Petron nets P4B despite challenging environment
Billionaire Ramon Ang-led Petron Corp. reported a slight improvement in its bottom line for the first three months of 2025 despite “continued volatility” in the oil sector.
The company said Tuesday that its net income had reached P4.03 billion, up by 2.5 percent from P3.93 billion in the same period last year.
Its full financial statement has yet to be disclosed. The oil firm also did not respond to questions on the driver of the earnings growth.
Consolidated revenues, meanwhile, declined by 14.6 percent to P194.38 billion against the P227.64 billion generated a year ago due to lower prices and limited trading volumes.
It said that while oil prices had already jumped to $80 per barrel in January, benchmark Dubai crude fell to $72 per barrel in March. Crude oil prices ended the quarter with an average price of $77 per barrel, 5 percent down from a year ago.
In its Philippine operations, Petron said retail sales improved by 14 percent, while commercial sales also saw slightly better figures, owing to higher jet fuel and liquefied petroleum gas sales.
The sustained momentum of its domestic sales, however, was dampened by weaker export sales.
Combined sales volume from its Philippine and Malaysian operations stood at 27.6 million barrels, a 5-percent dip from 2024.
Volatile market
Ang, the president and chief executive officer, said Petron “continue[s] to operate in a volatile and unpredictable market,” especially with recent developments in the United States’ tariff policies and geopolitical tensions.
Another factor weighing down sentiments in the industry was the decision of the OPEC+ (Organization of the Petroleum Exporting Countries and allies led by Russia) to boost their production despite demand uncertainties.
“As we navigate through these setbacks, we remain committed to enhancing our efficiency and strengthening our performance to sustain our market leadership and further our role as a nation-builder,” Ang said.
Petron, the country’s only oil refiner, supplies about 40 percent of the total fuel requirements nationwide through its refinery in Bataan.
