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Petronas Annual Report 2007   Petronas Annual Report 2007 PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 Table of Contents Corporate Statements 1 Corporate Profile 2-3 Board Members 4-5 Management Committee Members 6-7 Overview 8-11 Five-Year Financial Highlights Group 12-13 Company 14-15 Review of Results 16-21 Review of Business Exploration and Production Business 24-29 Oil Business 30-35 Gas Business 36-41 Petrochemical Business 42-45 Logistics and Maritime Business 48-51 Techology Development 54-57 Corporate Sustainability 58-59 Health, Safety and Environment 60-61 Our People 64-65 Corporate Social Investments 68-73 Main Events 74-78 Glossary of Terms 80 Financial Statements 81-165 PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 Corporate Statements VISION STATEMENT To be a Leading Oil and Gas Multinational of Choice MISSION STATEMENT We are a business entity Petroleum is our core business Our primary responsibility is to develop and add value to this national resource Our objective is to contribute to the well-being of the people and the nation SHARED VALUES LOYALTY Loyal to nation and corporation PROFESSIONALISM Committed, innovative and proactive and always striving for excellence INTEGRITY Honest and upright COHESIVENESS United in purpose and fellowship PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 Corporate Profile PETRONAS, the acronym for Petroliam Nasional Berhad, was incorporated on 17 August 1974 under the Companies Act 1965. It is wholly-owned by the Malaysian government and is vested with the entire ownership and control of the petroleum resources in Malaysia through the Petroleum Development Act 1974. Over the years, PETRONAS has grown to become a fully-integrated oil and gas corporation and is ranked among the FORTUNE Global 500® largest corporations in the world. PETRONAS has four subsidiaries listed on the Bursa Malaysia and has ventured globally into more than 30 countries worldwide in its aspiration to be a leading oil and gas multinational of choice. PETRONAS ANNUAL REPORT 2007 Board Members PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 Left to right: Datuk Anuar Ahmad Tan Sri Khalid Ramli Tan Sri Dato Sri Mohd Hassan Marican Datuk Nasarudin Md Idris Tan Sri Dato’ Zaki Tun Azmi Dato’ Dr Wan Abdul Aziz Wan Abdullah Datuk Dr Sulaiman Mahbob Mohammed Azhar Osman Khairuddin (Company Secretary) PETRONAS ANNUAL REPORT 2007 Management Committee Members Tan Sri Dato Sri Mohd Hassan Marican Acting Chairman, President & Chief Executive Officer Left to right: Dato’ Shamsul Azhar Abbas President/CEO MISC Berhad Datuk Anuar Ahmad Vice President Oil Business Datuk (Dr) Abdul Rahim Hj Hashim Vice President Research and Technology Division Datuk Ainon Marziah Wahi Vice President Human Resource Management Division Datuk Yeow Kian Chai Vice President Petrochemical Business Datuk Dr Rosti Saruwono Vice President Education Division PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 Left to right: Datuk Nasarudin Md Idris Vice President Corporate Planning & Development Division CEO of KLCC Group of Companies George Ratilal Vice President Finance Division Datuk Abdullah Karim Vice President PETRONAS MD/CEO, PETRONAS Carigali Sdn Bhd Wan Zulkiflee Wan Ariffin Vice President Gas Business Ramlan Abdul Malek Vice President Exploration & Production Business Ahmad Nizam Salleh Managing Director/CEO Malaysia LNG Sdn Bhd Mohammed Azhar Osman Khairuddin Senior General Manager Legal & Corporate Affairs Division Faridah Haris Hamid Secretary PETRONAS ANNUAL REPORT 2007 TAN SRI DATO SRI MOHD HASSAN MARICAN Acting Chairman, President & Chief Executive Officer Aerial view of the PETRONAS LNG Complex in Bintulu, Sarawak, Malaysia PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 On behalf of the Board of Directors, it gives me great pleasure to present the Annual Report of Petroliam Nasional Berhad (PETRONAS) for the financial year ended 31 March 2007. Overview The PETRONAS Group delivered another set of record performance during the review period amidst a more complex and increasingly challenging global oil and gas industry environment. Crude oil prices remained high during the year as global demand, particularly from the transportation sector, continued to increase on the back of strong economic growth, especially in China and India. In the meantime, supply disruptions in Alaska and Nigeria, and continuing geopolitical tensions in the Middle East, escalated concerns over security of supply. 