Malaysia’s Petronas to Review Spending as Oil Prices Slide


Dateline 2014-11-28, WSJ:

Malaysia’s national oil-and-gas company Petroliam Nasional Bhd., or Petronas, said Friday it is reviewing its spending plans for next year after reporting a 14% decline in third-quarter net profit on falling crude prices, even as it increased output.

Petronas, the Southeast Asian country’s sole Fortune 500 company and most profitable enterprise, may cut spending between 15% and 20% of its capital expenditure next year, Chief Executive Shamsul Azhar Abbas told reporters at an earnings briefing. The company typically spends 60 billion ringgit to 80 billion ringgit ($17.9 billion to $23.9 billion) each year in expanding its operations.

 

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