The questions based from the above article:

a) Proper organization & logical flow of analysis.

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. 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 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 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. 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 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