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Malaysia’s Petronas Flags Challenges as Profit and Production Slump
Malaysia’s national energy giant Petronas booked lower revenues and profits amid falling oil prices and a challenging macro and operational environment, which also led to a 3% decline in first-half oil and gas production. Petronas reported a 24% decline in revenues and a 19% drop in profit after tax, due to divestments, unfavorable foreign exchange rates, and lower average realized prices from petroleum products, crude oil, and condensates following the downward trend in benchmark prices. The national oil company’s average total daily…