PetroEnergy Resources Corporation (PERC) grew its revenues in the first half of 2025 as new wind and solar projects boosted electricity sales, even as lower oil prices and financing costs for expansion weighed on earnings.

From January to June, consolidated revenues climbed 15% to PHP1.99 billion, up from PHP1.73 billion a year earlier. The increase was fueled by a 13.03% rise in electricity sales to PHP1.59 billion, following the addition of capacity from several renewable energy facilities. These include the initial 6.6-megawatt phase of the Nabas-2 Wind Power Project in Aklan, the 27-megawatt Dagohoy Solar Power Project in Bohol, and the 19.6-megawatt San Jose Solar Power Project in Nueva Ecija.

The turnover of a 3.002-megawatt solar rooftop facility to Isuzu Autoparts Manufacturing Corporation in Laguna Technopark also contributed to higher other revenues.

Oil revenues, however, dropped to PHP245.99 million from PHP279.54 million in the same period last year. This reflects a decline in average global crude prices to USD71.19 per barrel from USD83.81 per barrel in 2024.

Net income attributable to equity holders fell to PHP251.03 million from PHP319.73 million, while consolidated net income slipped to PHP463.75 million from PHP526.99 million. PERC cited lower oil prices, reduced Wholesale Electricity Spot Market rates during commissioning, and higher financing costs tied to new renewable projects as the main factors behind the earnings drop.

The Yuchengco-led firm is pressing ahead with its renewable energy expansion, with the 25-megawatt Bugallon Solar Power Project in Pangasinan and the 40-megawatt Limbauan Solar Power Project in Isabela both slated for completion by the year-end.

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