Sustaining its 2024 performance, Petron Corporation recorded a PHP4.03 billion profit in Q1 2025, navigating lower oil prices and tightening refining margins through strong domestic sales.
The oil giant posted consolidated revenues of PHP194.38 billion, lower than the PHP227.64 billion it recorded in the same quarter last year. The drop was largely due to softer global prices and fewer trading volumes from its Singapore unit.
In the global market, prices declined in response to multiple headwinds—including U.S. tariffs on major trade partners, ongoing conflicts in the Middle East, and OPEC Plus’ announcement to gradually reverse voluntary production cuts. After hitting USD80 per barrel in January, Dubai crude fell back to USD72 in March, averaging USD77 per barrel for the quarter—down 5% from the same period in 2024.
Regional refining margins were also under pressure, sliding by over 40% from last year’s levels.
Despite this backdrop, Petron’s domestic operations performed steadily.
Retail sales in the Philippines grew by 14%, fueled by efforts to improve customer experience and attract more motorists. Commercial sales were also slightly up, supported by higher demand for jet fuel and liquefied petroleum gas (LPG).
However, gains from domestic sales were tempered by a slowdown in exports. Combined sales volume from Petron’s Philippine and Malaysian operations reached 27.6 million barrels, 5% lower than last year.
Operating income reached PHP9.47 billion—lower than last year’s but still significantly above internal targets.
“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 CEO Ramon S. Ang.
Petron emphasized its strategy of maintaining financial resilience and a strong domestic presence, particularly amid global uncertainty.
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