency of only 0
00:09:55.15 per million man-hours
00:09:57And we continue to work to improve this
00:10:00The group is also very pleased to report that we recorded zero fatality across operations under our control
00:10:08The group will also continue to do all that is possible to uphold this benchmark and create a safe working
00:10:14environment for all its employees, all of our partners and indeed the community at large
00:10:20Ladies and gentlemen, members of the media, the Petronas energy transition strategy was put in place to guide our group
00:10:27-wide efforts amid prolonged uncertainty in this operating environment
00:10:31The three key pillars of the strategy are, firstly, strengthening our core business, which is hydrocarbons
00:10:39Secondly, accelerating value accretive growth in new business
00:10:44And thirdly, responsibly managing emissions across our integrated value chain
00:10:50These core pillars remain timeless and they are as relevant as ever amidst the series of unexpected global developments that
00:10:59we have seen
00:11:01This adherence to three pillars is a testament to our collective clear vision and the focus execution of our employees
00:11:10group-wide
00:11:12Nevertheless, to reinforce our strategic position to deliver progress in all of these three areas, Petronas has ramped up our
00:11:19efforts to bolster the resilience of our entire portfolio
00:11:24This has been done through measures which include novel and innovative strategic partnerships, together with portfolio high-grading and, of
00:11:32course, embarking on those value accretive undertakings
00:11:34These measures are not only necessary in navigating today's realities, but also generally aligned with the trends that you will
00:11:42see amongst our peers in the IOC and NOC set
00:11:47Petronas must continue to be guided by prudent financial management as well as the ongoing pursuit of operational and commercial
00:11:54excellence
00:11:55Even as we strive to meet the wide-ranging and ever-growing expectations of stakeholders across the spectrum
00:12:03You will see these efforts manifest in some of the key highlights across our business, which I will share briefly
00:12:08with you
00:12:10We now can begin with upstream
00:12:13As the global pursuit of energy security intensifies, the exploration and development of hydrocarbons remains crucial
00:12:20It is crucial to ensure long-term affordability and, indeed, energy reliability
00:12:26However, producers are now expected to deliver more, deliver cleaner and deliver faster
00:12:33This has prompted the formation of innovative and novel partnership models to accelerate value creation
00:12:41To serve these heightened demands, Petronas remains steadfast in building a robust upstream portfolio, which is focused on being resilient
00:12:50We have also pursued international growth while being mindful of emissions
00:12:54And we will continue to mature our carbon capture and storage value chain
00:12:58All towards producing low-cost, low-emissions barrels
00:13:05These were delivered through the following achievements
00:13:07We have continued to fortify a more vibrant upstream ecosystem in Malaysia
00:13:12We have assumed the operation of three new PSCs
00:13:16And launched the Malaysia Bid Round 2025, which offered five exploration blocks and three discovered resource opportunities
00:13:25We have expanded our international footprint through PSCs in Surinam and Guyana
00:13:30We entered into Key Principles Agreement for the North Sumatra Offshore PSC through Vestigo
00:13:37We entered into two memoranda of understanding for exploration collaboration in the Middle East and Southeast Asia
00:13:44We embarked, as widely reported, on our first satellite business model with an IOC, namely ENI, to accelerate project development
00:13:53cycles and optimize capital allocation for assets in both Malaysia and Indonesia
00:13:59We entered an agreement for the technical studies and front-end engineering design, or FEED, for the Duyung Offshore Carbon
00:14:06Storage Site
00:14:07And secured Malaysia's first offshore assessment CCS permit for the Duyung field
00:14:13Moving swiftly to gas and maritime
00:14:16As the markets have demonstrated, the demand for gas and LNG is expected to remain resilient
00:14:22We remain steadfast in advocating natural gas, not only as a transition but ultimately as a destination fuel
00:14:29Playing a critical role in helping countries meet their lower carbon aspirations and in pursuing their economic ambitions
00:14:39We are one of the largest LNG producers in the world
00:14:41So Petronas is committed to ensure that gas, and indeed LNG, flow safely and reliably to our customers across continents
00:14:50This was largely done through a focus on operational excellence and diversification of supply nodes to provide optionality and flexibility
00:14:59Measures that we undertook in this regard have yielded results
00:15:03These include delivery of 563 LNG cargoes from our facilities and various supply nodes to customers around the world
00:15:12I am proud to report, and I think Dato Adif will only be too pleased to share later, that this
00:15:18number includes cargoes from LNG Canada
00:15:20Which saw the successful commissioning of Train 1 and 2 in the period under review
00:15:27We also entered into a long-term partnership with Mid-Ocean Energy in North Montenay Upstream Joint Venture
00:15:33As well as the North Montenay LNG Limited Partnership
00:15:38This unlocks additional value through shared opportunities in Canada
00:15:41We also secured long-term LNG supply to Sinuk for a volume amounting to 1 million tonnes per annum
00:15:49This is continuing to be a testament to our role as a trusted energy partner in this region
