PXP Energy narrows first-half net loss to PHP9.5 million on higher Galoc production

PXP Energy Corp. said on Friday it posted a slightly lower net loss of PHP9.5 million in the first half of 2024 compared to PHP13.4 million in the same period last year.

PXP said in a statement filed with the Philippine Stock Exchange that the increase was due to higher average crude oil prices and higher volumes from its Galoc operations, a slight decrease in overhead costs and lower interest expenses.

Consolidated net loss attributable to shareholders of the parent company decreased to PHP9.2 million in the first half from PHP12.7 million a year earlier.

Consolidated crude oil revenue increased 9.1 percent to PHP42.9 million from PHP39.4 million, driven by a 3.2 percent improvement in the average crude oil price to USD82.1 per barrel from USD79.6 per barrel.

PXP posted a 2.6 percent increase in production from its 14C-1 service contract or the Galoc oil field in northwestern Palawan to 309,198 barrels from 301,339 barrels a year earlier.

Consolidated costs and expenses amounted to P49.1 million. This was offset by a reduction in the company’s recurring overhead costs to P22.9 million from P23.3 million last year.

Meanwhile, PXP and Forum Energy Limited said they will continue to engage with the government on any possible arrangements for operations at both SC 72 and Recto Bank and SC 75.

PXP said it will also continue exploration work at SC 40 and evaluate and investigate other oil and gas projects.