San Miguel Corporation’s energy and fuel businesses delivered mixed results in the first nine months of the year as lower crude prices and market changes affected revenues but supported improvements in profitability.

Petron Corporation reported higher combined sales volume of 84.7 million barrels for the Philippines and Malaysia, which is up 3% from last year. Growth was driven by an 11% rise in Philippine retail sales and a 5% increase in commercial sales, even as lower Dubai crude prices pushed revenues down 10% to PHP 594.9 billion.

Despite the revenue decline, Petron’s profitability improved. Operating income grew 20% to PHP 26.6 billion, lifted by strong domestic sales, lower costs, and better plant efficiency. Net income increased 37% to PHP 9.7 billion, while EBITDA rose 15% to PHP 37.5 billion.

In the power sector, SMC Global Power Holdings Corp. posted PHP 118.8 billion in revenues, 23% lower year-on-year due to the deconsolidation of Ilijan and EERI (Excellent Energy Resources Inc.) and softer coal and spot market prices. Operating income increased 4% to PHP 34.8 billion, helped by stronger contribution from its battery energy storage system business.

As energy markets continue to shift, how might these results shape SMC’s strategy in fuel, power, and emerging technologies?

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