00:15:55We signed sales and purchase agreements for LNG supply from Venture Global, Woodside LNG and Pembina, or specifically their project
00:16:03SIDAR, for a collective 3 million tonnes per annum
00:16:06This provides us optionality and diversifies our supply source
00:16:11This paves the way for Petronas to increasingly leverage asset-backed LNG trading
00:16:16This helps us harness value from the markets
00:16:20We secured the award for the Kelidang Floating Production Unit via our listed maritime subsidiary, MIC, for natural gas development
00:16:28projects in Brunei
00:16:29marking MIC's entry into that nation's offshore market
00:16:34Finally, let's take a look at downstream
00:16:37In 2025, we continued to focus on operational and commercial excellence
00:16:42even as we worked to expand into new, non-traditional business
00:16:47These lower-carbon ventures are putting in the building blocks for Petronas to become what we hope to be, indeed,
00:16:55an energy superstore
00:16:56This is a significant milestone, and indeed, one significant milestone we recorded this year was the first biorefinery in Penggerang
00:17:05in partnership with Enelive from Italy and New Glena from Japan
00:17:09This facility will have a processing capacity of 650,000 tonnes of renewable feedstock
00:17:15We also introduced Infinity Estes
00:17:18This is a new range of plant-based biodegradable emollients for personal care applications
00:17:24expanding our suite of eco-friendly offerings
00:17:29Moving away from the core business and into our clean energy vehicle, Gentari
00:17:34The team entered into a collaboration agreement with GAMUDA to develop up to 1.5 gigawatts of solar capacity to
00:17:42power strategic hyperscale data centres
00:17:46Gentari also commissioned India's first on-site hybrid round-the-clock renewables project with long-term partner Ultratech Cement
00:17:54which will deliver 7.5 megawatts of clean energy in Gujarat
00:17:58We expanded regional EV charging networks to 1,181 charging points, including 515 DC fast charges, not only in Malaysia
00:18:08but also into Thailand and indeed in India
00:18:12We have signed the first long-term sale and purchase agreement with UNIPER for the supply of up to 500
00:18:18kt per annum of renewable fuels of non-biological origin compliant
00:18:23That is a mouthful, it is RFNBO green ammonia from 1MTPA facility in Kakinada, India
00:18:31This marks Gentari's participation in the European effort to decarbonise its energy
00:18:39A common theme that runs across these group-wide efforts is partnership
00:18:43We have entered into partnerships in various forms
00:18:46Both of them include conventional and unconventional partners
00:18:51These are efforts to diversify and fortify our portfolio
00:18:56Partnerships is a theme that is increasingly prominent in the global industry and is expected to remain so for some
00:19:01time to come
00:19:03Globally, we have also seen a marked shift in the debate
00:19:07From energy transition to energy addition
00:19:12While there may be course corrections driven by economic realities in the markets we operate
00:19:17To ensure our operations remain competitive and indeed relevant
00:19:21Petronas will remain committed to managing emissions within operational control as set out in our strategy
00:19:29There is no walking back, there is no U-turn
00:19:32We are remaining steadfast to that commitment
00:19:35It remains our duty to support the climate goals of Malaysia specifically and indeed the world at large
00:19:41It is ultimately our responsibility to future generations
00:19:46This is clearly embedded in our statement of purpose
00:19:50Having realised our short term goals under the net zero carbon emissions by 2050 pathway
00:19:55I am pleased to share that in 2025 Petronas achieved a 72% reduction in methane emissions across our group
00:20:03-wide natural gas value chain
00:20:05This exceeds our stated target of 50%
00:20:10However, in the same period and in all transparency, there was a slight increase in our GHG emissions of 2
00:20:16.2%
00:20:17But this happened because we assumed operational control of two PSCs that came into the fold
00:20:24Ladies and gentlemen, as the global landscape continues to be reshaped by shifting geopolitical forces
00:20:30And even as Petronas adapts by building a more resilient portfolio
00:20:35Through all of these strategic measures I have just shared
00:20:38What remains constant is Petronas' commitment to those we serve
00:20:42Both in Malaysia and to customers and communities around the world where we operate
00:20:48We will continue to fulfil our obligations
00:20:51We are Malaysia's national oil company
00:20:54We will manage the hydrocarbon resources entrusted to us under the Petroleum Development Act of 1974
00:21:00And we will do so for the benefit of all Malaysians
00:21:03The expertise that we have accumulated over five decades of existence has now been recognised not only here
00:21:10But by governments in our international operations
00:21:13This has been demonstrated by having been repeatedly invited to participate in the oil and gas sectors abroad
00:21:21Not just as an upstream player, but as an integrated energy player with specialised technical expertise and proven results
00:21:30Above and beyond this, Petronas has been unwavering in its social impact efforts
00:21:36In 2025, despite a difficult year, we continued to promote CSR and invested $600 million in the areas of education,
00:21:46community wellbeing and education
00:21:48I would like to put on record here my sincere appreciation to all our partners who have been alongside us
00:21:54in all of these endeavours
00:21:57Ladies and gentlemen, members of the media, I do not exaggerate in saying that the year under review was one
