Petron Corporation reported P867.97 billion in revenue for 2024, an 8% increase from the previous year, as it expanded market share and sales volume despite volatile global oil prices. The company reinforced its position as the leading oil firm in the Philippines, growing its market share to 24.9% in the first half of 2024, up from 23.1% at the end of 2023, based on Department of Energy (DOE) data.
Petron’s sales volume rose 10% to 139.85 million barrels, driven by higher demand and network expansion. Philippine operations and its Singapore trading subsidiary led the growth, with combined sales reaching 92.49 million barrels, a 16% increase from 2023. Retail sales climbed 18%, supported by the country’s largest fuel station network, while commercial sales grew 6%, bolstered by strong performance in the aviation sector.
While Petron Malaysia faced headwinds due to policy changes in fuel subsidies, the company remained resilient despite a scheduled maintenance shutdown of its Port Dickson refinery in Q4 2024, which impacted production and exports.
Global oil markets remained unstable due to geopolitical conflicts and fluctuating crude prices, with Dubai crude averaging $80 per barrel. Prices peaked at $89 in April before falling to $73 by year-end, affecting regional refining margins. Despite these challenges, Petron posted an operating income of P29.22 billion, slightly lower than P30.72 billion in 2023, while net income declined by 16% to P8.47 billion.
Petron President and CEO Ramon S. Ang highlighted the company’s resilience and continued growth. “These results demonstrate our ability to adapt to market conditions while strengthening our leadership,” said Petron President and CEO Ramon S. Ang. “With the continued support of our customers, employees, and partners, we remain focused on sustainable growth and contributing to our country’s economic progress.”
What are your thoughts on Petron’s continued market dominance amid challenging global oil conditions? Will strategic expansion and efficiency measures keep it ahead in the energy sector? Share your insights in the comments below and follow Power Philippines for more updates on the energy industry!
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