PNOC-EC profit up 9% in Q1

PNOC Exploration Corp., the upstream oil and coal arm of state-owned Philippine National Oil Co., posted a 9-percent hike in its net income to P741.9 million in the first quarter from P680.9 million a year ago.

PNOC-EC told the Philippine Stock Exchange that the increase could be attributed to the increase in the average prices of gas and condensate, gas offtake and in average coal prices during the period as against the same time last year.

PNOC-EC’s revenue also rose by 3.7 percent to P2.49 billion in the first three months of the year from P2.40 billion a year ago.

However, PNOC-EC’s other income declined by 63 percent to P12.85 million from P34.43 million a year ago due to lower interest earnings. Administrative expenses rose by 93 percent to P206 million, given the huge exploration costs incurred during the period.

PNOC reported that the Malampaya gas field off Palawan continued to provide the gas requirements of three facilities in Batangas: the 1,000-megawatt Sta. Rita and 500-MW San Lorenzo gas plants owned by First Gas of the Lopezes and the 1,200-MW Ilijan gas facility, owned by Korea Electric Power Co. Total gas sales for the period reached 34.78 billion cubic feet while total condensate sales stood at 0.92 million barrels, PNOC-EC reported.

For its petroleum exploration business, PNOC-EC said it conducted ocular inspection in various drilling pad sites and continued pre-drilling works for its planned exploration activities under Service Contract 27 in Cagayan.—Amy R. Remo