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In Tough Times

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In Tough Times PETROLIAM NASIONAL BERHAD (PETRONAS) PETROLIAM NASIONAL BERHAD (PETRONAS) (20076-K) Tower 1, PETRONAS Twin Towers, Kuala Lumpur City Centre 50088 Kuala Lumpur, Malaysia Tel: +603 2051 5000 www.petronas.com www.petronasofficial.com Petroliam Nasional Berhad (PETRONAS) PETRONASOfficial PETRONAS @petronasofficial @petronas ANNUAL REPORT 2015 THRIVING IN TOUGH TIMES ANNUAL REPORT 2015 OVERVIEW OUR ACHIEVEMENTS About This Report 002 Corporate Milestones 088 PETRONAS at a Glance 002 Awards and Recognition in 2015 098 Key Highlights 004 Past Awards 101 Vision, Mission and Shared Values 006 Significant Events in 2015 106 Media Highlights 112 KEY MESSAGE Message from the President & Group CEO 008 OUR LEADERSHIP Board of Directors 116 Executive Leadership Team 126 CORPORATE REVIEW Our Profile 016 Our Global Presence 024 GOVERNANCE REVIEW Our Business 026 Statement of Corporate Governance 134 Strategic Business Units 028 Statement on Risk Management and Internal Control 144 Group Organisational Structure 030 INSIDE Glossary 150 THIS REPORT Group Corporate Structure 032 FINANCIAL STATEMENTS STRATEGIC REVIEW Directors‘ Report 158 Strategic Directions 036 Statement by Directors 163 Key Priority Areas 037 Statutory Declaration 164 Sustaining Industry Competitiveness 038 Consolidated Statement of Financial Position 165 Technologies and Innovations 040 Consolidated Statement of Profit or Loss and Our Market in 2015 & Outlook 048 Other Comprehensive Income 166 Consolidated Statement of Changes in Equity 167 PERFORMANCE REVIEW Consolidated Statement of Cash Flows 171 Group Financial Performance 054 Statement of Financial Position 172 It has been a challenging year for PETRONAS, Upstream Performance 064 Statement of Profit or Loss and Other and will likely continue to be so for the Downstream Performance 068 Comprehensive Income 173 foreseeable future. Leveraging on the strength of Statement of Changes in Equity 174 our most valuable asset, our people, we are rising Statement of Cash Flows 175 up to the challenges before us. Collectively, we ENGAGING WITH STAKEHOLDERS Notes to the Financial Statements 176 strive to stay ahead by continuing to push Investing in Our People 074 boundaries in the industry’s new realities and Empowering Communities Where We Operate 078 achieve real, sustainable and long-term growth. Upholding Health, Safety & Environment, and Sustainable Development 082 002 PETRONAS ANNUAL REPORT 2015 ANNUAL REPORT 2015 PETRONAS 003 ABOUT THIS REPORT 91 We are pleased to present our Annual Report 2015. This year, PETRONAS has partners adopted a more comprehensive reporting approach that captures both our performance in the previous year as well as our current achievements, as we worldwide strive to emulate best practices in corporate reporting. We hope to provide a more holistic view of our collective efforts to achieve our immediate and long- term business targets across the entire PETRONAS Group. This is also in line with PETRONAS’ transformation initiative to ensure our resilience in the current challenging industry environment and our continued business sustainability. 53% 28% of total of PETRONAS workforce workforce are below PETRONAS AT A are women 35 years old GLANCE More than Petroliam Nasional Berhad (PETRONAS), established in 1974, is Malaysia’s fully integrated oil and gas multinational ranked among the largest corporations on ® 78 250 FORTUNE Global 500 . As the custodian of Malaysia’s oil and gas resources, we Upstream platforms explore, produce and deliver energy to meet society’s growing needs. development worldwide projects Started business in 1974: 41 years of proven track record major LNG 1974 1989 1996 2001 2015 facilities 1979 1991 1999 2009 5 004 PETRONAS ANNUAL REPORT 2015 ANNUAL REPORT 2015 PETRONAS 005 KEY KEY HIGHLIGHTS HIGHLIGHTS PETRONAS provided the winning formula to the Formula One 17 new oil and gas world champions discoveries were recorded of 2014 & 2015 with reserves totalling 1 billion boe 2014 & 2015 F1 World Constructor’s 11 Championship projects delivered first hydrocarbons for the title for MERCEDES AMG year, including five PETRONAS Formula One™ Team international assets Total assets increased to Nine RM591.9 billion new Production Sharing from RM537.5 billion in 2014 Contracts (PSCs) were signed in Malaysia and abroad Downstream business recorded 56% increase in Profit After Tax in 2015 Recorded 15 million man-hours without Lost Time Injury for the PETRONAS Floating LNG Satu project 006 PETRONAS PETRONAS 007 OUR MISSION We are a business entity Oil and Gas is our core business OUR We add value to this resource We contribute to the wellbeing VISION of society A Leading Oil and Gas OUR Multinational of Choice VALUES Loyalty Loyal to