https://www.thestar.com.my/business/busines...r-profits-slump

https://www.malaysiakini.com/news/745415

PETRONAS to cut 10% of workforce after profits slump
CORPORATE NEWS
Thursday, 05 Jun 2025 5:57 PM MYT

PETROLIAM Nasional Bhd. will cut about 10% of its workforce in a firm-wide restructuring as the company looks to reduce costs due to falling crude prices and market volatility that has impacted its profits.

Malaysia’s state-owned oil firm will reduce headcount by upward of 5,000 people, Petronas Chief Executive Officer Muhammad Taufik said in a briefing in Kuala Lumpur on Thursday. It will also freeze hiring until December 2026, he said.


Petronas’ profits slid 32% in 2024, following a 21% drop in 2023. The challenges are slated to continue this year, in part due to a continued decline in Brent crude prices. - Bloomberg







This post has been edited by nelson969: Jun 7 2025, 07:46 PM

Choppedi Chopz chopz....

it's coming for everyone...

Bukan right sizing ke?

Yup, the process of retrenchment started early this year.

They were offered VSS, etc. Those long service year really masuk.

Times are bad for everyone. European MNCs also restructuring, downsizing

Right sizing is investor friendly term for retrenchment.

Normal o&g boom and bust cycle every few years…

One of my ex director also same last time kana VSS petronas.

1 year celery package…

Oh, this is very bad. 10% is a lot

how the tables have turned

For how many years of service?

Less profit, less dividend to government.

Next is subsidy cut for RON95.

This post has been edited by caviars: Jun 5 2025, 08:08 PM

Cut 40% also good.

O&G is soon to be sunset industry.

Either the path-forward is to be dynamic energy producer OR be dinosaur.

10% is little with 53000 workhorse.

Dapat VSS banyak. Untung lol

10% is just the start, many more to come.

They planning to focus on profitable bussiness, merge or cut unnecassary departments. Outsource more to vendors for manpower etc.

Even petronas no more golden bowl. Only left gov jobs that are truly safe.

govt job also will go. Soon.

Bloated like Fat cow with no productivity, Worst than Indonesia.

10% why not 60% plenty ada epf 3mil now right?

Gov no more safe iirc, contract job, pension base on how many year u work. Many term and conditions, which gen z want

Oh.. No. Work for big company also cal lose job.
So, that's why we need to save some money for emergency.
We never know what will happen tomorrow.
Very bad news

Tough to get rid of them. First they are unionised, second they are the voter bank for the gov of the day.

Yilong ma also failed.

Is the Exxon staff they absorbed from last year. not their core staffs

Gov job already bloated. How many more they can add?

Blame trump liao lo, his aura can squash mbs and now behave like awwww. Obediently lower crude oil price to end Ukrainian war at the same time end Middle East mess. 4D chess.

In toxic Malaysia workplace kulture, there is no iron ricebowl.

any company can come and go.

that is why Malaysia Regressing. Meanwhile Singapore

FIFO

This post has been edited by Syie9^_^: Jun 5 2025, 08:45 PM

Middle East increase output, OPEC+ delulu got demand. KEK.

+ uncertainty economic + Electrification + Alternative Energy coming to economic scale + Sustainable Aviation Fuel + Decarbonisation effort + Aging population + Cleaner air from methane gas and soon hydrogen fuel....


Who needs oil so much? Only those running 60 years old boomer power generator

This post has been edited by Syie9^_^: Jun 5 2025, 08:52 PM

Syukur..they shouldnt get bonus at all. They contribute mothing vendors do everything kek

Thts bs .
O&G will be here for at least 100 years to come.
Sure, cars are transitioning to EV.
But what about cargo ships and aircraft ?
They all will rely on O&G for a long time to come.

And you know what need O&G industry ?

Medicine . As sulfur is mostly derived from refining crude oil these days.

Asphalt . Your road need tar which is the crud from refining crude oil..

Lubricants. Also comes from refining crude oil. Even EV needs them.

As global shipping becomes more in developing countries , there will be demand for fuel to power cargo ships.

Fucking soft words. Why can't they just say it as it is

Takut share price drop so use nice word, plus the old boomer / boomer when getting super old dont like heard negative word one

Oil price ia dropping, american shell oil is flooding market.

good laa..hope my cousin kena cut..

Same kekw

All goyang kaki jobs will be chops soon

They will tax more private sector, more saman, enforcement fines etc.

Cut the parasites and slim down

So now 20k+ applications for 10 vacancies loh.

Best news of the day.

100 years sure, in your dream like the coal miners.

O&G sustained is about engineering feature.

Medicine : I pity you derived from O&G, no wonder toxic and harmful.

Asphalt: there is alternative to asphalt, basalt plenty around.

Lubricant: sure, but how much lubricant you need?

Global Shipping: they are also in decline, bigger ship and more energy efficient become more mainstream. Developing countries are not like 1960s.


Shale, not shell.

:x

Hmm sad, my dream is to marry awek from Petronas

no wonder nowdays no more lobby and lanyard pics.