00:22:04that truly tested oil companies
00:22:06Whether they were IOCs or national oil companies across the globe
00:22:11Global powers contended with energy security and of course increasing resource scarcity
00:22:18Even as we saw an increasingly competitive world
00:22:21So we can attest there has been a clear shift in the oil and gas and indeed the wider energy
00:22:27industry
00:22:28And we have to recognise this
00:22:29And in doing so, Petronas will need to pursue all avenues available to build further resilience
00:22:36Both for our portfolio and indeed for our balance sheet
00:22:39So as Petronas pushes forward, the imperative is to continue the efforts that you have seen and I have just
00:22:44reported as having been done in 2025
00:22:47Even as we have to preserve and create more value through strategic partnerships
00:22:52By high grading our portfolio and sharpening our focus to only pursue value accretive undertakings
00:23:00I will cover more on this in the second part of my presentation
00:23:04But I think as you are weighting the numbers, I will hand the floor over to Lisa
00:23:08Who will now take you through our financial performance for the full year of 2025 in more detail
00:23:13Over to you, Lisa
00:23:26Thank you, Tan Sri Tengku Taufik
00:23:29Ladies and gentlemen, Assalamualaikum Warahmatullahi Wabarakatuh
00:23:34And good afternoon
00:23:35In 2025, the global operating environment for the energy sector became more challenging
00:23:42With markets experiencing even more heightened volatility
00:23:46Oversupply concerns persisted as production increases were not met by similar growth in demand
00:23:52At the same time, macroeconomic uncertainty and escalating trade tensions contributed to a muted demand outlook
00:24:01Collectively, these conditions shaped the brand pricing dynamics throughout the year
00:24:07Average brand price fell to $69 per barrel in 2025 from $81 per barrel in 2024
00:24:16Representing a 14% year-on-year decline
00:24:19On the foreign exchange front, the US dollar traded softer against the Malaysian Ringgit during the year
00:24:25The average exchange rate was $4.28 per US dollar in 2025
00:24:32Compared with $4.58 per US dollar in 2024
00:24:37Reflecting a firmer Ringgit overall
00:24:40This movement was attributed to weaker dollar environment
00:24:44As market expectations adjusted to Federal Reserve easing
00:24:48Coupled with evolving uncertainties surrounding US governance and policy direction
00:24:54Concurrently, Malaysia's supportive economic backdrop
00:24:58Anchored by initiatives to boost consumption, investment and tourism
00:25:03Contributed towards strengthening the Ringgit
00:25:05Operating in a volatile and unpredictable environment
00:25:10Petronas delivered its 2025 performance through disciplined execution
00:25:15Amid the heightened market complexity
00:25:17This commitment was underpinned by continued focus and emphasis on commercial and operational excellence
00:25:25Across the portfolio
00:25:26With safety being maintained as top priority in everything we do
00:25:31For the year 2025
00:25:34The group posted revenue of RM266.1 billion
00:25:39Profit after tax of RM45.4 billion
00:25:43EBITDA of RM103 billion
00:25:46And CFFO of RM85.2 billion
00:25:51Petronas will uphold prudent financial management
00:25:54And maintain strict capital discipline
00:25:57Taking a focused and selective approach to investments and capital allocation
00:26:02To support sustainable and value-accretive growth
00:26:06In parallel, the group remains steadfast in delivering energy security
00:26:11In a just and responsible manner
00:26:14While continuing to contribute towards a lower-carbon future
00:26:17In line with Petronas' energy transition strategy
00:26:21Petronas' results for the financial year ended 31 December 2025
00:26:26Is compared against corresponding period last year
00:26:30Total revenue recorded for the year was RM266.1 billion
00:26:35Down by 17% from 2024
00:26:39This was primarily driven by softer average realised prices
00:26:44For petroleum products, crude oil and condensates
00:26:47Foreign exchange impact
00:26:49And lower sales volumes
00:26:51With the comparison also reflecting
00:26:53The absence of engine group's revenue
00:26:56Following its divestment in 2024
00:27:00Notwithstanding the challenging market conditions
00:27:03The financial results for 2025
00:27:05Was supported by businesses' efforts in sharper execution
00:27:09With regards to both operational and commercial excellence
00:27:13In 2025, upstream business delivered a RM3 billion reduction in operating expenditure
00:27:20Driven largely by enhancements in the ways we operate
00:27:24And discipline optimisation efforts
00:27:26This underscores our clear focus on strategic cost management
00:27:31Upstream business also continues to strengthen resilience
00:27:35Through strategic growth
00:27:37By expanding operatorship in Malaysia
00:27:39Through three new offshore Sabah blocks
00:27:42Internationally, we further deepen our footprint
00:27:46Across Suriname, Guyana, the Middle East
00:27:49And Southeast Asia
00:27:51In parallel, we progress our decarbonisation as a service aspiration
00:27:56By securing the first ever offshore assessment permit for Duyung Field
00:28:01Under the new CCUS Act
00:28:03Gas and maritime business enhanced its operational robustness in 2025
00:28:08And continued to deliver reliably
00:28:11Recording LNG sales of close to 37 million metric tonnes
00:28:15Equivalent to 563 LNG cargos
00:28:19This was underpinned by sustained production
00:28:23And enhanced trading optimisation
00:28:25With deliveries reaching customers worldwide
00:28:28Additionally, close to 2.2 billion standard cubic feet per day of sales gas
00:28:34Was delivered to Peninsula Malaysia
