PXP Energy Corp. on Thursday reported a higher core net loss in the first quarter of 2025, amounting to P9.2 million compared to P2.6 million in the same period last year.
The company attributed the slight increase in losses to the lower volume and decrease in price from crude oil sold by Galoc operations in northwest Palawan and increased overhead costs.
Net loss attributable to equity holders of the parent company amounted to P9.4 million, up from P2.6 million, as revenues dropped 22.4 percent to P20.4 million from P26.3 million, following a 20-percent decline in oil output sold to 157,381 barrels from 196,826 bbls and a 5-percent decrease in average crude oil price.
Consolidated costs and expenses were higher at P29.7 million, reflecting higher petroleum production costs at P17.3 million and an increase in overhead at P12.4 million due to nonrecurring expenses in a foreign subsidiary.
Meanwhile, the company said is evaluating the feasibility of the Dalingding prospect under Service Contract 40, located onshore in northern Cebu, and remains open to pursuing other oil and gas opportunities across the Philippines.
PXP and its joint venture partners are anticipating the awarding of pre-determined areas PDA-BP-2 and PDA-BP-3, both located offshore in the southwestern portion of the Sulu Sea basin by the Department of Energy.
PXP along with its partners, Triangle Energy (Global) Limited, Sunda Energy Plc. and The Philodrill Corp. submitted its bid documents to the DOE and the Ministry of Environment, Natural Resources and Energy on Aug. 27, 2024 for the two areas.
“Despite the extended force majeure over Service Contracts 72 and 75, PXP and FEL [Forum Energy Ltd.] continue to demonstrate a strong commitment to resuming exploration activities in both blocks,” the company said.
PXP is an upstream oil and gas company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange.
