PXP Energy’s 2023 net loss widens by nearly 170% to P97.4M

MANILA,  Philippines  — Manuel Pangilinan-led PXP Energy Corp. widened its net loss by 169.81 percent to P97.4 million in 2023 due to lower returns from its operations in the Galoc oil field and higher interest expenses.

In a stock exchange filing on Thursday, PXP Energy said consolidated costs and expenses slightly rose to P102.6 million from P99.6 million on the back of a rise in administrative costs of its foreign subsidiaries.

At the same time, petroleum revenues declined by 14.7 percent to P63.2 million, as average crude prices were lower at $80.5 per barrel, down from $94.5 per barrel.

Yields from service contract (SC) 14C-1, or the Galoc oil field, slightly decreased to 475,183 barrels from 479,955 barrels.

PXP Energy again said it would continue to coordinate with the government for the possible resumption of activities in both SC 72 and 75.

The Department of Energy placed both service contracts under force majeure in April 2022, suspending oil and exploration activities amid tensions in the West Philippine Sea.

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SC 72 in Recto Bank covers 8,800 square kilometers and is located west of Palawan island. SC 75, meanwhile, is located in northwest Palawan spanning 6,160 square kilometers.

“Meanwhile, PXP will assess and study other projects in the Philippines,” the company said.

PXP Energy was present during the launch of the Department of Energy’s first conventional energy bid round for the Bangsamoro Autonomous Region in Muslim Mindanao earlier this week.

READ: PH opens BARMM for energy exploration

The company did not disclose whether it planned on bidding for any of the three areas up for grabs for petroleum exploration.