Shell posts Php3.37B profit in first 9 months

Pilipinas Shell Petroleum Corporation (PSPC) said reported an increase in its net income to Php3.37 billion from January to September this year, a reversal from its Php13.9 billion loss in the same period last year.

Shell said it managed to do so despite the mobility slowdown due to the Enhanced Community Quarantine last August and Alert Level 4 restrictions in September. 

The country’s second-largest oil firm credits the overcoming of adversity to its strong marketing performance and business resilience.

“Our renewed strategy has been proven effective for our business to thrive amidst the resurgence of selected lockdowns in the country. We are continuously growing our capacity for the remainder of 2021, to prepare for the near and medium-term demand pick-up as active new COVID cases decline, vaccination programs accelerate, and travel restrictions ease,” PSPC President and CEO Cesar Romero said in a statement.

For the third quarter, or from July-September, Shell posted a Php1.14 billion profit this year compared to a Php7.13 billion loss year-on-year.

On Tuesday, Shell announced that Romero will step down as its chief in the Philippines on November 30. He will, however, stay with the company until January 31, 2022 “to ensure a smooth and streamlined transition and handover.” Shell Philippines Exploration B.V. (SPEX) managing director Don Paulino earlier left his post in September.

Romero and Paulino’s departures come amid the controversy surrounding Udenna Corporation’s purchase of SPEX’s and Chevron’s shares of 45% each in the Malampaya gas project.