Phoenix Petroleum Philippines, Inc. of Davao-based tycoon Dennis Uy is now among the country’s “Big Three” oil industry players.
Data from the Department of Energy (DOE) in the first half of the year shows that Phoenix now ranks as the Philippines’ third-largest oil firm with 6.86% of market share, up from fourth place in the same period last year.
Petron Corporation still leads the oil industry, holding 24.88% of market share, followed by Pilipinas Shell Petroleum Corporation with 18.25%. Following Phoenix is Unioil at fourth with 6.48%.
Chevron Philippines, the longtime third-biggest player, is now at fifth place with 6.13%. Incidentally, Udenna Corporation — Phoenix’s parent firm — completed the purchase of Chevron’s 45% stake in the Malampaya gas-to-power project back in March. Udenna is now interested in the other 45% currently owned by Shell.
Phoenix currently operates 660 service stations nationwide, with 90% of them remaining operational and with an uninterrupted supply chain flow at the height of the lockdowns.
The company earlier reported that it was able to reduce net loss from Php386 million in the first quarter to only Php5 in the second quarter.
DOE data also reveals that Phoenix’s share in the liquefied petroleum gas market went up from 5.61% in 2019 to 6.57% in 2020.