Shareholders’ equity of RM375.8 billion decreased by RM4.6 billion mainly due to the approved dividend of RM13.0 billion for the financial year ended 31 December 2016 and the foreign exchange rate impact, partially offset by profit generated during the period.

Gearing ratio decreased to 17.1 per cent as at 30 June 2017 from 17.4 per cent as at 31 December 2016.

Quarter on quarter, PETRONAS’ performance for Q2 of 2017 also improved, largely driven by the upward trend of key benchmark prices and better margins.

PAT was registered at RM7.0 billion compared to RM1.7 billion in Q2 of 2016, a significant improvement mainly due to lower net impairment on assets and well costs, coupled with higher average realised prices recorded across all products.  This was partially offset by higher net foreign exchange losses, amortisation of oil and gas properties and non-FID costs for PNW LNG in Canada.

The PAT was posted on the back of a RM 51.6 billion revenue, a 10 per cent increase from RM46.9 billion from the corresponding quarter last year as a result of higher average realised prices and foreign exchange rate impact.