Dennis Uy-led Phoenix Petroleum said that it further increased its market share, based on data from the Department of Energy.
As of May 25, the Davao-based oil firm holds 7.81% of the domestic market share, up from 7.1% at the end of 2020, solidifying its position as the country’s third largest oil player.
“Despite the challenges and setbacks, we’ve remained determined and optimistic throughout this pandemic. As quarantine restrictions become more relaxed, and the country’s vaccination operations continue, safety remains as our top priority, but we are now more optimistic,” Phoenix President Henry Fadullon said in a statement.
Fadullon said back in May that Phoenix’s April business results exceeded pre-COVID levels for the first time since the beginning of the pandemic. He also noted the firm’s commitment to priorities, including providing the best offer to customers, operational excellence, and accelerating growth.
The company posted a Php121 million net income in the first quarter, reversing a Php386.3 million loss in the same period last year. Before this, it suffered a 96% income decline in 2020, but was the only “Big 3” firm to post profit at Php63 million.
Phoenix is a member-company of the Udenna Group, which aims for control of the Malampaya gas-to-power project after purchasing Chevron’s 45% stake in March 2020 and Shell’s 45% last May. Both transactions are now under the Senate’s intense scrutiny.