PXP Energy books net loss of P96.4m

By Alena Mae S. Flores – March 22, 2019 at 07:40 pm
from manilastandard.net

PXP Energy Corp. posted a higher net loss of P96.4 million in 2018 from P57.1 million in 2017 due to lower oil production, higher depletion cost and decommissioning cost.

PXP Energy disclosed to the Philippine Stock Exchange consolidated net loss attributable to equity holders of the parent company rose to P78.9 million last year from P39.1 million in 2017 on higher costs and expenses.

Consolidated petroleum revenues, however, registered a 3.3-percent increase to P107.9 million from P104.4 million resulting from the 35-percent improvement in crude oil prices that offset the 24-percent decline in volume.

Consolidated cost and expenses were 40 percent higher at P221.4 million from P158.2 million in 2017 brought about by higher depletion cost in the Galoc oil field and the decommissioning of Tara and Libro wells in service contract 14.

Meanwhile, PXP Energy said it would take guidance from the government on any future activity in SC 72 (Recto Bank) and SC 75 (northwest Palawan) amid a territorial dispute with China.