UPDATE 1-Malaysia’s Petronas warns of further oil price impact as profit hit

Dateline 2016-05-18, Reuters:

Malaysia’s Petroliam Nasional Bhd warned that lower oil prices will continue to hurt its earnings on Wednesday after its first quarter profit fell by 60 percent.

The state-owned company has been hit hard by a tumble in oil prices that has forced it to slash costs and reduce dividends to the government. It detailed plans this year to cut spending by up to 50 billion ringgit ($12 billion) over the next four years.

“Concerns on moderate demand outlook and persistent oversupply will continue to pressure crude oil prices,” Petronas said. “Petronas expects performance to be affected by the volatility of oil prices and foreign exchange rate.”

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