Quarterly Report Q2 FY2023

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PETROLIAM NASIONAL BERHAD (PETRONAS) (197401002911 (20076-K))
QUARTERLY REPORT
FOR SECOND QUARTER ENDED 30 JUNE 2023
The Board of Directors of Petroliam Nasional Berhad (“PETRONAS” or the “Company”) is pleased to announce the results of
PETRONAS Group and its reportable segments for the second quarter ended 30 June 2023 which should be read in
conjunction with the unaudited condensed consolidated financial statements and the accompanying explanatory notes on
pages 14 to 26.
GROUP PERFORMANCE REVIEW1
Individual quarter ended Cumulative quarter ended

30 June 31 March 30 June 30 June 30 June
2023 2023 20222 In RM Mil 2023 20222
79,931 90,377 92,258 Revenue 170,308 170,435

31,982 38,563 43,125 EBITDA3 70,545 82,675
16,373 23,810 22,998 PAT4 40,183 46,433
Cumulative quarter ended

30 June 30 June
In RM Mil 2023 2022
Cash flows from operating activities 57,848 62,442

Capital investments5 21,372 18,927
As at As at
30 June 31 December
In RM Mil 2023 2022
Total assets 742,009 710,570

Shareholders’ equity 410,033 401,609
Gearing ratio6 20.9% 20.3%
ROACE7 17.8% 19.9%
Second quarter
Comparison with corresponding quarter
PETRONAS Group’s revenue of RM79.9 billion for the second quarter of 2023 was lower by RM12.3 billion or 13% as
compared to the second quarter of 2022 on the back of lower average realised prices for all products in tandem with the
declining benchmark prices partially offset by higher sales volume for major products and favourable impact from foreign
exchange.
The Group recorded EBITDA of RM32.0 billion, lower by RM11.1 billion or 26% in line with lower revenue partially negated by
lower cash payments.
PAT of RM16.4 billion was lower by RM6.6 billion mainly due to lower EBITDA partially offset by lower taxation in line with
lower profit. Excluding net impairment losses/write-off on assets8, the Group would record a PAT of RM19.2 billion, lower by
RM5.9 billion as compared to RM25.1 billion in the corresponding quarter.
1
Comprises continuing and discontinued operations.
2
Certain prior period information has been restated to conform with current period presentation.
3
Earnings Before Interest, Taxation, Depreciation and Amortisation (“EBITDA”) consists of profit before taxation and non-controlling interests, with the addition of amounts previously
deducted for depreciation, amortisation, net impairment losses on property, plant and equipment and intangible assets, provision for onerous contracts, loss/(gain) on
remeasurement of net assets held for sale and the exclusion of financing costs and interest income.
4
Profit After Tax.
5
Capital investments are based on cash, inclusive of cost of acquisition of subsidiaries and investment in associates and joint ventures.
6
Gearing ratio is calculated as adjusted total debt (total debt including financial guarantees) divided by adjusted total equity (total equity plus deferred tax liabilities and minus capitalised
interest) and adjusted total debt.
7
Return on average capital employed (“ROACE”) is calculated as profit before interest expense after tax (calculated on 12-month preceding basis) divided by average total equity and
long-term debt.
8
Includes net impairment losses/write-off of well costs and other exploration expenditure under intangible assets, loss on derecognition of financial assets measured at amortised cost
and provision for onerous contracts, net of tax.
1
QUARTERLY REPORT
GROUP PERFORMANCE REVIEW (continued)
Comparison with preceding quarter
PETRONAS Group’s revenue for the second quarter of 2023 was lower by RM10.4 billion or 12% as compared to the first
quarter of 2023 primarily due to unfavourable average realised prices for all products.
The Group’s EBITDA was lower by RM6.6 billion or 17% in line with lower revenue partially offset by lower product costs and
favourable impact from foreign exchange.
PAT was lower by RM7.4 billion in tandem with lower EBITDA and higher net impairment losses/write-off on assets8 partially
negated by lower taxation in line with lower profit. Excluding net impairment losses/write-off on assets, the Group would
record a PAT of RM19.2 billion, lower by RM4.7 billion as compared to RM23.9 billion in the preceding quarter.
Cumulative quarter
PETRONAS Group’s revenue of RM170.3 billion for the first half of 2023 was marginally lower by RM0.1 billion as compared
to the same period in 2022 mainly due to unfavourable average realised prices. This was partially offset by higher sales
volume for major products and favourable impact from foreign exchange.
The Group recorded EBITDA of RM70.5 billion, lower by RM12.1 billion or 15% largely due to higher product costs and lower
revenue.
PAT of RM40.2 billion was lower by RM6.3 billion in tandem with lower EBITDA partially negated by lower taxation in line
with lower profit. Excluding net impairment losses/write-off on assets, the Group would record a PAT of RM43.2 billion,
lower by RM5.6 billion as compared to RM48.8 billion for the same period in 2022.
Cash flows from operating activities decreased by RM4.6 billion or 7% in line with lower cash generated from operations and
higher taxation paid relating to prior year of assessment partially negated by higher interest income received. Capital
investments amounted to RM21.4 billion was higher by RM2.4 billion or 13%, with higher domestic investments by 48%.
Total assets strengthened to RM742.0 billion as at 30 June 2023 against RM710.6 billion as at 31 December 2022 mainly
contributed by higher cash and cash equivalents, property, plant and equipment as well as fund and other investments.
Shareholders’ equity of RM410.0 billion increased by RM8.4 billion mainly attributable to profit recorded and favourable
impact from foreign exchange during the period partially offset by dividends declared to shareholders amounting to RM40.0
billion.
Gearing ratio increased to 20.9% as at 30 June 2023 from 20.3% as at 31 December 2022 in line with higher borrowings.
ROACE decreased to 17.8% 30 June 2023 from 19.9% as at 31 December 2022 in line with lower profit and higher
shareholders’ equity recorded.
8
Includes net impairment losses/write-off of well costs and other exploration expenditure under intangible assets, loss on derecognition of financial assets measured at amortised cost
and provision for onerous contracts, net of tax.
2
QUARTERLY REPORT
UPSTREAM PERFORMANCE REVIEW
Individual quarter ended Financial Indicators Cumulative quarter ended

2023 2023 2022 In RM Mil 2023 2022
Revenue
9,424 10,331 17,740 Third party 19,755 31,210
24,023 25,524 24,181 Inter-segment 49,547 45,476
33,447 35,855 41,921 69,302 76,686
6,514 12,461 11,228 PAT 18,975 23,092
Individual quarter ended Operational Indicators Cumulative quarter ended

