PXP Energy widens net loss to P9.2M
Listed upstream oil and gas firm PXP Energy Corp. saw a wider net loss in the first three months of 2025 due to higher expenses and weaker volume from its Galoc operations.
In a disclosure Thursday, the company said core net loss reached P9.2 million, up from P2.6 million a year ago.
Consolidated net loss attributable to equity holders of the parent company deepened to P9.4 million from P2.6 million.
Consolidated revenues also declined by 22.4 percent to P20.4 million.
This, as the company witnessed a 20-percent drop in sales volume, securing just 157,381 barrels from Galoc under Service Contract (SC) 14C-1. Average crude oil price during the period in review fell by 5 percent to $76.3 per barrel.
Consolidated expenses, meanwhile, rose to P29.7 million due to higher petroleum production costs and one-time charges linked to its foreign subsidiary.
The group said it was studying the feasibility of the Dalingding prospect under SC 40, located onshore in northern Cebu.
It reiterated that PXP Energy was still “open to pursuing other oil and gas opportunities across the Philippines.”
PXP Energy said it was waiting for the awarding of two new petroleum exploration areas located in the southwestern Sulu Sea basin.
“Despite the extended force majeure over Service Contracts 72 and 75, PXP and FEL (Forum Energy Limited) continue to demonstrate a strong commitment to resuming exploration activities in both blocks,” it said.
The Department of Energy ordered the suspension of oil exploration activities in the West Philippine Sea amid escalating tensions in the contested waters.
