PXP Energy Corporation has reduced its core net loss to P33.3 million in 2024, down from P42.5 million in the previous year, driven

by higher petroleum output and cost reductions. Consolidated net loss attributable to equity holders also dropped significantly to P30.9 million, reflecting lower impairment charges and improved financial performance.

The company’s petroleum revenues increased by 6% to P67 million, supported by higher production from SC 14C-1 Galoc, which sold 498,126 barrels, up from 475,183 barrels in 2023. However, a slight decline in crude oil prices to $79.97 per barrel from $80.50 per barrel partially offset revenue gains. PXP also reduced its total costs and expenses by 10% to P91.8 million, driven by lower production and overhead expenses.

Despite the extended force majeure on SC 72 and SC 75, PXP remains optimistic about expanding its portfolio, anticipating the awarding of pre-determined a

reas (PDA)-BP-2 and PDA-BP-3 in the Sulu Sea basin. It is also assessing the feasibility of the Dalingding prospect in Cebu and exploring other oil and gas opportunities in the Philippines.

As PXP continues to streamline costs and expand exploration, it reinforces its commitment to energy security and domestic resource development while navigating regulatory and geopolitical challenges in the upstream sector.