PetroEnergy Resources Corporation (PERC) reported lower first-quarter 2026 earnings as the absence of oil revenues from its Gabon operations offset gains from its expanding renewable energy portfolio.

The Yuchengco-led energy company posted consolidated net income of PHP 240.62 million for the quarter ended March 31, 2026. This is down from PHP 280.80 million in the same period last year. Net income attributable to equity holders of the parent company also slipped slightly to PHP 139.92 million from PHP 143.46 million.

Despite the earnings decline, PERC said its renewable energy operations remained the company’s primary revenue source during the quarter.

Electricity sales increased slightly due to the full operation of the 13.2-megawatt (MW) Nabas Wind Power Project Phase 2, continued operations of the 27-MWDC Dagohoy Solar Power Project and 19.6-MWDC San Jose Solar Power Project, as well as the commencement of generation from the 34-MWDC Limbauan-2 Solar Power Project.

Improved tariff rates from the 36-MW Nabas Wind Power Project Phase 1 and the 50-MWDC Tarlac Solar Power Project Phase 1 also contributed to higher revenues.

However, the gains were partially offset by scheduled preventive maintenance shutdowns at Maibarara Geothermal Inc.’s geothermal units in March.

Meanwhile, no oil revenues were recorded during the quarter because there were no crude oil liftings allocated to consortium partners under the Etame oil operations in Gabon, West Africa.

PERC also reported stronger balance sheet figures, with consolidated assets increasing 7.53% year-on-year to PHP 25.61 billion from PHP 23.82 billion. Book value per share likewise improved to PHP 14.88 from PHP 14.44.

Looking ahead, the company said it continues to strengthen its renewable energy pipeline through battery energy storage and solar projects in Capiz.

These include the ongoing construction of the 20-MW / 40-megawatt-hour Panitan Energy Storage Project and the pre-development of the 98.2-MWDC / 80-MWAC Panitan Solar Power Project.

PERC said these investments are being financed through internally generated funds and project-related borrowings as part of the company’s long-term renewable energy expansion strategy.

As renewable energy projects continue expanding across the country, will energy firms increasingly rely on clean energy assets to offset the volatility of traditional oil operations?

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