PXP Energy Corporation, primarily owned by Philex Mining Corporation, posted a core net loss of PHP 21.1 million for the first half of 2025, more than double the PHP 9.5 million loss in the same period last year, citing weaker crude prices, lower volumes from Galoc operations, and increased production costs.

Consolidated net loss attributable to equity holders of the parent company reached PHP 22.8 million, compared to PHP 9.2 million in the first half of 2024, the company reports in its July 30 disclosure with the Securities and Exchange Commission.

Revenues dropped 22.6% to PHP 33.2 million from PHP 42.9 million, as sales volume declined 9.2% to 280,742 barrels and the average realized crude price fell 13.9% to USD 70.7 per barrel.

Costs and expenses climbed to PHP 55.0 million from PHP 49.1 million, with petroleum production costs rising to PHP 28.6 million and overhead increasing to PHP 26.4 million. The company noted that the overhead uptick was largely due to a one-off item from a foreign subsidiary.

On the corporate front, PXP completed a share-swap transaction in March, issuing 430.24 million shares to Tidemark Holdings Limited at PHP 3.62 apiece in exchange for 24.13 million shares in Forum Energy Limited. This raised PXP’s effective interest to 97.88% in FEL and 68.5% in Service Contract 72, while Tidemark gained an 18% stake in PXP.

Looking ahead, the company continues to evaluate the Dalingding prospect under SC 40 in northern Cebu and awaits the awarding of Pre-Determined Areas PDA-BP-2 and PDA-BP-3 in the Sulu Sea. It is also pursuing service contracts over the former SC 6A Octon and SC 6B Cadlao Blocks in northwest Palawan. Despite the continued force majeure over SCs 72 and 75, PXP and FEL “remain committed to the long-term potential of these blocks.”

What’s your take on PXP’s upstream prospects amid sustained SC delays and weak market conditions? Join the conversation.

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