KUALA LUMPUR, March 11 — Credit rating agency Moody’s Ratings expects expect high energy prices will boost Petroliam Nasional Bhd’s (Petronas) upstream earnings.

It said in a statement today that higher petroleum-related revenues provide additional mitigation amid volatility in global oil prices.

“Historically, Petronas upstream earnings accounted for the majority of its profits. Petronas has budgeted RM20 billion in dividends for 2026, although future distributions could increase if earnings exceed its expectations,” it said.