Petronas’ Weaker Outlook: Implications for Credit

Petroliam Nasional Berhad (Petronas) could face another down year in 2025 on the outlook for weaker oil prices after an 11% decline in Ebitda in 2024. Heavy capex spending and dividends could weigh on its financial performance. As volatility increases for the national oil company and exporter, Petronas’ levers to maintain its operating performance and A2 (Moody’s), A- (S&P), BBB+ (Fitch) credit quality are in focus. Mary Ellen Olson, senior credit analyst, discusses the credits key drivers. Read her updated credit primer here.