PXP Energy reduces core net loss to P30.6m

By Alena Mae S. Flores – October 30, 2020 at 07:00 pm
from manilastandard.net

PXP Energy Corp. on Friday reported a slightly lower core net loss of P30.6 million in the first nine months of 2020 from P31.2 million in the same period last year.

PXP Energy said in a disclosure to the stock exchange unaudited consolidated net loss attributable to equity holders of the parent company widened to P52.1 million in the nine-month period from P11.2 million a year ago.

Reported consolidated net loss was also higher at P66.5 million compared with P21.8 million in the same period last year.

Consolidated petroleum revenues declined 71.9 percent to P14.4 million from P51.1 million last year resulting from the 35-percent lower output following normal decline rate in field production in Service Contract 14C-1 Galoc field and the 44-percent slump in Galoc crude sale price because of the worldwide collapse in demand.