Petron Corporation's Q12024 Net Income of P3.93 Billion Marks a Great Start to the Year

Petron Corporation performed admirably in the first quarter of 2024, increasing its net income from P3.4 billion to P3.93 billion, a 16% increase over the same period the previous year.

Petron's businesses in the Philippines and Malaysia saw broad-based growth in all business categories, resulting in a consolidated sales volume of 35.29 million barrels, which is 23% more than the 28.59 million barrels recorded in 2023. Greater production at Petron's refineries in Bataan and Port Dickson helped to sustain the increase in sales volume.

Petron's successful retail execution and the ongoing market recovery drove an 11% increase in consolidated retail sales. Meanwhile, the significant increase in jet fuel and LPG sales drove an 11% increase in commercial volumes. The extra export volumes brought about by increased refinery production also contributed to a significant growth in export volumes of more than 90%.
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Importantly, the company's sales volume within the purview of its Philippine operations—which encompasses the trading volume of its Singaporean subsidiary—saw a 28% increase from 17.7 million barrels in 2023 to 22.72 million barrels.

Meanwhile, the growing geopolitical tensions in the Middle East persisted, having an impact on the global oil market. The benchmark Dubai crude price increased by 9% to US$84 per barrel by March of this year, following a 17% decline in the last quarter of 2023 to end at $77 per barrel in December. In contrast to the same period last year, prices in the first quarter of 2024 stayed essentially unchanged.

Petron's robust volume growth contributed to its consolidated sales for the first three months of P227.64 billion, up 21% from P188.75 billion in the same period last year. Similar to operating income, which increased by 21% to P10.17 billion from P8.42 billion the previous year, operating income demonstrated the company's tenacity in the face of difficult macroeconomic circumstances.
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"We have been strengthening our recovery and growth following the pandemic, thanks to our efficiency measures, volume strategy, and sustainability agenda. We are pleased to start the new year on a strong note, and we hope to sustain this momentum as we work towards new goals this 2024,” said Petron President and CEO Ramon S. Ang.

The company is eager to expand its sustainability initiatives, which center on waste management, water conservation, energy efficiency, and carbon sequestration. As it continues to adopt new reforestation sites, Petron has been gradually expanding the scope of Puno ng Buhay, its flagship environmental program. In order to guarantee food security in Bataan, the Philippines' homegrown oil business, Petron Refinery, recently pledged to assist in the restoration of the Limay Fish Sanctuary in collaboration with the local government.