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PETALING JAYA: Petroliam Nasional Bhd (Petronas) announced an increase in its capital expenditures (capex) during the last quarter of the year to increase production and increase capacity, thanks to higher prices average crude oil for the three-month period ended September 30 its profit.
The national oil company said in a statement on Tuesday that its third-quarter profit before tax jumped 26 percent to RMB 18.87 billion, compared to RMB 14.95 billion for the corresponding period of the year. last.
Revenues increased by 19% to 63.9 billion RMB.
"The improved results are motivated by ongoing operational improvement efforts across the group and supported by improved oil prices over the period," Tan said. Wan Zulkiflee Wan Ariffin, chairman of the group.
On October 3, the Brent crude price, the world's benchmark, hit a high of 86.29 USD a barrel in four years. The contract was traded at 60.27 USD a barrel on Tuesday.
"The recent drop in oil prices reflects the volatile and cyclical nature of the sector, and we will continue to maintain our prudent outlook in this environment, while remaining committed to pursuing our growth strategies to ensure the sustainability and progress of the industry. company, "Wan Zulkiflee said.
The authorized volume of crude oil, condensate and natural gas for the third quarter ended September 30 was 1,514 thousand barrels of oil equivalent (boe) per day, compared to 1,671 thousand boe per day during of the same three-month period in 2017.
The total production volume was 2 176 000 boe per day, compared to 2 206 000 boe a day a year earlier.
Cash flow from operating activities, however, decreased by 19% from the prior year due to higher working capital and taxes paid, partially offset by higher average realized price.
"Capital spending is expected to increase in the fourth quarter, due to the need for the Pengerang Integrated Complex (ICP), LNG Canada, as well as increased drilling activity both domestically and in Canada. "alien," said Petronas.
The PIC project grew to 95%, while Petronas announced in early October that it had approved the final investment decision for the 25% interest in the LNG Canada project.
Petronas said that investment in the third quarter rose to 6.7 billion RMB, while total expenses in the first nine months of the year rose to 26, 5 billion RMB.
This represents a 22% decrease from the 33.8 billion euros invested in the first nine months of 2017.
Total assets increased to RMB 623.1 billion as of September 30, compared to RMB 599.8 billion at the end of 2017.
Equity reaches RM402.1bil, mainly due to earnings generated during the period as a result of ongoing operational improvements and higher commodity prices.
At the end of September, the debt ratio remained at 16.1%, while the return on average capital employed increased to 12.6%, in line with the rise in profits.
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