PXP continues to bleed but turnaround seen

MANILA, Philippines – PXP Energy Corp. reported a larger net loss in the first nine months of 2025, but the listed upstream oil and gas firm may soon bounce back following the awarding of three new petroleum service contracts (SCs).

In a disclosure to the local bourse on Thursday, the company said its core net loss had widened to P32.8 million from a year ago’s P17.8 million.

Consolidated net loss attributable to equity holders of the parent firm also surged to P39.8 million from P14.8 million.

READ: PXP Energy widens Q1 net loss on lower Galoc oil output

Its top line also dropped by 22 percent to P50.3 million from P64.8 million.

This was as sales volume fell by 13.5 percent to 414,124 barrels. This was coupled with a 13.8-percent decrease in average crude price, reaching $70 per barrel from last year’s $81.2 a barrel.

PXP Energy, however, noted that its Galoc operations continued to provide “stable output despite being at the tail end of field life.”

Consolidated costs and expenses, meanwhile, also increased to P84.2 million from P78.2 million.

Although it has long been in the red, the group may see a recovery as PXP Energy, together with its partners, received three petroleum SC from the government earlier in October, covering SC 80 and 81 in the Sulu Sea and SC 86 (Octon Block) in Northwest Palawan.

The Sulu Sea blocks—SC 80 and SC 81—are jointly administered by the Department of Energy and the Bangsamoro Autonomous Region in Muslim Mindanao through its Ministry of Environment, Natural Resources and Energy.

Octon Block

SC 86, meanwhile, covers the Octon Block in Northwest Palawan, an area adjacent to established producing oil fields.

“The signing of these contracts marked a major expansion of PXP’s exploration portfolio—entering a key frontier basin and strengthening its presence in a proven petroleum province,” it said.

“The company remains focused on preserving liquidity and maintaining operational readiness while progressing early-phase technical assessments for SC 80 and SC 81, alongside further subsurface work and building on studies previously conducted by the former SC 6A Consortium in SC 86,” PXP Energy added.