00:28:36Supporting the nation's energy security
00:28:40During the year, LNG Canada successfully commissioned Trains 1 and 2
00:28:45A key advancement towards full Phase 1 completion
00:28:48This milestone expands our global footprint
00:28:52And reinforces our ability to meet energy needs sustainably
00:28:56In parallel, MIIC delivered seven new generation LNG carriers in 2025
00:29:03With consortium partners
00:29:05Equipped with advanced systems that place these vessels
00:29:09Amongst the most efficient and sustainable LNG carriers in operations today
00:29:15Downstream business also demonstrated operational excellence in 2025
00:29:19Patronus Dagangan Berhad recorded its highest ever sales volume
00:29:24Supported by higher jet fuel uplift and stronger more gas performance
00:29:29Resulting from swift and seamless integration of settled application
00:29:33Upon the rollout of Budi 95
00:29:36This achievement helped to partially mitigate
00:29:39The overall reduction of petroleum product sales volume
00:29:43Following divestment of the engine group in 2024
00:29:46In parallel, plant performance improved
00:29:49With overall equipment effectiveness rising to 92.6%
00:29:55In Jentari, our clean energy solutions business
00:29:59Maintained steady progress in delivering value-accurative investment
00:30:03As of 31 December 2025
00:30:06Jentari achieved a cumulative renewable energy and storage capacity
00:30:10Of 9.1 gigawatts installed and under construction
00:30:14Of which 4.2 gigawatt is installed capacity
00:30:18Profit after tax stood at RM45.4 billion
00:30:23Lower compared to last year in line with lower revenue
00:30:27Coupled with dilution and divestment of certain assets
00:30:31Nevertheless, lower operating and tax expenses provided a cushion against the decline
00:30:39Profit margin in 2025 was comparable against last year at 17%
00:30:45In line with the trending of our peers
00:30:47In line with lower profits
00:30:49The group registered a lower EBITDA against last year at RM103 billion
00:30:55Group costs stood at close to RM228 billion
00:30:59Of which over 80% is related to domestic activities
00:31:05Ladies and gentlemen, Petronus continues to reinforce capital discipline during the year
00:31:11To safeguard financial resilience
00:31:13Given that unfavourable macroeconomic conditions is expected to be prolonged
00:31:18The group remains selective in its capital deployment
00:31:22Thus ensuring its investments in both core and new businesses are value-accurative
00:31:27And accordingly abides by its strict and rigorous capital allocation framework
00:31:32In 2025, the group's overall CAPEX stood at RM41.6 billion
00:31:39With 60% attributable to activities in Malaysia
00:31:43On the domestic front, CAPEX was primarily directed towards the construction of Petronus' third floating LNG facility
00:31:52Decarbonisation project for Kasawari gas field
00:31:55And growth projects for Petronus Gas Berhad
00:32:00Outside Malaysia, investments included the development of LNG export infrastructure in Canada
00:32:06Oil field developments in Angola
00:32:09Exploration activities in Suriname and in the UAE
00:32:12As well as the acquisition of wind and solar assets in India
00:32:17To ensure energy security, affordability and sustainability for the nation
00:32:23Notable investments continue to be undertaken in Malaysia
00:32:27Whereby 20 upstream projects achieved first hydrocarbon
00:32:31Another 23 projects successfully progressed to final investment decision stage
00:32:37And 8 exploration discoveries made
00:32:39In addition, three production-sharing contracts under Discovered Resources Opportunities
00:32:45Were awarded during the Malaysia Bid Round 2025
00:32:50It is critical that Petronus continues to uphold its disciplined liquidity management
00:32:55Given the heightened volatility of the energy market, rising operating costs and muted global demand
00:33:02It is also imperative for Petronus to maintain robust cash flows
00:33:07To strengthen our core portfolio, support future growth in energy transition and fund decarbonisation efforts
00:33:14The group recorded CFFO at RM85.2 billion in 2025
00:33:20This sufficiently covers expenses for operational continuity, financial commitment, debt obligation and at the same time
00:33:29Support growth investments and dividend payments to our shareholders
00:33:33As said 31 December 2025, total borrowings stood close to RM122 billion
00:33:42In 2025, Petronus paid RM32 billion dividend to shareholders
00:33:49RM24.3 billion for tax payments including state sales tax and duties
00:33:55RM10.8 billion petroleum cash payments
00:33:58And RM100 million towards the National Trust Fund
00:34:01Petronus also invested over RM600 million to support inclusive societal progress
00:34:08Through programs centred on education, livelihoods and environment
00:34:13Despite the market headwinds mentioned earlier
00:34:16The group ended the year with total assets at RM775 billion
00:34:22Which strengthened from RM767 billion as said 31 December 2024
00:34:30Meanwhile, shareholders' equity reduced to RM448 billion
00:34:36Mainly attributed to dividends declared to shareholders
00:34:38And foreign exchange translation impact
00:34:41Arising from the consolidation of foreign currency subsidiaries
00:34:46This was cushioned by profit recorded during the year
00:34:50Looking ahead to 2026
00:34:52Petronus will remain committed to a pragmatic and disciplined approach
00:34:56Striking the right balance between reinforcing financial resilience and driving growth
00:35:01With equal emphasis on value generation and value preservation
00:35:06The group's capital allocation will remain tightly linked to clear value creation
00:35:11Underpinned by strict capital discipline and ongoing cost resets