2023 2023 2022 In RM Mil 2023 2022
Production9 (‘000 boe10 per day)
835 857 855 Crude oil and condensates 847 845
1,518 1,640 1,539 Natural gas 1,578 1,580
2,353 2,497 2,394 2,425 2,425
Entitlement11 ('000 boe per day)
499 536 548 Crude oil and condensates 516 521
1,050 1,237 1,146 Natural gas 1,144 1,163
1,549 1,773 1,694 1,660 1,684
Second quarter
Revenue for the second quarter of 2023 was RM33.4 billion, lower by RM8.5 billion or 20% as compared to the second
quarter of 2022 mainly contributed by lower average realised prices and sales volume for crude oil and condensates as well
as natural gas. This was partially offset by favourable impact from foreign exchange.
PAT for the second quarter of 2023 was RM6.5 billion, lower by RM4.7 billion primarily due to lower revenue and higher net
impairment losses on assets8. This was partially offset by lower cash payments, taxation and operating expenses.
Total daily production average for the second quarter of 2023 was 2,353 thousand boe per day, lower by 41 thousand boe
per day as compared to the corresponding quarter mainly due to lower crude oil production from Malaysia coupled with
lower natural gas production from international operations.
Cumulative quarter
Revenue for the first half of 2023 was RM69.3 billion, lower by RM7.4 billion or 10% as compared to the same period in 2022
mainly due to lower average realised prices for crude oil and condensates partially offset by favourable impact from foreign
exchange.
PAT for the first half of 2023 was RM19.0 billion, lower by RM4.1 billion in line with lower revenue partially offset by lower
taxation and operating expenses.
Total daily production average for the period ended 30 June 2023 was at 2,425 thousand boe per day, was comparable to
the same period last year.
8
Includes net impairment losses/write-off of well costs and other exploration expenditure under intangible assets, loss on derecognition of financial assets measured at
amortised cost and provision for onerous contracts, net of tax.
9
Represents Malaysia’s production (PETRONAS Group and other operators) and PETRONAS Group’s international equity production volume.
10
boe: barrels oil equivalent. Volume of gas has been converted using gas heating values, reflecting PETRONAS gas portfolio.
11
Represents PETRONAS Group’s sales entitlement to Malaysia’s production and PETRONAS Group’s international sales entitlement volume.
3
QUARTERLY REPORT
GAS PERFORMANCE REVIEW

2023 2023 2022 In RM Mil 2023 2022
Revenue
21,903 29,096 29,246 Third party 50,999 53,602
3,667 4,082 3,607 Inter-segment 7,749 6,760
25,570 33,178 32,853 58,748 60,362
7,455 8,759 9,083 PAT 16,214 17,527

2023 2023 2022 In RM Mil 2023 2022
Malaysia average sales gas volume

2,655 2,942 2,868 (mmscfd12) 2,798 2,752
Gross LNG sales volume13 (million
7.60 8.88 8.44 tonnes) 16.48 16.82
Second quarter
Revenue for the second quarter of 2023 was RM25.6 billion, decreased by RM7.3 billion or 22% as compared to the same
quarter in 2022 mainly as a result of lower liquefied natural gas (“LNG”) and processed gas average realised prices coupled
with lower sales volume partially offset by favourable impact from foreign exchange.
PAT was RM7.5 billion against RM9.1 billion in the same quarter of 2022 primarily driven by lower revenue partially offset by
lower taxation and product costs.
Malaysia average sales gas volume decreased by 213 mmscfd mainly due to lower offtake from power sector in Peninsular
Malaysia.
Gross LNG sales volume decreased by 0.84 million tonnes mainly due to lower plant production.
Cumulative quarter
Revenue for the first half of 2023 was RM58.7 billion, decreased by RM1.6 billion or 3% as compared to the same period in
2022 mainly as a result of lower LNG and processed gas average realised prices coupled with lower sales volume partially
offset by favourable impact from foreign exchange.
PAT was RM16.2 billion against RM17.5 billion in the same period of 2022 primarily driven by lower revenue and higher
product costs partially offset by lower taxation.
Malaysia average sales gas volume increased by 46 mmscfd mainly due to higher offtake from non-power sector in Sabah.
Gross LNG sales volume decreased by 0.34 million tonnes mainly due to lower plant production.
12
mmscfd: million standard cubic feet per day.
13
Gross volume refers to all LNG sales inclusive of volume subsequently sold as sales gas.
4
QUARTERLY REPORT
DOWNSTREAM PERFORMANCE REVIEW1

2023 2023 20222 In RM Mil 2023 20222
Revenue
43,530 45,874 41,477 Third party 89,404 78,578
1,196 2,540 2,146 Inter-segment 3,736 5,121
44,726 48,414 43,623 93,140 83,699
275 1,646 3,375 PAT 1,921 8,431

2023 2023 20222 In RM Mil 2023 20222
Petroleum products sales volume

72.7 77.2 57.5 (in million barrels) 149.9 115.8
Crude oil sales volume (in million
28.6 27.4 28.3 barrels) 56.0 58.7
Petrochemical products sales
2.3 2.4 1.6 volume (in million metric tonnes) 4.7 3.5
Second quarter
Revenue for the second quarter of 2023 was RM44.7 billion, higher by RM1.1 billion or 3% as compared to the same quarter
in 2022 underpinned by higher sales volume coupled with favourable impact from foreign exchange partially offset by lower
average realised prices for petroleum products and petrochemical products.
PAT was RM0.3 billion as compared to RM3.4 billion in the second quarter of 2022, lower by RM3.1 billion primarily due to
lower refining and petrochemical margins in line with lower average realised prices.
Petroleum products sales volume was 72.7 million barrels, higher by 15.2 million barrels largely driven by increased trading
activities and higher marketing volume. Crude oil sales volume was 28.6 million barrels, slightly higher by 0.3 million barrels
mainly due to higher trading opportunities partially offset by lower marketing volume. Petrochemical products sales volume
was 2.3 million metric tonnes, higher by 0.7 million metric tonnes in line with higher production.
Cumulative quarter
Revenue for the first half of 2023 was RM93.1 billion, higher by RM9.4 billion or 11% as compared to the same period in 2022
on the back of higher sales volume coupled with favourable impact from foreign exchange. This was partially offset by lower
average realised prices for petroleum products and petrochemical products.
PAT was RM1.9 billion against RM8.4 billion in the same period of 2022, lower by RM6.5 billion mainly due to lower refining
and petrochemical margins in line with lower average realised prices.
Petroleum products sales volume was 149.9 million barrels, higher by 34.1 million barrels primarily driven by increased
trading activities and higher marketing volume. Crude oil sales volume was 56.0 million barrels, lower by 2.7 million barrels
mainly due to lower marketing volume partially offset by higher trading opportunities. Petrochemical products sales volume
was 4.7 million metric tonnes, higher by 1.2 million metric tonnes in line with higher production.
1
2
5
QUARTERLY REPORT
CORPORATE AND OTHERS PERFORMANCE REVIEW

