Petronas Braces for Severe 2020 Hit. 1Q Profit Down 68%

Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic.

Petronas pointed to “unprecedented” market conditions resulting from a combination of severe demand destruction from the pandemic and a global oil market glut.

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