00:35:16To remain robust in a lower price environment
00:35:19As well as sharper prioritization across the portfolio
00:35:24Building on this, the group will continue strengthening its asset base
00:35:28To ensure a healthy and resilient portfolio
00:35:31Through a combination of strategic industry partnerships
00:35:34That unlock value as well as asset high grading
00:35:38To enhance capital efficiency
00:35:42Ladies and gentlemen
00:35:44Over the past decade
00:35:46The energy sector has been reshaped
00:35:48By macroeconomic, technological and geopolitical shifts
00:35:53Exerting sustained pressure on industry economics and margins
00:35:58These trends are structural in nature
00:36:01And widely experienced among industry peers
00:36:04Including Petronus
00:36:05Against this wider industry backdrop
00:36:08Petronus remains focused on strengthening its resilience
00:36:12And delivering long-term value creation
00:36:15That brings us to the end of the results announcement
00:36:19And I thank you for your kind attention
00:36:21I now hand the floor back to Tan Sri Teng Kutafiq to continue
00:36:32Thank you, Lisa
00:36:35Whilst Petronus' performance is aligned with industry peers
00:36:39As you have just seen earlier
00:36:40We believe that this uncertainty you are seeing
00:36:45Augmented as it is
00:36:45Will remain for the foreseeable future
00:36:48One long-acknowledged reality is that the oil and gas industry
00:36:52Stands at the intersection of politics, economics and diplomacy
00:36:58So as these elements interact with each other
00:37:02Trade-offs are made
00:37:04The impacts will also continue to compound
00:37:06And indeed exacerbate the current set of circumstances we are contending with
00:37:11And in contending with these complexities and circumstances
00:37:15IOCs and national oil companies alike are collectively moving towards building resilience
00:37:20This is the theme of the entire message today
00:37:23Building resilience necessary to withstand the headwinds
00:37:28These measures are imperative
00:37:29As we contend with three undeniable developments over the short to medium term
00:37:36Firstly, the threat of margin erosion
00:37:39You have already seen margin erosion manifest in our results
00:37:41But we will see this come under even more pressure
00:37:44As cost inflation converges with prices softening
00:37:49Secondly, trade routes are being reshaped
00:37:53Supply chains nearly to be reconfigured as the global order is realigning
00:38:00Thirdly, we are contending with technological disruption never before seen at a magnitude and frequency
00:38:07Never before seen in the form of AI and indeed other technologies
00:38:12These three challenges you see on the slide are universal
00:38:15As players across the oil and gas value chain work to strengthen their positions and the plight to survive in
00:38:22the short term
00:38:23And in order to also thrive sustainably over the long term
00:38:28In the same vein, as Petronas moves forward this year, we will continue building upon the momentum that we gained
00:38:35last year
00:38:36With the objective to strengthen our position to deliver value over both the short and the long term
00:38:43As I have hinted before, we will be carrying this out by building portfolio resilience
00:38:48We will pursue more strategic partnerships
00:38:51We will continue with portfolio high grading
00:38:53And we will only be very selective in pursuing value-recreative undertakings
00:38:58Prudent financial management, as highlighted by Lisa, will be coupled with firm discipline in capital allocation
00:39:04We will need to focus on businesses that actually generate revenue
00:39:10Operationally and commercially, we will pursue excellence and this underpins all our efforts
00:39:15At Petronas, we recognise we have a unique position
00:39:20As both an NOC for Malaysia and also a recognised international player with an integrated and indeed expansive global footprint
00:39:31This dual role is one we have carved out for ourselves through over 50 years of progressive growth and strategic
00:39:39expansion
00:39:40It is indeed a testament to the trust that has been bestowed by our shareholders
00:39:44And also the trust that has been cultivated with our counterparties and stakeholders
00:39:50It is a position that we continue to value deeply
00:39:53And we will uphold this continuously
00:39:57So even as Petronas contends with the macroeconomic shifts
00:40:01As Petronas adapts to have its strategy remain competitive in this current climate
00:40:06I want to reiterate our commitment to our responsibilities and our purpose remains unwavering
00:40:14On the home front in Malaysia, Petronas carries the role of the custodian
00:40:18And also the regulator of the oil and gas sector
00:40:22Our end-to-end view of the hydrocarbons value chain has enabled us to nurture a thriving and competitive ecosystem
00:40:30Many do not realise, and I would ask the team to pause here for a while
00:40:34That we are responsible for an ecosystem that sees over 10,700 kilometres of pipelines
00:40:403,166 wells, 405 offshore platforms, floaters, terminals and supply bases that help us manage over 100 active PSCs
00:40:54This means all the way from offshore platforms where molecules are extracted
00:40:59All the way down to the delivery to our customers, not only here but around the world
00:41:03To the households that rely on us, to the people who take for granted that when you flick a switch,
00:41:09power will come on
00:41:10To the industries that need 24-7 power, we need to work with them as partners to generate economic value
00:41:18Not only for Malaysia, but for the nations we serve
00:41:22So above and beyond this, there needs to be recognition that Petronas has contributed almost $1.6 trillion to the