0 PETRONAS ANNUAL REPORT 2007 Samarang platform, offshore Sabah, Malaysia 0 PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 11 Stronger demand amidst heightened 21% during the year - more than previous year. The Group’s balance threats of supply disruptions, double the rate of increase in crude sheet continued to strengthen with coupled with lack of refining prices over the same period. total assets rising 7.9% to RM294.6 capacity globally and OPEC crude billion. Shareholders’ funds production curtailment, pushed The escalation in cost, coupled expanded 16.3% to RM170.9 billion oil prices higher with West Texas with the lack of engineering and while Return on Average Capital Intermediate (WTI) and Brent construction capacity as well as Employed (ROACE) remained high crudes average prices increasing shortage of experienced personnel, at 40.9%. by 8.5% and 12.2% to USD64.92 had led to project delays and per barrel and USD65.08 per barrel adversely impacted safety, respectively during the review efficiency and quality of operations. period. In tandem, the weighted The continuing cost escalation average price of Malaysian Crude had also negatively affected the Oil (MCO) increased by 11.2% to economic viability of ongoing and USD68.50 per barrel. Prices of planned projects, resulting in many petroleum products also rose, with projects being deferred and some gasoline and diesel, used mainly even abandoned. In summary, by the transport sector, reaching the review period saw oil and gas an average price of USD74.44 companies globally operate in a (USD66.87 previous year) and highly challenging environment USD77.47 (USD68.59 previous year) as escalating costs overshadowed per barrel respectively. gains from high energy prices. High oil prices and demand spurred Against this industry environment, intensified industry activities, and the PETRONAS Group recorded an consequently drove up costs far all-time high revenue of RM184.1 higher than the increase in prices. billion and profit before tax of For example, upstream capital costs RM76.3 billion, both increasing had increased by approximately by approximately 10% from the 12 PETRONAS ANNUAL REPORT 2007 Five-Year Financial Highlights Group as at 31 March (RM million) REVENUE PROFIT BEFORE TAXATION NET PROFIT 40,000 46,432 43,129 150,000 60,000 76,346 30,000 184,053 35,556 69,400 167,430 100,000 40,000 58,030 20,000 137,046 23,659 97,512 37,442 50,000 81,434 20,000 10,000 15,105 26,872 0 0 0 03 04 05 06 0 03 04 05 06 0 03 04 05 06 0 TOTAL ASSETS SHAREHOLDERS’ FUNDS 250,000 294,583 272,996 200,000 150,000 239,077 170,887 150,000 203,205 178,012 100,000 146,968 100,000 119,678 102,698 50,000 83,456 50,000 0 0 03 04 05 06 0 03 04 05 06 0 NOTE: PETRONAS Group had adopted new and revised Financial Reporting Standards (FRSs) issued by the Malaysian Accounting Standards Board (MASB) which are mandatory for annual periods beginning on or after 1 January 2006. FY2006 financial numbers have been restated to comply with these new and revised FRSs. 12 PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 13 00 2006 2005 2004 2003 Revenue (RM billion) . 167.4 137.0 97.5 81.4 Profit Before Tax (RM billion) . 69.4 58.0 37.4 26.9 EBITDA (RM billion) . 80.9 68.1 47.8 36.0 Net Profit (RM billion) . 43.1 35.6 23.7 15.1 Total Assets (RM billion) . 273.0 239.1 203.2 178.0 Shareholders’ Funds (RM billion) 0. 147.0 119.7 102.7 83.5 Cash & Fund Investment Balance (RM billion) . 92.4 75.2 53.8 55.4 Total Borrowings (RM billion) . 43.9 52.8 57.7 58.1 Return on Revenue .% 41.5% 42.3% 38.4% 33.0% Return on Total Assets .% 25.4% 24.3% 18.4% 15.1% Return on Capital Employed 0.% 41.6% 38.5% 28.7% 25.6% Total Debt/Total Assets Ratio 0.x 0.16x 0.22x 0.28x 0.33x Reserves Replacement Ratio .x 1.7x 0.7x 2.6x 2.1x 14 PETRONAS ANNUAL REPORT 2007 Five-Year Financial Highlights Company as at 31 March (RM million) REVENUE PROFIT BEFORE TAXATION NET PROFIT 100 50 30 80 40 33,362 48,061 25 31,272 44,668 87,432 82,451 60 30 20 15 19,792 40 20 29,522 56,918 10 22,937 15,074 14,018 43,657 20,238 20 10 37,988 5 0 0 0 03 04 05 06 0 03 04 05 06 0 03 04 05 06 0 NOTE: PETRONAS Group had adopted new and revised Financial Reporting Standards (FRSs) issued by the Malaysian Accounting Standards Board (MASB) which are mandatory for annual periods beginning on or after 1 January 2006. FY2006 financial numbers have been restated to comply with these new and revised FRSs. 14 PETRONAS ANNUAL REPORT 2007 PETRONAS ANNUAL REPORT 2007 15 “ P E T R O N A S w i l l TOTAL ASSETS SHAREHOLDERS’ FUNDS continue to build the capacity and 150 100 capability of its 159,646 people, and remain 80 102,709 120 87,347 145,665 devoted to raising 129,190 90 60 73,076 115,177 71,774 112,009 t h e l e v e l o f i t s 61,800 60 40 performance to not 30 20 only meet but exceed 0 0 the expectations of all 03 04 05 06 0 03 04 05 06 0 of its stakeholders.” 16 PETRONAS ANNUAL REPORT 2007 Highlights ✦ Highest-ever revenue at RM184.1 billion, a 10% increase from RM167.4 billion in the previous year, driven by higher sales volume and average realised
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