Oil refiner Petron Corp. said Tuesday its net income reached P4.03 billion in the first quarter of 2025, up from P3.9 billion in the same period in 2024, sustaining last year’s level of performance despite continued volatility in the international market.
“We continue to operate in a volatile and unpredictable market. 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,” said Petron president and chief executive Ramon Ang in a statement
Consolidated revenues reached P194.38 billion, a 14.6 percent decline from the previous year’s P227.64 billion due to lower prices and limited trading volumes entered by Petron’s Singapore operations.
Petron said the international oil market absorbed the initial impact of the imposition of US tariffs on major trade partners, persisting geopolitical tensions in the Middle East and the announcement by the Organization of the Petroleum Exporting Countries and its allies of their plans to unwind voluntary production cuts.
It said the benchmark Dubai crude, used as pricing benchmark by oil refiners, dropped to $72 per barrel in March from $80 per barrel closing the first-quarter with an average of $75 per barrel, which was 5 percent lower than the same period last year.
Meanwhile, regional refining cracks continued to compress from their 2024 levels, declining further by more than 40 percent during the period.
Retail sales in the Philippines grew by 14 percent, affirming the company’s strategy to draw more motorists by offering an overall positive customer experience, while commercial sales posted a slight gain mainly on higher jet fuel and LPG sales.
Petron said this growth in domestic sales was offset by lower export sales.
The combined sales volume from its Philippine and Malaysian operations ended at 27.6 million barrels, or 5 percent down from last year.
Petron said it maintained its financial resilience and strong presence in the industry amid market challenges and uncertainties.
It said operating income, although lower than last year at P9.47 billion, was significantly better than targets.
