PXP Energy Corp. (PXP) trimmed its net loss to P3.68 million in the second quarter from P18.81 million in the same period last year as a result of higher profit from its Galoc oil field operations and the reduction in general and administrative expenses.
In a disclosure to the stock exchange, PXP said that in the first half, it managed to reduce its consolidated net loss attributable to parent firm equity holders to P6.41 million from P23.15 million a year ago.
The upstream oil and gas company’s Galoc operations lie within the service contract (SC) 14C-1 block located in the offshore northwest Palawan basin.
In the second quarter, PXP’s trimmed net loss comes as the company recorded a 34.1% increase in petroleum revenues to P26.3 million from P19.61 million previously.
Petroleum revenues during the first half surged 130% to P45.11 million from P19.61 million after two completed liftings of crude totaling 291,216 barrels in SC14-C.
In the same semester last year, PXP recorded one lifting totaling 222,038 barrels.
The price per barrel was also higher in the first half of this year at $97.13 from $63.48 a year earlier.
For the outlook this year, PXP said it will continue to coordinate, along with Forum (GSEC 101) Ltd., with the government to resume activities in SC 75 and 72.
SC 72 in Recto Bank has a total area of 8,800 square kilometers. It is operated by PXP’s subsidiary Forum (GSEC 101) with a 70% participating interest.
SC 75 in the offshore northwest Palawan basin is operated directly by PXP with a participating interest of 50%.
Meanwhile, the group has assured that it will continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 and SC 74.
On Thursday, shares in PXP declined by 1.75% or P0.10 to close at P5.60 each on the stock exchange. — Ashley Erika O. Jose