PXP Energy cuts losses in 1st half

PXP Energy recorded a lower core net loss of Php22.2 million in the first half of 2021, 19% lower from Php26.9 million in the same period last year.

The Manny V. Pangilinan-led firm likewise reported an unaudited consolidated net loss attributable to equity holders of the parent company at Php23.2 million in the first half of 2021, which is 62.7% lower from Php44.4 million in the same period in 2020.

PXP Energy’s consolidated petroleum revenues increased by 220.3% at Php19.6 million from Php6.1 million in the same period last year due to the 250% surge in the sale price of crude oil from the Galoc oil field in Palawan, which registered at $63.48 per barrel. This was offset by Galoc’s slightly lower output.

Consolidated costs and expenses were 37.8% higher at Php54.4 million because of lower petroleum production costs in Galoc at Php13.9 million, offset by the doubled increase in general and administrative expenses at Php40.5 million.

In May, the firm cut its core net loss by 66.9% to Php5.6 million in the first quarter of the year from Php16.9 million in the same period last year.

Aside from Galoc, or Service Contract (SC) 14C-1, PXP Energy also holds the exploration rights to SCs 72, 74, and 75 in the West Philippine Sea. Pangilinan had earlier expressed the firm’s intention to push forward with exploration activities in the SC72 block even without a partner.