Petroliam Nasional Berhad (PETRONAS)

Petroliam Nasional Berhad (PETRONAS) is Malaysia's national oil and gas company, wholly owned by the Government and founded in 1974. It spans upstream exploration and production, LNG, refining, petrochemicals and retail through listed subsidiaries PETRONAS Dagangan, PETRONAS Gas and PETRONAS Chemicals. FY2024 revenue was RM319.96 billion with net profit of RM55.1 billion on total assets of RM766.67 billion. Strengths: PETRONAS is one of the most integrated national oil companies in Asia, with LNG volumes that make Malaysia a top-five global exporter and a petrochemical arm that converts its own gas into higher-value products. Its balance sheet — RM766.67 billion of assets against RM315.46 billion of liabilities — is strong enough to fund deepwater and international projects through cycles. The listed subsidiaries give it access to public capital while the parent retains control. Weaknesses: earnings track oil and gas prices, and the state's dividend expectations rise whenever prices do, leaving less for reinvestment in downturns. Production growth depends on maturing domestic fields and increasingly on overseas assets in politically riskier jurisdictions. The energy transition is a structural threat: long-cycle LNG investments must earn returns over decades in markets that may be shifting to renewables faster than expected.