MANILA, Philippines — Pangilinan-led PXP Energy Corp. trimmed its net loss to P2.6 billion in the three months ending March this year as it recorded higher output and sales despite lower prices.
In a disclosure on Wednesday, PXP Energy said the figure was a contraction of 57 percent from the P6.1 billion in the same period a year ago.
Consolidated revenues improved by 47.2 percent to P26.3 million but consolidated costs and expenses climbed by 20.6 percent to P27.1 million.
The listed company recorded a 44.6-percent increase in output sold to end at 196,826 barrels, albeit the average crude price dropped by 1.7 percent to $79.95 a barrel.
READ: PXP Energy’s 2023 net loss widens by nearly 170% to P97.4M
Petroleum production costs surged by 48.2 percent to P16.2 million but it was offset by the reduction in recurring overhead at P10.8 million due to the liquidation of a foreign subsidiary.
PXP Energy said it would continue to coordinate with the government on possible activities in service contracts (SC) 72 and 75 while exploration work in SC 40 will be pursued.
The Department of Energy placed under force majeure both SC 72 and SC 75 in northwest Palawan in 2022 as it suspended oil and exploration activities in the West Philippine Sea.
SC 72 is located in the West Philippine Sea, west of Palawan Island and southwest of the Malampaya gas field while SC 75 covers an area of 6,160 kilometers in offshore Northwest Palawan.
“Meanwhile, PXP will assess and study other oil and gas projects within the Philippines,” including SC 40 in the Visayan Basin spanning the northern part of Cebu Island and the adjacent offshore areas in the Central Tañon Strait and Visayan Sea, it said.