2023 2023 2022 In RM Mil 2023 2022
Revenue
5,074 5,076 3,795 Third party 10,150 7,045
1,533 1,166 1,124 Inter-segment 2,699 2,189
6,607 6,242 4,919 12,849 9,234
2,070 582 193 PAT/(LAT)14 2,652 (283)
Second quarter
Revenue for the second quarter of 2023 was RM6.6 billion, higher by RM1.7 billion or 34% as compared to the same quarter
in 2022 mainly contributed by higher fund investment income following higher average rate of return in tandem with higher
market rates coupled with higher revenue from construction contracts.
PAT was RM2.1 billion against RM0.2 billion in the same quarter last year, mainly attributable to higher revenue coupled with
favourable impact from foreign exchange.
Cumulative quarter
Revenue for the first half of 2023 was RM12.8 billion, higher by RM3.6 billion or 39% as compared to the same period in
2022 largely contributed by higher fund investment income and higher revenue from construction contracts.
PAT for the first half of 2023 was RM2.7 billion as compared to LAT of RM0.3 billion in the same period last year mainly
attributable to higher revenue coupled with favourable impact from foreign exchange. Nonetheless, this was partially offset
by higher operating expenses.
14
Loss After Tax.
6
QUARTERLY REPORT
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

2023 2023 20222 In RM Mil 2023 20222
Continuing operations
71,105 81,471 81,309 Revenue 152,576 151,422
(43,916) (46,128) (41,885) Cost of revenue (90,044) (76,824)
27,189 35,343 39,424 Gross profit 62,532 74,598
(1,838) (2,065) (1,617) Selling and distribution expenses (3,903) (3,523)
(3,309) (3,969) (4,621) Administration expenses (7,278) (7,241)
(3,684) (65) (1,900) Net impairment losses15 (3,749) (2,197)
(113) (23) (766) Other expenses (136) (2,035)
3,316 1,792 1,592 Other income 5,108 2,504
21,561 31,013 32,112 Operating profit 52,574 62,106
(1,286) (1,430) (1,337) Financing costs (2,716) (2,614)
Share of profit after tax and non-
controlling interests of equity
accounted associates and joint
105 209 389 ventures 314 1,023
20,380 29,792 31,164 Profit before taxation 50,172 60,515
(4,552) (6,637) (9,923) Tax expense (11,189) (17,352)
15,828 23,155 21,241 PROFIT FOR THE PERIOD 38,983 43,163
Discontinued operations16
Profit for the period from discontinued
545 655 1,757 operations, net of tax 1,200 3,270
Profit attributable to:

15,186 21,824 20,603 Shareholders of the Company 37,010 41,490
1,187 1,986 2,395 Non-controlling interests 3,173 4,943
2
15
Excludes well costs and includes certain amount relating to write-back and write-off of other assets and loss on derecognition of financial assets measured at amortised cost.
16
See Note A15.
The unaudited condensed consolidated statement of profit or loss should be read in conjunction with the accompanying explanatory notes attached to these condensed
consolidated financial statements.
7
QUARTERLY REPORT
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

2023 2023 2022 In RM Mil 2023 2022
Other comprehensive income/(loss)

Items that will not be reclassified
subsequently to profit or loss
Net changes in fair value of equity
investments at fair value through
other comprehensive income
(20) (9) 155 ("OCI") (29) 147
Items that may be reclassified
subsequently to profit or loss
Net movements from exchange
12,984 (181) 6,756 differences 12,803 8,994
(271) 747 1,253 Cash flow hedge 476 1,143
123 (5) 63 Others 118 136
Total other comprehensive income for
12,816 552 8,227 the period 13,368 10,420
TOTAL COMPREHENSIVE INCOME
29,189 24,362 31,225 FOR THE PERIOD 53,551 56,853
Total comprehensive income

attributable to:
26,296 22,368 27,445 Shareholders of the Company 48,664 49,959
2,893 1,994 3,780 Non-controlling interests 4,887 6,894
TOTAL COMPREHENSIVE INCOME
29,189 24,362 31,225 FOR THE PERIOD 53,551 56,853
The unaudited condensed consolidated statement of other comprehensive income should be read in conjunction with the accompanying explanatory notes attached to
these condensed consolidated financial statements.
8
QUARTERLY REPORT
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at
30 June 31 December
In RM Mil 2023 2022
ASSETS
Property, plant and equipment 310,525 301,218
Investment properties and land held for development 12,328 12,658
Investments in associates and joint ventures 8,369 8,114
Intangible assets 28,776 26,260
Long-term receivables 45,674 41,127
Fund and other investments 5,965 1,425
Deferred tax assets 21,392 20,675
TOTAL NON-CURRENT ASSETS 433,029 411,477
Trade and other inventories 15,232 15,612

Trade and other receivables 51,006 53,998
Fund and other investments 11,358 10,945
Cash and cash equivalents 217,586 201,220
295,182 281,775
Assets classified as held for sale 13,798 17,318
TOTAL CURRENT ASSETS 308,980 299,093
TOTAL ASSETS 742,009 710,570
EQUITY
Share capital 100 100
Reserves 409,933 401,509
Total equity attributable to shareholders of the Company 410,033 401,609
Non-controlling interests 58,703 58,822
TOTAL EQUITY 468,736 460,431
LIABILITIES
Borrowings 101,065 96,345
Deferred tax liabilities 11,967 11,829
Other long-term liabilities and provisions 52,284 50,418
TOTAL NON-CURRENT LIABILITIES 165,316 158,592
Trade and other payables 57,975 63,677

Borrowings 9,702 7,812
Taxation 7,659 8,438
Dividend payable 24,000 —
99,336 79,927
Liabilities classified as held for sale 8,621 11,620
TOTAL CURRENT LIABILITIES 107,957 91,547
TOTAL LIABILITIES 273,273 250,139
TOTAL EQUITY AND LIABILITIES 742,009 710,570
The unaudited condensed consolidated statement of financial position should be read in conjunction with the accompanying explanatory notes attached to these
condensed consolidated financial statements.
9
QUARTERLY REPORT
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to shareholders of the Company