00:41:28nation's economy
00:41:29In the form of dividends, royalties, taxes, cash payments and to the National Trust Fund
00:41:34So far, we remain its sole contributor
00:41:38As the regulator of the sector, Petronas works to create a vibrant upstream ecosystem
00:41:44Not merely through fair and attractive PSCs that I mentioned earlier, but also undertaking initiatives
00:41:50We have onboarded 173 vendors through our VDP programme
00:41:55Through our vendor financing programme, we have facilitated access for 378 applications
00:42:03amounting to over $2 billion of financing value for players
00:42:08Over and above this, given our steadfast commitment to lifting lives and educating
00:42:14We have invested $4.2 billion in the Petronas education sponsorship programmes
00:42:20And this has benefited more than 40,000 Malaysians
00:42:26In the last five-year period, between 2020 to 2025, Petronas recorded social impact contribution of up to $4.5
00:42:33billion
00:42:34And this has impacted 16.7 million beneficiaries
00:42:39Internationally, as we continue to expand into new markets and new countries
00:42:43We bring the expertise that we have refined
00:42:45And indeed, we work collaboratively with local host governments and partners
00:42:49As well as vendors to deliver what is most sought after today
00:42:54Namely, energy security
00:42:56But most importantly, we remain steadfast and continue to be firmly committed
00:43:01To our net zero carbon emissions by 2050 pathway that we set out
00:43:05We note that the world has shifted in focus to energy security
00:43:09And we know that pragmatism is the largest overarching guide to energy transition conversations today
00:43:16But as global expectations ebb and flow, Petronas remains steadfast in our belief
00:43:23We believe that we have a responsibility to manage emissions in our operations
00:43:28To meet the diverse expectations not only here at home but also abroad
00:43:33So as I conclude this bookend presentation
00:43:37Permit me to reiterate that even as we contend with the persistent complexities in our current operating environment
00:43:43The core principles that define Petronas will remain unchanged
00:43:48As we move forward in 2026, Petronas will remain resolute in delivering firstly, long-term sustainable value
00:43:56And secondly, energy security
00:43:58And we will do so affordably, responsibly and reliably
00:44:03All our efforts will continue to be guided by
00:44:07I have to reiterate this
00:44:09The Petroleum Development Act 1974
00:44:11Under which, as Malaysia's national oil company
00:44:15We continue to fulfil our duties to responsibly manage the natural resources
00:44:20For the benefit of Malaysia and all of its people
00:44:24We also seek to emulate this wherever we conduct our operations
00:44:28Secondly, we have a purpose to fulfil
00:44:32To become a Progressive Energy and Solutions Partner
00:44:35Enriching lives for a sustainable future
00:44:38It is Petronas' continuing conviction that in fulfilling this purpose
00:44:44We help ourselves become more relevant
00:44:46In forming both new and nurturing
00:44:49And nurturing also existing partnerships
00:44:51As they become more important levers for us in pursuing our long-term growth
00:44:56We will seek to grow these partnerships
00:44:59And we will seek to build new alliances
00:45:01To build an even stronger foundation as we move forward
00:45:04And finally, our Energy Transition Strategy
00:45:08Which will see us continuing our focus on core
00:45:11That is our hydrocarbons business
00:45:13Even as we grow our cleaner, more decarbonised value accretive new businesses
00:45:18We will do this at all times
00:45:20Ensuring responsible emissions management
00:45:23So, before we take the Q&A
00:45:25I want to thank you for joining us today
00:45:27The leadership team and I indeed look forward to taking your questions
00:45:31During the press conference shortly
00:45:34Wassalamualaikum warahmatullahi wabarakatuh
00:45:37Thank you Tanshree
00:45:42Before we open the floor for questions
00:45:44I would like to invite Chitna Rafizal
00:45:46To provide some brief context to guide our next discussion
00:45:52Yeah, as mentioned by Hanna
00:45:54I would like to acknowledge that some of you may have questions related to Sarawak matters
00:46:00However, as these issues are currently before the courts
00:46:04Our leaders are not in the position to comment further
00:46:09We urge all parties to respect and allow the judicial process to take course
00:46:15I will now pass back to Hanna to facilitate the Q&A session
00:46:19Thank you
00:46:24Ladies and gentlemen, we will proceed with the Q&A session
00:46:27And invite questions from the media
00:46:29Just a few housekeeping notes
00:46:31Please raise your hand and wait for the microphone
00:46:33Kindly introduce yourself and your organisation
00:46:36Before posing your question
00:46:38A gentle reminder
00:46:39We encourage keeping to one question per person
00:46:42To ensure everyone can engage with us
00:46:44Could we have the first question, please?
00:46:50Sir in blue in front here
00:46:52Thank you
00:46:52Maisha
00:46:56Hi everyone
00:46:57Adam from the edge
00:46:59My first question is
00:47:01It seems there was a bit of slowdown
00:47:02In upstream activities last year
00:47:05Which companies partly point to long-term contract handovers and so on
00:47:09Tan Sri, you showed us the capex numbers
00:47:11If you can summarise your activity outlook
00:47:14will activity levels this year improve? And just another one from me, for gas industry
00:47:22players, the development of a re-gasification terminal, is it an indication that these players
00:47:29can or should prepare for an open market soon? Thank you.
