UPDATE 2-Malaysia’s Petronas ramps up spending as profit surges

When will it spill down to us bottom feeders?

Dateline 2018-03-02, Reuters:

Malaysian state energy firm Petroliam Nasional Berhad, or Petronas, pledged on Friday to ramp up its growth and spending plans this year following a sharp rise in profits, even as it cautioned about the sustainability of higher oil prices.

Petronas, like other oil majors, has taken a hit from lower oil prices, but sharp cost cuts – along with some recent stability in oil prices – helped the company boost profits and margins despite lower production.

Net profit for the fourth quarter ended December rose to 18.2 billion ringgit ($4.65 billion) from 11.3 billion ringgit in the same quarter last year, while revenue rose 13.8 percent to 61.8 billion ringgit.

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