Petronas, Malaysia's state-owned oil and gas company, has reported a net profit of 21.4 billion ringgit ($5.2 billion) for the first quarter of 2023, up from 16.2 billion ringgit ($3.7 billion) in the same period last year.
Revenue for the quarter rose to 90.4 billion ringgit ($19.65 billion) from 78.2 billion ringgit ($17.1 billion) in the first quarter of 2022.
The company said the increase in profit was due to higher oil and gas prices, as well as improved refining margins.
Petronas said it expects to maintain its production target of 3.1 million barrels of oil equivalent per day (boepd) for 2023.
The company also said it is investing heavily in new projects, including the Pengerang Integrated Complex (PIC) and the Refinery and Petrochemical Integrated Development (RAPID) project in Johor.
The PIC is a 75 billion ringgit ($15.8 billion) project that will include a refinery, a petrochemical complex, and a liquefied natural gas (LNG) terminal.
The RAPID project is a 25 billion ringgit ($5.8 billion) project that will include a refinery, a petrochemical complex, and a gas-to-liquids (GTL) plant.
Petronas said the projects are expected to help the company to meet the growing demand for energy in Asia.
The company said it is also committed to reducing its carbon emissions.
Petronas said it has set a target of reducing its carbon emissions intensity by 30% by 2030.
The company said it is investing in new technologies, such as carbon capture and storage, to help it to achieve its target.
Petronas's results come at a time when the global energy market is facing challenges, including rising oil and gas prices and the war in Ukraine.
Petronas said it is confident that it can weather the storm and continue to deliver strong results for its shareholders.
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