00:47:35I'll answer for both, then I will invite the people who directly oversee and note what
00:47:41has happened within both exploration as well as development activities to also weigh in
00:47:45and on the re-gas terminal, some fresh off the news development, I think we can have
00:47:50Datuk Adeev also weigh in. The answer to that is yes, we expect to fulfil what we indicated
00:47:56in our petroleum activities outlook. What we saw last year was, as Lisa has outlined, a
00:48:0441b capex which was restrained and reined in because we needed to make sure the projects
00:48:10could be delivered economically and the returns hurdles will be cleared. This is the kind
00:48:15of philosophy that I have intimated today. As we go forward, we need to make sure value
00:48:21accretion does manifest and does get realised. We have a duty to make sure as we monetise
00:48:27these hydrocarbons, the economic returns for Petronas and indeed the PACs that work with
00:48:32us are met. That is challenging going forward because, as I alluded, there is cost inflation
00:48:40meeting head-on with softening prices. Notwithstanding what you see as crises of security across the
00:48:47world, we have seen prices only range-bound, moving between 65 to 72. There have not been
00:48:53any real shocks because fundamentally there appears to be supply adequate to meet demand in the near
00:49:00sector. Specifically, to exploration activities, maybe I can ask Mr Dukris to comment and then
00:49:07I will invite Dr Adif to also weigh in on the RGT. The RGT, as you mentioned as a headline,
00:49:15I want to just say we are in sync and supportive of the government's efforts to ensure that there
00:49:22is a transformation and a liberalisation of the market. We need to recognise that we are working
00:49:28with depleting assets. Our efforts to secure new supply nodes also to an extent ensures that
00:49:37Peninsular Malaysia, where we will see a degree of heightened demand driven by urbanisation,
00:49:43middle income growing as well as more manufacturing and of course the latest addition to this slice
00:49:49of demand is AI and data centres, this can be met. As I said, we have a prime duty to
00:49:55ensure energy
00:49:56security is there and we have to ensure that once we bring in the volumes necessary in the
00:50:03form of LNG and they get regasified, there is a recognition we have to move to market prices.
00:50:08So gentlemen, over to you and of course of that, Adif.
00:50:11Thank you, Nathalie. The outlook for upstream moving forward looks very positive for us. We continue
00:50:20to be robust in our expenditure. This is in line with our expansion growth in upstream in Malaysia and
00:50:30also beyond Malaysia. Yes, we do see a little bit of reduction in the aspiration of expenditure domestically,
00:50:40particularly with slice and dice by regions. We start to shift the aspiration of expenditure more towards the
00:50:46the Peninsular Malaysia side, trying to open up new geological play in those regions. In the eastern
00:50:56side of Malaysia, it is not a lack of productivity, it is not a lack of geological prospectivity, but in
00:51:07the
00:51:07current situation that has been prevailing over the past two years, three years, it doesn't
00:51:12boat down well with the confidence of the investors. So it reflects the sentiment of the
00:51:19investors on the prevailing situation. So for Petronas, as far as upstream is concerned overall,
00:51:29we set our sights on expanding our international growth to about 60 per cent over the next ten years.
00:51:35years. So this is very much on course, despite not continued capital discipline that we will
00:51:44continue to enforce.
00:51:51Thank you, Tan Sri. As Tegu Tan Sri mentioned, I think there is an expectation of increasing energy
00:51:57demand in the Peninsular Malaysia especially. I mean, growing middle income, increasing industrial
00:52:03base, we have got, you know, development of new data centres and AI, so that requires quite
00:52:08a bit of, quite a lot of energy, especially electrons. Given that our offshore supply is quite limited
00:52:15to a certain extent, there will be a need that we need to import more LNG. With that, I think
00:52:20there
00:52:21will be a requirement for a third RGT. And today, Petronas is working very closely with
00:52:27both Ministry of Economy and also with Surahan Jaya Tenaga. And we are giving our input and
00:52:32then we are also giving in terms of, you know, the development of the RGT. Certainly, I think
00:52:38the path towards market research has always been in the works for quite some time now. Third party access has
00:52:45already been, you know, approved for quite a number of years now. What needed to spur the
00:52:51of this, you know, importation of LNG will be the full market labourisation which we expect
00:52:56by 2028 as per the latest projection that we hear from the government. So we are all lining
00:53:04up for that. In the meantime, Petronas is out securing new supply to ensure that a new security
00:53:10for Malaysia is secured. So I think those are some of the efforts that we are doing on our
00:53:18side to make sure that we have enough gas to supply into all our customers, both in
00:53:23the power and the non-power sectors in Malaysia. Thank you.
00:53:27Could we have the next question, please?
00:53:31Hi, I'm Afrina from TV3. So with the continued uncertainties in the global economy and also
00:53:37geopolitical issues that also affect oil pricing, how do you balance to give a resilient financial
00:53:43performance this year while also maintaining your commitment to give a good amount of dividends
00:53:47to government?
00:53:51This is the perennial challenge of any management team of any company, whether you are listed
00:53:56or not, whether the only difference is whether you are listed, you have a diverse set of shareholders
00:54:01and institutionals who expect a certain recurring return. And in the context of Malaysia, whether
00:54:07we want to accept it or not, there is still 18 to 20 per cent of the country's revenue coming
00:54:13from oil
00:54:14and gas sector. The answer for dividends is going to be boring for you to hear. It will always
00:54:22be governed by our affordability. But I think the emphasis placed by Liza, and I may invite her to weigh
00:54:31in here,
00:54:31as we face balancing the needs for creating a funnel for future growth. The ploughing back in of those
00:54:40robust cash flows she was alluding to, this year it was 85 billion, we must make sure there is adequate
00:54:46allocation to ensure that the funnels are refreshed. So as we go forward, notwithstanding the near-term
00:54:54from what we believe to be softening prices, we must contend with the fact that the energy transition
00:55:00is evolving more into an energy addition. We won't have a new system displace oil and gas in the near
00:55:07term.
