Petron income hits P5.8B

Petron Corp. yesterday said its consolidated net income went up by 4 percent to a quarterly record of P5.8 billion in the first three months of 2018.

Also, its revenue jumped 29 percent to P129 billion from P106 billion a year ago.

The oil giant attributes the strong performance to stable and improved operating efficiencies at its Bataan refinery.

This facility was operating 99 percent of its refining capacity of 180,000 barrels daily.

“Our financial and operating performance in the first quarter of 2018 is a strong indication that we are on track for another unprecedented year,” Petron president and CEO Ramon S. Ang said in a statement.

In the first quarter, Petron sold a total of 26.6 million barrels, up by 1.5 percent from 26.2 million barrels a year ago.

It noted that growth in volume was achieved “despite higher international oil prices and softer demand.”

A 5-percent rise in domestic sales, which again breached the million-barrel mark, drove consolidated volume.

Petron said the benchmark Dubai crude price surged by 20 percent in the first quarter to about $64 per barrel.

“This year promises to be a challenging one but with our ability to quickly deal and adapt to trends and changes, we will remain the market leader, secure better results,” Ang said.—RONNEL W. DOMINGO