corporation Integrity Honest and upright Professionalism Strive for excellence Cohesiveness United, trust and respect for each other 008 PETRONAS ANNUAL REPORT 2015 ANNUAL REPORT 2015 PETRONAS 009 KEY MESSAGE MESSAGE FROM THE DATUK WAN ZULKIFLEE WAN ARIFFIN PRESIDENT President & Group Chief Executive Officer & GROUP CEO In my first PETRONAS Annual Report message as President and Group Chief Executive Officer (CEO), I wish to first and foremost thank my predecessor, Tan Sri Dato’ Seri Shamsul Azhar Abbas for his leadership and guidance leading up to the beginning of my tenure. I would also like to express my sincere appreciation to the Board of Directors as well as my leadership team, for their confidence and trust in me, and their continuous support as we collectively take on the duty of steering PETRONAS through an undeniably difficult period. 010 PETRONAS ANNUAL REPORT 2015 ANNUAL REPORT 2015 PETRONAS 011 MESSAGE FROM THE PRESIDENT & GROUP CEO MESSAGE FROM THE PRESIDENT & GROUP CEO While 2014 started and ended with oil prices Revenue for the year was, as expected, hit hard by low oil prices, and A progressive step taken in the area of Sustainable Development saw Six focus areas were targeted. The first three at opposing ends of the price continuum, was recorded at RM248 billion, a 25 per cent drop from 2014. the roll-out of PETRONAS’ Human Rights Commitment across the were to ensure PETRONAS’ immediate 2015 marked the start of a “new normal” in Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) Group, to ensure that our activities are governed by human rights survival in the onslaught of falling oil prices low oil prices, with Brent averaging at USD52 decreased by 40 per cent to RM75.5 billion, while Profit After Tax principles, regulations, laws, best industry practices and standards. by remaining competitive, and the other dollars a barrel for the year, weighed down suffered a 56 per cent drop to RM21 billion. The staggering decrease three were geared towards the organisation’s by ceaseless production against declining is largely attributed to net impairment on assets taken as prudent Operationally, PETRONAS continued to perform strongly despite the long-term sustainability. global demand. measures in light of significantly reduced oil price forecasts. severe impact of low oil prices on our financial performance for the year. We achieved significant operational milestones which are Under the first three focus areas, we delved PETRONAS pulled through a very difficult PETRONAS paid RM26 billion in dividends to the Malaysian detailed out by the respective Executive Vice Presidents and CEOs of into cash management and generation, cost year in 2015 to emerge still profitable, but Government, and continued to be the sole contributor to the National the Upstream and Downstream Businesses in this Annual Report. efficiency and process simplification, and severely weathered by the downturn. Trust Fund with a contribution of RM100 million for the year. focused execution of our projects. I am This is a true testament of the dedication and commitment pleased to report that these efforts have led The PETRONAS Group closed the Financial PETRONAS’ Health, Safety and Environment (HSE) performance for demonstrated by the employees of PETRONAS who have rallied to tangible cash generation and cost savings Year 2015 with Total Assets of RM591.9 2015 recorded a reduction in Fatal Accident Rate (FAR) compared to behind the organisation during this challenging period. of up to RM1.4 billion, cushioning further billion, up from RM537.5 billion in 2014, 2014. However, we are disappointed to have recorded four fatalities impact to our bottom line. In the coming mainly due to additional capital investments during the year, and a slight increase in major incidents as compared On the part of the organisation, a concerted effort to counter the impact three years, we expect these initiatives to during the year, as we continue to see to 2014. Immediate intervention measures have been introduced to of low oil prices on PETRONAS’ financial performance was launched in generate an additional RM6 billion to RM7 through commitments to our growth tighten controls and enforce safety behaviours that meet stringent April, when signs of a prolonged downturn began to emerge. billion. strategy. internal standards. 012 PETRONAS ANNUAL REPORT 2015 ANNUAL REPORT 2015 PETRONAS 013 MESSAGE FROM THE PRESIDENT & GROUP CEO MESSAGE FROM THE PRESIDENT & GROUP CEO In driving cost efficiency and process simplification further, three Agenda instated as our guiding principle, we critical Group-wide processes – the hire-to-retire, procure-to-pay and introduced a set of six PETRONAS Cultural the planning and budgeting processes have been radically simplified, Beliefs to sustain the transformation initiatives
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