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Media Releases 26. Feb 2021 PETRONAS Optimistic On Recovery Despite Challenging And Volatile Outlook KUALA LUMPUR, 26 February 2021 - The year 2020 proved to be an extraordinary year which saw the confluence of the coronavirus pandemic, OPEC+ alliance's failure to conclude timely production accord and continuing energy market imbalances that severely impacted global energy demand and oil prices. Despite facing these challenges and the acceleration of the energy transition PETRONAS today announced a commendable performance for its financial year ended 31 December 2020. The Group delivered strong operational performance during the year through the implementation of risk mitigation efforts as immediate responses to unfavorable market conditions, as well as deliberate steps to strengthen its resiliency. Together with this, PETRONAS remains focused on operational efficiencies, commercial excellence and fiscal discipline across its value chain. For the fourth quarter of 2020, the Group recorded improved results as compared to the preceding quarter, mainly due to the increase in Liquefied Natural Gas (LNG) sales volume, aided by a modest recovery in oil prices. As uncertainties over the impact of the coronavirus pandemic remain, PETRONAS will continue to take decisive measures of reshaping its portfolio mix, retooling its human capital equation and emphasising on focused execution with pace in weathering the challenges, guided by its three-pronged growth strategy. Outlook . Cautiously optimistic, challenging outlook with modest recovery in demand and price as the COVID-19 impact continues. Realising growth pathway to secure new opportunities amidst the accelerated energy transition, especially in new and non- traditional areas. The outlook of the industry remains uncertain and challenging with modest recovery in demand and prices as the COVID-19 impact continues. The emergence of fresh cases and repeated lockdowns to contain the pandemic, will continue to pose a challenge to the industry. PETRONAS remains cautiously optimistic and is looking to future-proof its portfolio by venturing into new energy spaces and pursuing innovation with focused execution The Group remains confident that its efforts and continued focus on commercial and operational excellence while preserving healthy levels of liquidity will ensure its business sustainability We are also charting the growth pathway to secure new opportunities amidst the acceleration in energy transition, especially from new and non-traditional areas. Although gas remains a crucial and cleaner source of fuel, diversification into Renewable Energy is imperative, with having the right skills and capabilities in place as part of the Group's retooling human capital effort. Update on PETRONAS' Response to COVID-19 Ensuring business continuity and value preservation during COVID-19. Total contribution towards the COVID-19 efforts and initiatives stands at close to RM44 million Since the COVID-19 outbreak in March 2020, PETRONAS enforced preventive health and safety measures to keep employees, customers and contractors safe. Special working arrangements have also been implemented for all our employees who can work from home to do so where possible. Safety is PETRONAS' utmost priority. In preserving this, an effective pandemic crisis management is imperative to ensure business continuity and value preservation. The Group has continued its business operations by leveraging on digitalisation, technology and equipping its workforce with the necessary digital skills and competencies. The new ways of working created a safer and efficient work environment that maintains uninterrupted supply of energy to support the daily requirements of communities, businesses and partners. The Group also contributed towards the COVID-19 efforts and the value of its efforts and initiatives stands at close to RM44 million. Outlined below are a number of key highlights: . In March 2020, through Yayasan PETRONAS, we contributed RM20 million worth of medical equipment and supplies to help hospitals and healthcare front-liners mitigate the spread of COVID-19 in Malaysia. The efforts were carried out in stages in collaboration with the Ministry of Health and National Disaster Management Agency. Apart from hospitals and healthcare front-liners, PETRONAS also contributed to the B40 Group in conjunction with festive celebrations, amounting to RM1 million In April 2020, PETRONAS staff across the globe also voluntarily donated towards COVID-19 support efforts, altogether amounting to RM6.4 million through salary contributions. Additionally, PETRONAS employees have also backed donation drives by the Company's affiliated organisations such as the Association of Wives and Women Staff of PETRONAS (PETRONITA), Badan Kebajikan Islam PETRONAS (BAKIP), Dana Asy-Syakirin PETRONAS and Kelab Sukan dan Rekreasi PETRONAS (KSRP) In addition, Yayasan PETRONAS also delivered RM2.5 million worth of medical equipment and Personal Protective Equipment (PPE) to hospitals across Sabah to support the efforts of medical front-liners in mitigating COVID-19 cases in the state in November 2020. As at 31 December 2020, RM5.3 million worth of medical equipment, PPE, hand sanitisers, disinfectants, and face masks, as well as food supplies were distributed to the communities in our domestic and international operations including Azerbaijan, Brazil Brunei, Canada, Gabon, India, Indonesia, Iraq, Mexico, Myanmar, South Sudan and Suriname. Operational Highlights FY2020 Upstream . 17 projects achieved first hydrocarbon (14 Malaysia, 3 international) . 