Non-distributable
Capital Foreign Fair Value
and Currency through
Share Other Translation OCI Hedging
In RM Mil Capital Reserves Reserve Reserve Reserve
Cumulative quarter ended 30 June 2023

Balance at 1 January 2023 100 15,987 39,771 145 863
Net changes in fair value of equity investments
at fair value through OCI — — — (29) —
Net movements from exchange differences — — 11,069 — —
Cash flow hedge17 — — — — 497
Others — 117 — — —
Total other comprehensive income/(loss) for the
period, net of tax — 117 11,069 (29) 497
Profit for the period — — — — —
Total comprehensive income/(loss) for the
period — 117 11,069 (29) 497
Changes in ownership interests in a subsidiary — — 120 — —
Redemption of redeemable preference shares in
a subsidiary — — — — —
Dividends — — — — —
Total transactions with shareholders — — 120 — —
Balance at 30 June 2023 100 16,104 50,960 116 1,360
continue to next page
Balance at 1 January 2022 100 15,838 33,370 574 (1,608)
at fair value through OCI — — — 147 —
Net movements from exchange differences — — 7,427 — —
Cash flow hedge17 — — — — 792
Others — 103 — — —
Total other comprehensive income for the
period, net of tax — 103 7,427 147 792
Profit for the period — — — — —
Total comprehensive income for the period — 103 7,427 147 792
Changes in ownership interests in subsidiaries — — (21) — —
Dividends — — — — —
Total transactions with shareholders — — (21) — —
Balance at 30 June 2022 100 15,941 40,776 721 (816)
17
Includes RM368 million (30 June 2022: RM1,043 million) cost of hedging reserve movement during the period.
The unaudited condensed consolidated statement of changes in equity should be read in conjunction with the accompanying explanatory notes attached to these
10
QUARTERLY REPORT
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
Attributable to shareholders of
the Company
Distributable
Non-
General Retained Controlling Total
In RM Mil Reserve Profits Total Interests Equity

Balance at 1 January 2023 12,000 332,743 401,609 58,822 460,431
at fair value through OCI — — (29) — (29)
Net movements from exchange differences — — 11,069 1,734 12,803
Cash flow hedge17 — — 497 (21) 476
Others — — 117 1 118
Total other comprehensive income/(loss) for the
period, net of tax — — 11,654 1,714 13,368
Profit for the period — 37,010 37,010 3,173 40,183
Total comprehensive income/(loss) for the
period — 37,010 48,664 4,887 53,551
Changes in ownership interests in a subsidiary — (360) (240) (588) (828)
Redemption of redeemable preference shares in
a subsidiary — — — (483) (483)
Dividends — (40,000) (40,000) (3,935) (43,935)
Total transactions with shareholders — (40,360) (40,240) (5,006) (45,246)
Balance at 30 June 2023 12,000 329,393 410,033 58,703 468,736
continued from previous page
Balance at 1 January 2022 12,000 290,529 350,803 53,484 404,287
at fair value through OCI — — 147 — 147
Net movements from exchange differences — — 7,427 1,567 8,994
Cash flow hedge17 — — 792 351 1,143
Others — — 103 33 136
Total other comprehensive income for the
period, net of tax — — 8,469 1,951 10,420
Profit for the period — 41,490 41,490 4,943 46,433
Total comprehensive income for the period — 41,490 49,959 6,894 56,853
Changes in ownership interests in subsidiaries — (99) (120) 355 235
Dividends — (25,000) (25,000) (3,656) (28,656)
Total transactions with shareholders — (25,099) (25,120) (3,301) (28,421)
Balance at 30 June 2022 12,000 306,920 375,642 57,077 432,719
17
Includes RM368 million (30 June 2022: RM1,043 million) cost of hedging reserve movement during the period.
The unaudited condensed consolidated statement of changes in equity should be read in conjunction with the accompanying explanatory notes attached to these
11
QUARTERLY REPORT
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

30 June 30 June
In RM Mil 2023 2022
Cash flows from operating activities
Profit before taxation from:

- continuing operations 50,172 60,515
- discontinued operations 1,299 3,723
Profit before taxation 51,471 64,238
Adjustments for:
Change in contract liabilities (154) 24
Change in provisions (22) (236)
Depreciation and amortisation 18,189 15,983
Financing costs 2,870 2,737
Interest income (5,461) (1,893)
Loss on remeasurement of net assets classified as held for sale — 989
Net (gain)/loss on disposal of investment in subsidiaries, property, plant and
equipment, other investments, associates and a business (1,413) 282
Net impairment losses on:
- intangible assets 106 19
- loan and advances to joint ventures 65 55
- property, plant and equipment 3,552 1,067
- trade and other receivables 7 745
- other investments 1 —
Net impairment/write-off on well costs 111 184
Net (reversal)/written down of inventories to net realisable value (119) 83
Net unrealised (gain)/loss on foreign exchange (895) 2,286
Net unrealised (gain)/loss on derivatives (222) 494
Net write-off of:
- bad debts 15 3
- property, plant and equipment 6 313
Net (gain)/loss on realisation of foreign currency translation reserve from
disposals (445) 329
Share of profit after tax and non-controlling interests of equity accounted
associates and joint ventures (314) (1,025)
Other non-cash items — 100
Operating profit before changes in working capital 67,348 86,777
Net changes in working capital 1,440 (17,223)
Cash generated from operations 68,788 69,554
Interest expenses paid (1,907) (1,927)
Interest income received 5,461 1,893
Taxation paid (14,494) (7,078)
Net cash generated from operating activities 57,848 62,442
The unaudited condensed consolidated statement of cash flows should be read in conjunction with the accompanying explanatory notes attached to these condensed
12
QUARTERLY REPORT
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

30 June 30 June
In RM Mil 2023 2022
Cash flows from investing activities
Acquisition of a subsidiary, net of cash acquired (1,380) —

Dividends received 321 732
Investments in:
- associates and joint ventures (308) (389)
- securities and other investments (6,318) (2,061)
Proceeds from disposal/partial disposal of:
- investment in a subsidiary/business, net of cash disposed 575 257
- investments in associates — 829
- property, plant and equipment 832 7,920
- securities and other investments 1,713 839
Purchase of property, plant and equipment, investment properties, intangible
assets and land held for development (19,595) (18,538)
Net cash used in investing activities (24,160) (10,411)
Cash flows from financing activities
Dividends paid (16,000) (12,000)

