PXP Energy cuts losses to P33.3M in 2024
PHOTO FROM PXP ENERGY/WEBSITE
MANILA, Philippines — Pangilinan-led PXP Energy Corp., an upstream oil and gas firm, trimmed its losses by 21.6 percent in 2024 following an increase in volume lifted and lower overhead expenses.
In a disclosure on Thursday, PXP Energy said its core net loss was cut to P33.3 million from P42.5 million in 2023.
Consolidated net loss attributable to equity holders of the parent company also narrowed to P30.9 million, a big chop from P97.4 million.
Petroleum revenues in the period went up by 6 percent to P67 million from the previous 63.2 million. The group said the improved topline was buoyed by higher output sold at 498,126 barrels (bbls), higher from the previous year’s 475,183 bbls.
READ: PXP Energy narrows losses on higher crude oil prices
PXP Energy said this partially mitigated the decrease in average crude oil price in Service Contract (SC) 14C-1 Galoc block, which reached $79.97 per barrel from $80.50 a barrel in 2023.
Cost and expenses also dropped to P91.8 million from P102.6 million.
The group reiterated it would continue to work with the government to push for exploration activities in SC 72 and SC 75.
The Department of Energy earlier declared a force majeure for SC 75 and 72 as the agency ordered the suspension of oil exploration activities in the West Philippine Sea last April.
SC 72 in Recto Bank covers the Sampaguita natural gas discovery and is situated close to the Malampaya gas field. SC 75, meanwhile, is located in Northwest Palawan spanning 6,160 square kilometers with PXP Energy as the operator.
PXP Energy also noted it was waiting for the awarding of two new petroleum exploration areas, PDA-BP-2 and PDA-BP-3, located in the southwestern Sulu Sea basin.
It added that the company was “actively assessing the feasibility” of the SC 40, or the North Cebu Block located in the Visayan Basin in the central part of the Philippines.
“[We] will continue to study other oil and gas projects within the Philippines,” it said.
