PXP Energy widens Q1 net loss on lower Galoc oil output

PHOTO FROM PXP ENERGY/WEBSITE

MANILA, Philippines – Listed upstream oil and gas firm PXP Energy Corp. reported a core net loss of P9.2 million in the first quarter, widening from P2.6 million a year ago, on higher expenses and weaker volume from its Galoc operations.

In a disclosure, consolidated revenues declined by 22.4 percent to P20.4 million from P26.3 million in the same period last year.

This, as the company witnessed a 20-percent drop in its oil output sold to 157,381 barrels.

Average crude oil price in the first three months fell by 5 percent to $76.3 per barrel.

Consolidated expenses, meanwhile, went up to P29.7 million due to higher petroleum production costs and one-time charges incurred by a foreign subsidiary.

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