Dividends paid to non-controlling interests (3,935) (3,656)
Drawdown of borrowings 8,894 17,699
Payment of lease liabilities (2,340) (1,754)
Payment to non-controlling interests on additional equity interests (496) —
Payment to non-controlling interests on redemption of redeemable preference
shares (483) —
Proceeds from partial disposal of equity interest to non-controlling interests — 235
Repayment of borrowings (8,843) (22,000)
Net cash used in financing activities (23,203) (21,476)
Net increase in cash and cash equivalents 10,485 30,555

(Increase)/decrease in cash and cash equivalents restricted (302) 135
Net foreign exchange differences 6,490 7,686
Cash and cash equivalents at beginning of the year 200,384 163,558
Cash and cash equivalents at end of the period 217,057 201,934
Cash and cash equivalents

Cash and bank balances and deposits 217,586 203,967
Bank overdrafts — (1,302)
Classified as held for sale:
- Cash and bank balances 971 514
- Bank overdrafts (159) —
218,398 203,179
Less: Cash and cash equivalents restricted (1,341) (1,245)
217,057 201,934
During the period, RM25 billion has been allocated for the purpose of PETRONAS’ decarbonisation and clean energy
pursuits.
The unaudited condensed consolidated statement of cash flows should be read in conjunction with the accompanying explanatory notes attached to these condensed
13
QUARTERLY REPORT
PART A – EXPLANATORY NOTES PURSUANT TO MFRS 134
A1. BASIS OF PREPARATION
The condensed consolidated interim financial statements are unaudited and have been prepared in accordance with
MFRS 134 Interim Financial Reporting and IAS 34 Interim Financial Reporting. They should be read in conjunction with
the Group’s audited consolidated financial statements for the year ended 31 December 2022.
The explanatory notes attached to these condensed consolidated financial statements provide an explanation of
events and transactions that are significant to an understanding of the changes in the financial position and
performance of the Group since the year ended 31 December 2022.
Within the context of these condensed consolidated financial statements, the Group comprises the Company, its
subsidiaries and joint operations, as well as the Group’s interests in joint ventures and associates as at and for the
period ended 30 June 2023.
A2. SIGNIFICANT ACCOUNTING POLICIES
The financial information presented herein has been prepared in accordance with the accounting policies to be used
in preparing the annual consolidated financial statements for 31 December 2023 under the MFRS framework. These
policies do not differ significantly from those used in the audited consolidated financial statements for year ended
31 December 2022 except as disclosed below.
During the financial period, the Group has adopted the following MFRS and Amendments to MFRSs
(“pronouncements”) that have been issued by the Malaysian Accounting Standards Board (“MASB”).
Effective for annual periods beginning on or after 1 January 2023
MFRS 17 Insurance Contracts

Amendments to MFRS 17 Insurance Contracts (Initial Application of MFRS 17 and MFRS 9 – Comparative
Information)
Amendments to MFRS 101 Presentation of Financial Statements (Disclosure of Accounting Policies)
Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors (Definition of
Accounting Estimates)
Amendments to MFRS 112 Income Taxes (Deferred Tax related to Assets and Liabilities Arising from a Single
Transaction)
The initial application of the above pronouncements are not expected to have material impact to the financial
statements of the Group.
On 2 June 2023, MASB has also issued the Amendments to MFRS 112 Income Taxes International Tax Reform - Pillar
Two Model Rules. This pronouncement is effective from annual period beginning on or after 1 January 2023 and will
be in effect upon enactment of Pillar Two Model Rules in Malaysia. As allowed by the transitional provision, the Group
is not required to provide any disclosure in relation to this pronouncement for interim period ended 30 June 2023.
A3. AUDIT REPORT OF PRECEDING ANNUAL FINANCIAL STATEMENTS
The audited financial statements of the Group for the year ended 31 December 2022 were not subjected to any audit
qualification.
A4. SEASONALITY OR CYCLICALITY OF OPERATIONS
The Group’s operations, on overall, are not significantly affected by seasonal or cyclical fluctuations of the business/
industry.
A5. EXCEPTIONAL ITEMS
There were no exceptional items during the period under review.
14
QUARTERLY REPORT
PART A – EXPLANATORY NOTES PURSUANT TO MFRS 134 (continued)
A6. MATERIAL CHANGES IN ESTIMATES
There were no material changes in estimates of the amounts reported in the most recent annual financial statements
of the Group for the year ended 31 December 2022 that may have material effect in the results of the period under
review.
A7. DEBT AND EQUITY SECURITIES
There were no material issuances, cancellations, repurchases, resale and repayments of debt and equity securities for
the period under review, other than as disclosed in Note A9 and Note B7.
A8. DIVIDENDS PAID
During the period, the Company paid a dividend of RM16 billion, being partial payment of the approved dividend of
RM350,000 per ordinary share amounting to RM35 billion declared on 23 February 2023.
The remaining amount of the dividend amounting to RM19 billion will be paid in instalments between July 2023 and
November 2023.
A9. SIGNIFICANT EVENT
On 29 March 2023, PETRONAS via its partly-owned subsidiary, PETRONAS Dagangan Berhad (“PDB”) has announced
the establishment of Islamic Commercial Papers Programme and Islamic Medium Term Notes Programme with a
combined aggregate limit of up to RM10.0 billion in nominal value based on the Shariah principle of Wakalah Bi
Al-Istithmar (collectively, the "Sukuk Wakalah Programmes"). The proceeds will be used to finance PDB and/or its
subsidiaries' Shariah-compliant general corporate purposes, which include investments, capital expenditure, working
capital requirements and/or refinancing of existing or future financing. As at reporting date, PDB has not issued nor
utilised any amount from the Sukuk Wakalah Programmes.
A10. VALUATIONS OF PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTIES
Freehold land and projects-in-progress are stated at cost less accumulated impairment losses and are not
depreciated. Other property, plant and equipment and investment properties are stated at cost less accumulated
depreciation and accumulated impairment losses, if any.
A11. COMMITMENTS
There were no material changes to capital commitment of the Group for the period under review, since the last
audited consolidated financial statements for the year ended 31 December 2022.
A12. CONTINGENCIES
There were no material contingent liabilities or contingent assets since the last audited consolidated financial
statements for the year ended 31 December 2022.
A13. CHANGES IN COMPOSITION OF THE GROUP
There were no material changes in the composition of the Group for the period under review.
A14. FAIR VALUE INFORMATION
The following table analyses financial instruments carried at fair value by valuation method. The different levels in a
fair value hierarchy based on the input used in the valuation technique have been defined as follows:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Input other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable input).
15
QUARTERLY REPORT
A14. FAIR VALUE INFORMATION (continued)
The Group recognises transfers between levels of fair value hierarchy as of the date of the event or change in
circumstances that caused the transfers.
There were no transfers between Level 1, Level 2 and Level 3 fair value measurements during the current financial
period and comparative period.
30 June 2023
In RM Mil Level 1 Level 2 Level 3 Total
Financial assets
Quoted shares 1,885 — — 1,885
Unquoted shares — — 1,362 1,362
Malaysian Government Securities — 1,882 — 1,882
Corporate Bonds and Sukuk — 7,747 — 7,747
Forward foreign exchange contracts — 86 — 86
Commodity derivatives 177 2,504 — 2,681
Interest rate swaps — 958 — 958
2,062 13,177 1,362 16,601
Financial liabilities
Forward foreign exchange contracts — (177) — (177)
Commodity derivatives (149) (50) — (199)
Interest rate swaps — (41) — (41)
(149) (268) — (417)
31 December 2022
In RM Mil Level 1 Level 2 Level 3 Total
Financial assets
Quoted shares 1,453 — — 1,453
Unquoted shares — — 1,241 1,241
Malaysian Government Securities — 1,814 — 1,814
Corporate Bonds and Sukuk — 7,862 — 7,862
Forward foreign exchange contracts — 406 — 406
Commodity derivatives 1,213 1,385 — 2,598
Interest rate swaps — 917 — 917
2,666 12,384 1,241 16,291
Financial liabilities
Forward foreign exchange contracts — (184) — (184)
Commodity derivatives (396) (28) — (424)
Interest rate swaps — (7) — (7)
(396) (219) — (615)
Derivative financial instruments
As disclosed in the Group’s audited consolidated financial statements for the year ended 31 December 2022, the
Group is exposed to various risks which may affect the value of the Group’s assets, liabilities or expected future cash
flows. To mitigate these exposures from a business perspective, the Group enters into various hedging activities and
applies hedge accounting on the fair value movement of certain commodity derivatives and interest rate swaps to
hedge its exposures. Methods and assumptions used to estimate the fair values as at 30 June 2023 are consistent
with those used as at 31 December 2022.
16
QUARTERLY REPORT
A15. DISCONTINUED OPERATIONS
On 7 February 2023, PETRONAS via its wholly-owned subsidiary, PETRONAS Marketing International Sdn. Bhd.,
signed a Sale and Purchase Agreement with Vitol Emerald Bidco (Pty) Ltd and Vitol Africa B.V. for the sale of PMISB’s
entire 74% equity interests in its subsidiary, namely Engen Limited and its subsidiaries (“Engen Group”). The
divestment is expected to be completed in the second half of 2023 upon fulfilment of customary conditions
precedent including regulatory approvals.
The business of Engen Group represents the major composition of the Group’s geographical segment for South
Africa and has been classified as disposal group held for sale and discontinued operations since 31 December 2022.
The results of Engen Group for the period are presented below:

2023 2023 2022 In RM Mil 2023 2022
8,826 8,906 10,949 Revenue 17,732 19,013
(7,876) (7,814) (8,437) Cost of revenue (15,690) (14,413)
950 1,092 2,512 Gross profit 2,042 4,600
(193) (195) (253) Selling and distribution expenses (388) (423)
(170) (206) (237) Administration expenses (376) (456)
(1) — (2) Net impairment losses18 (1) (3)
(24) (143) (37) Other expenses (167) (150)
122 221 54 Other income 343 276
684 769 2,037 Operating profit 1,453 3,844
(79) (75) (72) Financing costs (154) (123)
Share of profit after tax and non-
controlling interests of equity
accounted associates and joint
— — — ventures — 2
Profit before tax from
605 694 1,965 discontinued operations 1,299 3,723
(60) (39) (208) Tax expense (99) (453)
Profit for the period from
Other comprehensive income/
(loss)
Net changes in fair value of equity
investments at fair value through
— 2 — OCI 2 —
Net movements from exchange
99 (133) (201) differences (34) 121
Other comprehensive income from
18
Includes certain amount relating to write-off of assets.
17
QUARTERLY REPORT
A15. DISCONTINUED OPERATIONS (continued)
The net cash flows incurred by Engen Group are as follows:

30 June 30 June
In RM Mil 2023 2022
Net cash generated from operating activities 1,995 1,023
Net cash used in investing activities (127) (96)
Net cash used in financing activities (39) (249)
Net increase in cash and cash equivalents 1,829 678
The net effect arising from the disposal of Engen Group is not expected to be material in relation to the consolidated
net profit of the Group for the period.
A16. OPERATING SEGMENTS
The Group’s reportable segments comprise Upstream, Gas and Downstream. Each reportable segment offers
different products and services and are managed separately as described in the Group’s audited consolidated
financial statements for the year ended 31 December 2022.
For each of the reportable segment, the Group chief operating decision maker, which in this case is the PETRONAS
Executive Leadership Team (“ELT”), reviews internal management reports at least on a quarterly basis.
Performance is measured based on segment PAT, as included in the internal management reports. Segment PAT is
used to measure performance as the PETRONAS ELT believes that such information is the most relevant in evaluating
the results of the segments.
A16.1 Segment revenue

2023 2023 2022 In RM Mil 2023 2022
Third-parties
9,424 10,331 17,740 Upstream 19,755 31,210
21,903 29,096 29,246 Gas 50,999 53,602
43,530 45,874 41,477 Downstream2,19 89,404 78,578
5,074 5,076 3,795 Corporate and Others 10,150 7,045
79,931 90,377 92,258 Total third-parties 170,308 170,435
Inter-segment
24,023 25,524 24,181 Upstream 49,547 45,476
3,667 4,082 3,607 Gas 7,749 6,760
1,196 2,540 2,146 Downstream 3,736 5,121
30,419 33,312 31,058 Total inter-segment 63,731 59,546
Gross total
33,447 35,855 41,921 Upstream 69,302 76,686
25,570 33,178 32,853 Gas 58,748 60,362
44,726 48,414 43,623 Downstream 93,140 83,699
110,350 123,689 123,316 Total 234,039 229,981
2
19
Includes revenue from discontinued operations. See Note A15.
18
QUARTERLY REPORT
A16. OPERATING SEGMENTS (continued)
A16.2 Segment PAT

2023 2023 2022 In RM Mil 2023 2022
6,514 12,461 11,228 Upstream 18,975 23,092

7,455 8,759 9,083 Gas 16,214 17,527
275 1,646 3,375 Downstream 1,921 8,431
2,070 582 193 Corporate and Others 2,652 (283)
Total PAT for reportable
16,314 23,448 23,879 segments 39,762 48,767
Elimination of inter-segment
59 362 (881) transactions 421 (2,334)
16,373 23,810 22,998 Consolidated PAT 40,183 46,433
A17. REVENUE
The following table includes a reconciliation of the disaggregated revenue with the Group’s reportable segments.

