PXP posts lower net loss of P33m on higher Galoc offtake
By Alena Mae S. Flores – February 27, 2025, 7:30 pm
from manilastandard.net
PXP Energy Corp. said Thursday it posted a lower core net loss of P33.3 million in 2024, compared with P42.5 million in 2023 on higher volume lifted from the Galoc oil operations, reduction in overhead and lower net interest expense.
PXP said in a disclosure to the Philippine Stock Exchange this was partly offset by the slight decline in average crude oil price during the period.
Consolidated net loss attributable to equity holders of the parent company was also lower at P30.9 million from P97.4 million in 2023 due to the decrease in impairment charges, net of gain from the change in decommissioning estimates of oil assets.
Consolidated petroleum revenues increased 6 percent to P67.0 million from P63.2 million the previous year, following higher output sold at 498,126 barrels from 475,183 bbls.
This was partially offset by the slight downturn in average crude price to $79.97 per bbl from $80.50 per bbl in 2023 in Service Contract 14C-1 Galoc.
PXP trimmed its consolidated costs and expenses to P91.8 million last year from P102.6 million in 2023 due to significant reductions in both production costs and in recurring overhead to P37.5 million from P39.9 million and P54.4 million from P62.7 million, respectively.
Meanwhile, PXP and Forum Energy Ltd. said they remain committed in both SC 72 (Recto) and SC 75 despite the extended force majeure on both blocks due to the ongoing territorial dispute with China.
“We can’t do anything when the moratorium is there because by our government. Because we don’t own the asset. It’s owned by the government,” PXP chairman Manuel Pangilinan said.
PXP and its joint venture partners are anticipating the awarding of services contracts in pre-determined area (PDA)-BP-2 and PDA-BP-3, both located offshore in the southwestern part of the Sulu Sea basin, soon.
“On the other hand, the company is actively assessing the feasibility of SC 40’s Dalingding prospect located in onshore northern Cebu and will continue to study other oil and gas projects within the Philippines,” the company said.
