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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. 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. 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 The cost compression efforts implemented along with continued tight fiscal disciplines adopted have resulted in the delivery of positive Cash Flows from Operating Activities (CFFO) of RM40.7 billion, albeit 55 per cent lower than the RM90.8 billion in the previous year. This is a commendable performance given the gravity of situation faced and reflects PETRONAS' effective management of its integrated business in generating healthy CFFO which provides comfortable liquidity cover to meet the Group's Capital Investments (CAPEX) of RM334 billion The downward revision in commodity price outlook is further compounded given the accelerated pace of energy transition. This has resulted in most oil and gas companies, including PETRONAS taking significant impairment loss provisions on their assets during the year In line with the rest of the industry, PETRONAS registered a RM31.5 billion impairment charged on assets during the year, resulting in the Group reporting a Loss After Tax (LAT) of RM21.0 billion as compared to Profit After Tax (PAT) of RM40.5 billion in 2019. Nevertheless, the Group's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) remained strong at RM55.3 billion Fourth Quarter (year-on-year) 2020 Results Modest recovery of Q4 results For the quarter ended 31 December 2020, the Group recorded PAT before impairment of RMO.2 billion, as compared to RM9.4 billion in the same quarter last year, primarily due to lower revenue and higher net other expenses. This was partly negated by lower tax expenses. Fourth Quarter (year-on-year) 2020 Results Modest recovery of Q4 results For the quarter ended 31 December 2020, the Group recorded PAT before impairment of RM0.2 billion, as compared to RM9.4 billion in the same quarter last year, primarily due to lower revenue and higher net other expenses. This was partly negated by lower tax expenses. Strong CFFO generated of RM8.1 billion during the fourth quarter 2020 was mainly attributed to the modest demand recovery coupled with improved prices largely from LNG. During the quarter ended 31 December 2020, an impairment loss on assets of RM1.3 billion was provided for, resulting in LAT of RM1.1 billion as compared to PAT of RM4.1 billion in the corresponding quarter last year. The Group continued to generate a strong positive EBITDA of RM11.9 billion. FY2020 Results (Analysis against FY2019) Preserving cash and maintaining liquidity; focused on cost-compression efforts Highlights: Excluding impairment, PETRONAS Group recorded Profit After Tax (PAT) of RM10.5 billion for the year ended 2020, a decrease of 78 percent compared to RM48.8 billion in the previous financial year in line with lower revenue realised, partially offset by lower Group Costs incurred. The lower Group Revenue recorded RM178.7 billion against RM240.3 billion in the previous financial year was largely due to the effects of plummeting oil prices which saw lower average realised prices for all products, along with demand disruption resulting in lower sales volume from processed gas, petroleum products and LNG. In response to the strong headwinds from reduced demand and lower oil prices, the Group has responded by immediately taking several decisive and prudent measures to ensure the resiliency and sustainability of its operational and financial positions, with increased focus on cost compression, fiscal discipline and higher productivity. Such efforts have positively cushioned the adverse macroeconomic impact to the Group's financials with lower Group Costs incurred during the year (excluding impairment) of RM172.7 billion compared to RM197.3 billion in the previous financial year. The Group has also successfully exceeded the cost targets set in May 2020 which was to reduce OPEX and CAPEX by 12 per cent and 21 per cent respectively. The cost compression efforts implemented along with continued tight fiscal disciplines adopted have resulted in the delivery of positive Cash Flows from Operating Activities (CFFO) of RM40.7 billion, albeit 55 per cent lower than the RM90.8 billion in the previous year. This is a commendable performance given the gravity of situation faced and reflects PETRONAS effective management of its integrated business in generating healthy CFFO which provides comfortable liquidity cover to meet the Group's Capital Investments (CAPEX) of RM33.4 billion 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 in internationall. . 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 FY2020 Results (Analysis against FY2019) Preserving cash and maintaining liquidity; focused on cost-compression efforts Highlights: Excluding impairment, PETRONAS Group recorded Profit After Tax (PAT) of RM10.5 billion for the year ended 2020, a decrease of 78 percent compared to RM48.8 billion in the previous financial year in line with lower revenue realised, partially offset by lower Group Costs incurred. The lower Group Revenue recorded RM178.7 billion against RM240.3 billion in the previous financial year was largely due to the effects of plummeting oil prices which saw lower average realised prices for all products, along with demand disruption resulting in lower sales volume from processed gas, petroleum products and LNG. In response to the strong headwinds from reduced demand and lower oil prices, the Group has responded by immediately taking several decisive and prudent measures to ensure the resiliency and sustainability of its operational and financial positions, with increased focus on cost compression, fiscal discipline and higher productivity. Such efforts have positively cushioned the adverse macroeconomic impact to the Group's financials with lower Group Costs incurred during the year (excluding impairment) of RM172.7 billion compared to RM197.3 billion in the previous financial year. The Group has also successfully exceeded the cost targets set in May 2020 which was to reduce OPEX and CAPEX by 12 per cent and 21 per cent respectively. The cost compression efforts implemented along with continued tight fiscal disciplines adopted have resulted in the delivery of positive Cash Flows from Operating Activities (CFFO) of RM40.7 billion, albeit 55 per cent lower than the RM90.8 billion in the previous year. This is a commendable performance given the gravity of situation faced and reflects PETRONAS effective management of its integrated business in generating healthy CFFO which provides comfortable liquidity cover to meet the Group's Capital Investments (CAPEX) of RM33.4 billion