2023 2023 2022 In RM Mil 2023 2022
Revenue from contract customers

8,617 9,578 16,370 Upstream 18,195 28,869
21,472 29,198 29,463 Gas 50,670 54,275
43,285 45,650 41,360 Downstream1,2 88,935 78,211
Total revenue from contract
75,314 86,103 89,227 customers 161,417 165,147
Other revenue
807 753 1,370 Upstream 1,560 2,341
431 (102) (217) Gas20 329 (673)
245 224 117 Downstream2,20 469 367
4,617 4,274 3,031 Total other revenue 8,891 5,288
Total
9,424 10,331 17,740 Upstream 19,755 31,210
21,903 29,096 29,246 Gas 50,999 53,602
43,530 45,874 41,477 Downstream 89,404 78,578
79,931 90,377 92,258 Total 170,308 170,435
1
2
20
Inclusive of net trading gain/(losses).
19
QUARTERLY REPORT
PART B – OTHER EXPLANATORY NOTES
B1. COMMENTARY ON PROSPECTS
Oil and gas prices remain volatile, influenced by persistent economic headwinds and energy security concerns.
Amidst these challenges, PETRONAS remains resolute in delivering energy responsibly in support of its growth and
sustainability agenda, both in Malaysia and internationally.
B2. PROFIT FORECAST OR PROFIT GUARANTEE
The Group does not publish any profit forecast or profit guarantee.
B3. STATUS OF CORPORATE PROPOSALS
There were no other material corporate proposals announced but not completed since the last audited consolidated
financial statements for the year ended 31 December 2022, other than as disclosed in Note A15.
B4. TAXATION

2023 2023 2022 In RM Mil 2023 2022
Tax expenses from continuing

4,552 6,637 9,923 operations 11,189 17,352
Tax expenses from discontinued
60 39 208 operations 99 453
4,612 6,676 10,131 Total tax expenses 11,288 17,805
Components of tax expenses

include:
Current tax expenses
5,875 5,176 10,020 Malaysia 11,051 16,715
645 305 706 Overseas 950 1,285
6,520 5,481 10,726 12,001 18,000
Deferred tax expenses

Origination and reversal of
(1,908) 1,195 (595) temporary differences (713) (195)
4,612 6,676 10,131 11,288 17,805
The Group’s effective tax rate for the current quarter and period to date were 22% respectively, which are reflective of
the various tax legislations within which the Group operates, including among others Petroleum (Income Tax) Act
1967 (“PITA”), Malaysia Income Tax Act 1967, Global Incentive for Trading (“GIFT”) under Labuan Financial Services
and Securities Act 2010, Labuan Business Activity Tax 1990 (“LBATA”) and international tax legislations.
20
QUARTERLY REPORT
PART B – OTHER EXPLANATORY NOTES (continued)
B5. CASH, FUND AND OTHER INVESTMENTS
As at As at
30 June 31 December
In % 2023 2022
By Currency
RM 52.9 55.4
USD 45.9 42.8
Others 1.2 1.8
100.0 100.0
By Maturity21
< 1 year 93.9 95.2
1 to 5 years 1.4 1.8
5 to 10 years 4.7 3.0
100.0 100.0
By Type
Money market 92.6 94.2
Corporate bonds 3.3 3.7
Equities 4.1 2.1
100.0 100.0
There were no material purchase and sale of quoted securities during the year under review, other than as disclosed
in Note A14.
21
Refers to instrument maturity dates; excludes equities.
21
QUARTERLY REPORT
B6. TRADE RECEIVABLES
The breakdown of trade receivables as at 30 June 2023 are as follows:
As at As at
30 June 31 December
In RM Mil 2023 2022
Trade receivables
Third party 27,563 33,304
Amount due from associates and joint arrangements 9,690 8,413
Contract assets 8,050 6,859
45,303 48,576
Less: Impairment losses (1,832) (1,805)

43,471 46,771
The ageing of trade receivables net of impairment amount as at the reporting date are as follows:
As at As at
30 June 31 December
In RM Mil 2023 2022
At net
Not past due 39,900 43,614
Past due 1 to 30 days 683 226
Past due more than 90 days 2,028 2,669
43,471 46,771
As at the end of the reporting period, the maximum exposure to credit risk arising from receivables is equal to the
carrying amount.
22
QUARTERLY REPORT
B7. BORROWINGS
The details of the Group borrowings as at 30 June 2023 are as follows:
As at As at
30 June 31 December
In RM Mil 2023 2022
Non-Current
Term loans 18,362 15,759
Lease liabilities 13,160 13,291
Notes and Bonds 65,733 61,917
Islamic financing facilities 3,810 5,378
Total non-current borrowings 101,065 96,345
Current
Term loans 3,856 4,789
Lease liabilities 2,376 1,782
Islamic financing facilities 2,401 794
Revolving credits 520 154
Bankers' acceptances 549 293
Total current borrowings 9,702 7,812
Total borrowings 110,767 104,157
As at As at
30 June 31 December
In RM Mil 2023 % 2022 %
By Currency
USD 91,696 82.8 87,975 84.5
RM 12,014 10.8 11,461 11.0
EUR 2,457 2.2 2,279 2.2
AUD 987 0.9 — —
CAD 559 0.5 385 0.3
INR 2,782 2.5 1,803 1.7
GBP 10 — 16 0.1
Others 262 0.3 238 0.2
110,767 100.0 104,157 100.0
By Repayment Schedule
< 1 year 9,702 8.8 7,812 7.5
1 to 5 years 34,622 31.3 33,395 32.1
5 to 10 years 27,304 24.6 25,122 24.1
> 10 years 39,139 35.3 37,828 36.3
110,767 100.0 104,157 100.0
23
QUARTERLY REPORT
B8. MATERIAL LITIGATION
There were no material litigation since the last audited consolidated financial statements for the year ended 31
December 2022.
B9. DERIVATIVE FINANCIAL INSTRUMENTS
There were no material changes to the Group’s derivative financial instruments since the last audited consolidated
financial statements for the year ended 31 December 2022, other than as disclosed in Note A14.
B10. FAIR VALUE CHANGES OF FINANCIAL LIABILITIES
The Group does not have any financial liabilities that are measured at fair value (other than derivative financial
instruments) for the period under review.
24
QUARTERLY REPORT
B11. PROFIT FOR THE PERIOD

