Petron Corporation opened the year strong posting consolidated revenues of P129 billion for the first quarter of 2018, 21 percent higher than the previous year’s P106 billion. Consolidated net income reached P5.8 billion for the same period, its highest quarterly income in history. This is up 4 percent from the P5.6 billion income over the same period in 2017.
The company said stable and improved operating efficiencies at its Bataan refinery significantly contributed to its positive performance during the first quarter.
Despite higher international oil prices and softer demand, Petron also sustained strong sales with combined volumes of 26.6 million barrels. This was driven by a 5 percent increase in consolidated domestic sales equivalent to over 1 million barrels, which is at par with last year’s volumes which reached all-time highs.
The benchmark Dubai crude in the first quarter of this year surged by 20 percent to nearly US$64/barrel compared to the same period in 2017.
During the period, Petron’s 180,000 barrel-per-day Bataan refinery hit its highest ever utilization rate at 99 percent or near full capacity.
“Our financial and operating performance in the first quarter of 2018 is a strong indication that we are on track for another unprecedented year. While we are focused on high-margin segments such as retail, we are also fast-tracking our logistics projects to further integrate our value chain, reflecting increased demand for Petron’s superior products,” Petron President and CEO Ramon S. Ang said.
Recently, Petron’s R&D team enhanced the formulation of its premium Turbo Diesel to help improve performance of the most advanced and sophisticated diesel engines. In a 230-kilometer run, Turbo Diesel marked a significant 21 percent improvement in terms of fuel economy.
In early 2017, the Company introduced the Blaze 100 Euro 6 which meets the world’s most advanced environmental and performance standards.
“This year promises to be a challenging one but with our ability to quickly deal and adapt to trends and changes, we will remain the market leader, secure better results, and continue to be a great company to work in and to own,” Ang added.