PXP Energy Corporation reported a steeper core net loss in the first quarter of 2025, but fortified its upstream position by increasing its stake in Forum Energy Limited to nearly 98% through a strategic share swap.
PXP Energy Corporation’s unaudited financial and operating results for the quarter ending March 31, 2025, showed a 253% increase in core net loss to PHP 9.2 million, compared to PHP 2.6 million in the same period last year. The larger consolidated net loss, amounting to PHP 9.4 million, was driven by a 22.4% drop in revenues to PHP 20.4 million—primarily due to a 20% decline in crude oil sales volume and a 5% dip in average selling price from its SC 14C-1 Galoc operations.
Expenses also rose to PHP 29.7 million, up from PHP 27.1 million, reflecting both higher production costs and nonrecurring overhead in a foreign subsidiary.
Despite the red ink, PXP strengthened its strategic footing by closing a share swap with Tidemark Holdings Limited. On March 18, the company issued 430.24 million shares in exchange for 24.13 million shares in Forum Energy Limited, following a Securities and Exchange Commission-approved valuation of PHP 1.56 billion. The transaction raised PXP’s effective interest in Forum and in Service Contract 72 (SC72) while Tidemark gained an 18% stake in PXP.
PXP’s outlook includes evaluating the Dalingding prospect under SC 40 in northern Cebu and eyeing opportunities in offshore Sulu Sea through anticipated awards of Pre-Determined Areas PDA-BP-2 and PDA-BP-3. The company reiterated its commitment to resume exploration in SC72 and SC75 despite the extended force majeure.
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