2023 2023 2022 In RM Mil 2023 2022
Included in profit for the period are
the following charges:
9,087 9,102 8,007 Depreciation and amortisation 18,189 15,983

Loss on remeasurement of net assets
— — 196 classified as held for sale — 989
— — 65 Net change in contract liabilities — 24
Net impairment losses on:
57 49 1 - intangible assets 106 19
- loan and advances to joint
35 30 28 ventures 65 55
3,461 91 1,067 - property, plant and equipment 3,552 1,067
110 — 787 - trade and other receivables 7 745
1 — — - other investments 1 —
Net impairment/write-off on well
40 71 184 costs 111 184
Net inventories written down to net
— — 95 realisable value/written off — 83
— 422 1,773 Net loss on derivatives — 3,096
Net loss on disposal of property,
— — 511 plant and equipment — 506
Net write-off of:
15 — 2 - bad debts 15 3
6 — 18 - property, plant and equipment 6 313
Net loss on realisation of foreign
currency translation reserve from
— — — disposals — 329
and credits:
— 2 1 Bad debts recovered 2 2

25 12 — Dividend income 37 169
2,875 2,586 1,103 Interest income 5,461 1,893
63 91 — Net change in contract liabilities 154 —
Net gain on disposal of:
— — 88 - investment in a business — 88
24 — — - investment in subsidiaries 24 136
455 934 — - property, plant and equipment 1,389 —
Net gain on:
672 — — - derivatives 250 —
1,737 14 573 - foreign exchange 1,751 1,110
Net impairment reversals on:
— 103 — - trade and other receivables — —
Net reversal of inventories written
72 47 — down to net realisable value 119 —
Net gain on realisation of foreign
currency translation reserve from
445 — — disposals 445 —
25
QUARTERLY REPORT
B11. PROFIT FOR THE PERIOD (continued)
Foreign exchange exposure/hedging policy
The Group is exposed to varying levels of foreign exchange risk when it enters into transactions that are not
denominated in the respective companies’ functional currencies and when foreign currency monetary assets and
liabilities are translated at the reporting date. The main underlying economic currencies of the Group’s cash flows are
Ringgit Malaysia and US Dollars.
The Group’s foreign exchange management policy is to minimise economic and significant transactional exposures
arising from currency movements. The Group coordinates the handling of foreign exchange risks centrally typically
by matching receipts and payments for the same currency. For major capital projects, the Group performs
assessment of potential foreign exchange risk exposure at the investment decision phase to determine the
appropriate foreign exchange risk management strategy. Residual net positions are actively managed and monitored
against prescribed policies and control procedures. When deemed necessary and appropriate, the Group will enter
into derivative financial instruments to hedge and minimise its exposures to the foreign currency movements.
B12. DIVIDENDS
The Directors had on 22 June 2023 declared a dividend of RM50,000 per ordinary share amounting to RM5 billion.
The dividend has been recognised and accounted for in equity as an appropriation of retained profits in the current
financial period.
B13. EXCHANGE RATES

30 June 31 March 30 June 30 June 30 June 31 December
US Dollar/RM 2023 2023 2022 2023 2022 2022
Average rate 4.5250 4.3906 4.3502 4.4578 4.2713 4.4001

Closing rate 4.6860 4.4150 4.4035 4.6860 4.4035 4.4150
By order of the Board
Intan Shafinas (Tuty) Hussain (LS0009774)

Company Secretary
Kuala Lumpur
29 August 2023
26

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PETROLIAM NASIONAL BERHAD (PETRONAS) (197401002911 (20076-K))

GROUP PERFORMANCE REVIEW1

Individual quarter ended Cumulative quarter ended

79,931 90,377 92,258 Revenue 170,308 170,435

Cumulative quarter ended

Cash flows from operating activities 57,848 62,442

Total assets 742,009 710,570

Comparison with corresponding quarter

GROUP PERFORMANCE REVIEW (continued)

Comparison with preceding quarter

UPSTREAM PERFORMANCE REVIEW

Individual quarter ended Financial Indicators Cumulative quarter ended

Individual quarter ended Operational Indicators Cumulative quarter ended

Comparison with corresponding quarter

GAS PERFORMANCE REVIEW

Individual quarter ended Financial Indicators Cumulative quarter ended

Individual quarter ended Operational Indicators Cumulative quarter ended

Malaysia average sales gas volume

Comparison with corresponding quarter

DOWNSTREAM PERFORMANCE REVIEW1

Individual quarter ended Financial Indicators Cumulative quarter ended

Individual quarter ended Operational Indicators Cumulative quarter ended

Petroleum products sales volume

Comparison with corresponding quarter

CORPORATE AND OTHERS PERFORMANCE REVIEW

Individual quarter ended Financial Indicators Cumulative quarter ended

Comparison with corresponding quarter

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Profit attributable to:

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

16,373 23,810 22,998 PROFIT FOR THE PERIOD 40,183 46,433

Other comprehensive income/(loss)

Total comprehensive income

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Trade and other inventories 15,232 15,612

Trade and other payables 57,975 63,677

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to shareholders of the Company

Cumulative quarter ended 30 June 2023

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

Cumulative quarter ended 30 June 2023

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Cumulative quarter ended

Cash flows from operating activities

Profit before taxation from:

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

Cumulative quarter ended

Cash flows from investing activities

Acquisition of a subsidiary, net of cash acquired (1,380) —

Cash flows from financing activities

Dividends paid (16,000) (12,000)

Net increase in cash and cash equivalents 10,485 30,555

Cash and cash equivalents

PART A – EXPLANATORY NOTES PURSUANT TO MFRS 134

A1. BASIS OF PREPARATION

A2. SIGNIFICANT ACCOUNTING POLICIES

Effective for annual periods beginning on or after 1 January 2023

MFRS 17 Insurance Contracts