13 projects achieved Final Investment Decision (9 Malaysia, 4 international). Five exploration discoveries. . Continued leveraging on digital tools and platforms for end-to-end technology solutions. Implementing projects for zero continuous venting and flaring of hydrocarbon which achieved approximately 12.5 per cent reduction in GHG emissions and 27 per cent total gas recovery. . On the back of the low oil price and reduced demand brought about by the prolonged impact of COVID-19. Upstream recorded a total daily production average of 2,209 thousand barrels of oil equivalent (BOE) per day, lower by 8.2 per cent than the 2,406 thousand BOE per day recorded in 2019. In addition, PETRONAS continues to strive to conform to Malaysia's voluntary production adjustment as agreed collectively during OPEC+ Ministerial Meetings, in line with OPEC+'s Declaration of Cooperation . During a challenging 2020, Upstream successfully achieved the following: A total of 17 projects achieved first hydrocarbon comprising nine Brownfields and five Greenfields in Malaysia as well as one Brownfield in Indonesia and Oman respectively, and one Greenfield in Indonesia. A total of 13 projects achieved Final Investment Decision (FID), of which nine are in Malaysia, two in South Sudan, one in Turkmenistan and one in Brazil. A total of five exploration discoveries - one offshore United States (US) Gulf of Mexico, two in the Salina Basin offshore Mavice one in Suriname and one in Malaysia PETRONAS deployed various technologies and digital applications which have helped reduce cost and increased productivity, efficiency and accessibility across its Upstream operations. This included: a first in Malaysia remote operations platform piloted at Resak, offshore Terengganu which has a potential of 30 per cent OPEX reduction Execution of exploration and development workflows and adoption of next generation petro-technical platforms from industry leading technology partners. Software as a Service (SaaS) and Infrastructure as a Service (laaS) solutions enabled high value and high-risk projects which improved up to 30 per cent overall efficiency of Field Development Plan (FDP) studies. In line with our commitment towards achieving Net Zero Carbon Emissions by 2050, PETRONAS is implementing projects for zero continuous venting and flaring of hydrocarbon at our Upstream assets, with an estimated total projected Greenhouse Gas (GHG) reduction of approximately two million tCO2e/year and total gas recovery projection of about 33 MMscfd. From these projects, Upstream achieved approximately 12.5 per cent reduction in GHG emissions and 27 per cent total gas recovery Gas & New Energy . Successfully weathered a challenging year troubled with market volatilities as a reliable provider of cleaner and renewable energy solutions Successfully delivered 11,547 LNG cargoes from the PETRONAS LNG Complex (PLC) in Bintulu. 10 LNG cargoes have been loaded by PFLNG SATU, the world's first Floating LNG Production Unit. PFLNG DUA progressing towards first LNG cargo planned for Q1 2021 following first drop of LNG achieved in February 2021 Downstream PCG delivered strong overall petrochemical production volume of above 10 million metric tonnes, contributed by a strong plant performance and reliability Beyond fuel, PDB continued to reinvent its retail offerings through the Makana Mesra initiative Despite unprecedented challenges in FY2020, Downstream business sustained its operational performance and accelerated strategic plans to generate business value and new revenue streams. Operationally, the OEE recorded a sustained performance of 90 per cent across all business segments with domestic refineries recording a slight improvement of 97 per cent compared to the same period last year, while the refinery in Durban, South Africa registered OEE of 81.6 per cent As at 31 December 2020, Pengerang Integrated Complex (PIC) is on-track in transitioning to commercial operations with focus on operational readiness to achieve safe, reliable, and efficient operations. Following the reinstatement of the Movement Control Order, the start-up of the Refinery and Petrochemical plants is expected in the second half of 2021, subject to safe and satisfactory completion of the remaining project work. PETRONAS Chemicals Group Berhad (PCG) strengthened its footprint during this challenging period, delivering a strong overall petrochemical production volume of above 10 million metric tonnes, contributed by a strong plant performance and reliability. The overall Plant Utilisation recorded 94.3 per cent, slightly higher than the same period last year, whereas sales volume recorded 8.2 million metric tonnes. PCG is also exploring new opportunities through its expansion in the specialty chemicals market with the development of a new Nitrile Butadiene Latex (NBL) plant in Pengerang and Ethoxylates plant in Kerteh Both plants are expected to cater to the growing demand in Southeast Asia and the Asia Pacific regions. The sharp decline in petroleum product prices and movement restrictions have contributed to a 23 per cent drop in TOMAC 2010 The sharp decline in petroleum product prices and movement restrictions have contributed to a 23 per cent drop in PETRONAS Dagangan Berhad's (PDB) overall sales volume compared to 2019. A similar trend was observed for our international operations, PETRONAS Lubricants International and Engen Petroleum, recording a drop of 3.4 per cent and 72 per cent respectively in their sales volume As domestic activities slowly resume, PDB saw a gradual recovery in the second half of the year. To sustain its market share, PDB introduced its best fuel yet, the PETRONAS Primax 97 with Pro-Race in December As part of its non-fuel business growth strategy. PDB reinvented its retail offerings by expanding its food and beverage products through the Makan Mesra initiative which addresses the increasing demand for food-to-go solutions. To date, there are nine PETRONAS stations that offer MakanaMesra, with plans to expand up to 200 stations by the end of 2021 Recently, PDB was voted as Malaysian's favourite automotive fuel and lubricants brand at the prestigious Putra Brand Awards for the 11th consecutive year. In addition, Engen was voted as South Africa's Coolest Petrol Station brand for the 11th consecutive year, as well as the favourite petrol station brand for the 10th consecutive year Beyond carbon emissions, Downstream business also contributed to positive social impact through PDB's Love Local campaign, in line with its Small and Medium Enterprise programme which has supported local entrepreneurs' business in the past 25 years. PDB currently has over 350 local vendors supplying to its Kedai Mesra nationwide. In addition, SEEd. Lab, Malaysia's first 12-month Social Enterprise programme, has successfully delivered its first cohort and will enter its second cohort this year. In partnership with Tata Consultancy Services, SEEd.Lab aims to shape a sustainable future through digital and technology while addressing youth unemployment in Malaysia