9m2wjimbeamofnrt

ayam the last gomen servant intake batch that still has pension scheme. After the new batch, no more.

now be a good citizen & pay up more taxes & stuff to fill my super platinum iron bowl.

inb4 untong lah kerja gomen

Should offer early retirement to those yg sudah kaya.. Kwsp more than 1mill

Is Petronas share price dropping?

And yet they can still import from TCS

Yes sir lol

I heard it would be done in two rounds. First round would be the higher management this month, and the second round would be in October for the working level.

Meaning the remaining management will handpick whom they choose to keep.

This post has been edited by blanket84: Jun 5 2025, 11:31 PM

-21%, then -30%, and then -XX%.

How lah wanna tahan

Habislah those with high salary…replace with intern and new intake lower salary

cut corner until no way to cut

epf more than 1mil really couldn't do shit to petronas staff..

i know most are offered 20~months last drawn salary for their redundancy, and still they stress

please trim down all the fats. needed this for a very long time. overpaid staffs. 2-3 staffs doing 1 person's work. too high bonuses. a lot of staffs there are hired becuz of parents' connections. stop contracting expensive and unworthy external consultants.

KWSP? More likely KWBM - kumpul wang bawah meja.

Yes, smart a55

use proper word; dont mislead others.

This post has been edited by Syie9^_^: Jun 6 2025, 10:54 AM

Petronas consider very mild compared to all the tech companies.

Intel alone retrenched for the past 3 years.

Their package is very good compare to most companies out there. Min 12 months upto 36 months at 1.5 months.

They (Petronas) been down this road before

The interns well good luck

No lah, investors love it when company retrench. Lower cost mah.

but petronas is double trouble

the fight with petros and at same time issue high dividend to pay for msia spending

small meeting they just cross the street and go to their satellite hotels to have meals and conference room.

those hotels rely 40% of their income from these waste of time meetings

now they trim these meetings and sell off these hotels.

damn i must know all the vvip then
non of them are being laid off.

One will be surprised during initial Covid started, so many of them including the bosses don't even know how to use MS Teams

Haha. Nothing to show after decades of O&G development, unlike Norway. All squandered away on bailouts, failed projects, and wasteful bumi policies.

that just excuse when the truth is Petronas is implementing AI

No!!!!!! Green lanyard kena pulangkan

last time become rm800 intern also can LCLY at the lobby

end of internship will post as if they had just conquered everest and tag the whole world and gets hundreds of Likes

crude cheap but pump price? lol

Last time lansi now...

bad times for them but if they were the one to flaunt working at petronas and looking down at others then its about damn time they get fucked

contract staff also need to makan nasi

last time, free maternity expenses for spouse give birth at prince court.

i personally know one who purposely give birth 4 kids at that hospital

arrange meeting with green lanyard, they remind to prepare refreshment lol

update with more reaction from bersatu

10% cut only
90% of them still looking down on others

Too many staffs, reduce 40% better.
Bloated, banyak cronies.
TT already knew what need to be done. His background is accounting.

Ngam.
Goyang kaki, bole buat TikTok, lunch early 1130 hilang, 230 masuk.
430 balik.

10% for now, petronas has 50k worker....they will cut more soon....they freeze hiring till dec 2026, they got time to kick out more workers

Yes simple training, department meeting, they will do in fancy hotel and with lots of good food.c

I swear I know a senior manager there who earns about 50k a month having 6 or 8 kids. And his work is close to rubbish and useless there. Stealing a living.

fat contract staff after 60s go back work with 30% more salary sit do nothing and halt other ppl progression.

Actual story was, contract staff already not renewed since December last year. Next batch on end this month

As if that can reduce the pain of those contracted retrenchment. Just accept there is re-trenchment exercise and say this is a business decision. Habis. No need tokok. A re-trenchment is a retrenchment regardless if full time of part time or contract.

Gomen bailout petronas? Its the other way around bro

Just hopeful they have a good backup plan with the low price oil.. Need to diversify more

If petrol price is cheap.
No harm to cut petrol subsidy

i can sense manyak butthurt sini. o&g benefits pun kena kecam...lmao go look at those bank staff benefits la...just as good with their bonus and wat not...

The problem is that the price with subsidy is too cheap. Even at RM2.56, it still 51 sen or 25% increase.

let me understand this... our petrol is cheap because government subsidises, so means supplier is still paid...that's why government wants to up the retail.. so how is it that the supplier still lose on selling?.. it's their operations that they have to consider, no

Think about it this way, even if they are not let go, their contract will not be renewed after it expired

As for the company perspective, potentially more saving by letting go of the higher remuneration contract worker especially expatriate and no need to deal with basic retrenchment package especially for staff who have worked for more than 20 years because this will result in higher initial cost

seems like those getting retrenched going to find it hard to get hired. These are the nice title no skillset or outdated skillsets

Out madani govt has done? Last time during oppo kuat hantam no jobs

So bad meh these retrenched petronas employee?

Many o&g companies still in msia oh.

Many mncs and llcs are giving similar benefits liao these days.

the job market is pretty bad at the moment

a combo of factors including AI related retrenchments and economy uncertainties have wreck havoc world wide

Explain please.

I thought having 'ex-Petronas' on your profile would be enough to easily land your next job, even headhunters would race to offer you a job, regardless of your skillset.
It’s like the local version of FAANG