00:55:07We will need to prepare for both the current needs and the growing demands as described by Dato' Adif.
00:55:13The world still runs on about 304 million barrels a day, but we don't see anything displacing a large slice
00:55:23of that which is from a decarbonised centre unless there is a massive embarking of nuclear.
00:55:28What our hypothesis is, we still need to power economies as they grow. In Malaysia 34 million people,
00:55:35in the region 700 million people, in Asia where two of the largest economies India and China are,
00:55:43and we are partners, and of course with Japan a long-standing customer where we power 16-17% of,
00:55:50where we provide 16-17% of their LNG, the need to actually make sure that this visibility,
00:55:55that energy is available, it is secure, it is reliable, that spending needs to happen.
00:56:00Even as that happens, we need to prepare for the next energy system,
00:56:04which is why we took a position with Gentari. Balancing this against dividends, of course,
00:56:09Lisa has the, and I was in her seat before, has the unenviable effort,
00:56:14unenviable task of having to manage the tension between making sure that our creditworthiness,
00:56:20our ability of withstanding sudden shocks is there, putting money back into the system
00:56:26to create future funnels for growth, and ultimately also making sure that the shareholders get their due returns.
00:56:35This is a conversation, but the ultimate guidance is, of course, affordability,
00:56:42and we take account the prevailing market conditions. Anything you want to add, Lisa?
00:56:49Maybe just the one, which is yesterday, the Patrons bought a proof dividend of 20 billion ringgit for 2026 to
00:56:58our shareholder.
00:57:02Is there a next question, please?
00:57:11Hi. This is Seichi Oshima from Gigi Press, a Japanese news agency.
00:57:16You mentioned about the, well, start of the LNG Canada, phase one.
00:57:21And when can we expect the final decision about the investment for phase two?
00:57:31Srinivasan, we have just started. Our first cargoes went to Canada, middle of, from Canada to Japan last year.
00:57:40And I think there is great interest, and I want to take this moment to acknowledge there's great interest
00:57:45whether we're going to push forward with LNG Canada phase two with our partners Shell and Mitsubishi,
00:57:50of course, from Japan, because this is a production node that is sending out gas, which is 35% GHG
00:57:59emissions lower than many other facilities around the world.
00:58:03So indeed this is a means of decarbonising energy systems, and Canada is in a unique position to do it.
00:58:11The FID for this is expected sometime this year. The partners are already trained for the second phase expected this
00:58:20year.
00:58:21I will ask Adif to describe where we stand, I think how far we are from making that decision.
00:58:30I think Tansi already said most of it. As you expect, there are five partners in this venture.
00:58:37I think we are just quite happy that we finally get the phase one, you know, on stream.
00:58:44Today we are running at full capacity already for train one and train two. We are very happy about that.
00:58:49I think it's all about focusing on getting that operation stabilised now with all the heating issues that we had
00:58:55over the last couple of months.
00:58:56But in parallel, we are working very hard to get the phase two to FID.
00:59:00So all partners are working. We are working through all the engineering. We are working all through the costing.
00:59:05And we hope by the latest end of the year, or quarter three, we should be able to be in
00:59:10a position to take FID.
00:59:12Thank you.
00:59:14Is there a next question?
00:59:21Hi, Tansri. Ram here from Bloomberg.
00:59:24Just checking back, Ponliza, you have given the dividend outlook for 2026.
00:59:30But I just want to know the price outlook that is factored in because $69 per barrel was last year.
00:59:36What are you expecting for this year?
00:59:40You know my answer will always be wrong, right?
00:59:43It will always be wrong. So this is pointless for us to try and predict.
00:59:46But for our planning over the next five years, we have been range bound between 65 to 70.
00:59:51So insofar as our guidance, but we go even with more stringent tests that we have a low-priced scenario
01:00:01under which Jukri's undertaking and Adif's undertakings and Sazali's undertakings have to pass muster.
01:00:08And it starts all the way from upstream. We are working to lower break-even costs.
01:00:12I think it has probably been told to the market that we are working to try and bring UPC's unit
01:00:18production costs down to $6.
01:00:19This is why operational excellence and commercial excellence is something that we are not going to compromise on.
01:00:25Even as we do that and the demand for more secure, more reliable, affordable, we still have to make sure
01:00:31that we get our delivery cleaner and more sustainable,
01:00:35which is why reporting a 72% reduction in methane emissions is important to us.
01:00:40And Jukri is also working on lowering carbon intensity per barrel of oil equivalent.
01:00:47It's the golden age of engineering. The engineering fraternity, the geologists who work with them, will need to find a
01:00:54solution
01:00:55because the world can't wean itself away from oil and gas that quickly.
01:00:59There will be a day, long after maybe all of us are not here, but we will have to plan
01:01:06for the time in the interim.
01:01:07And that means furnishing that funnel and having the reserves replaced, which is why the amping up roughly,
01:01:14and I can say over the next five years roughly just slightly north of RM2 billion a year has been
01:01:20allocated for exploration.
01:01:22We need to start right out front. That's pretty much – the board has tackled this agnostic of the near
01:01:28-term price.
01:01:29So we need to fill the funnel. That's the short answer.
01:01:32Terima kasih.
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