Petron Overcomes Market Pressures, Reports P5.3 Billion H1 2025

​Oil industry leader Petron Corporation sustained its financial resilience in the face of market challenges, posting a net income P5.3 billion for the first half of the year.

Escalating geopolitical tensions in the Middle East, global tariff tension, and the decision of OPEC plus members to unwind production cuts pushed Dubai crude prices to hit as low as USD64 per barrel in May before recovering to USD69 in June. As a result, Dubai crude averaged USD72 per barrel in the first half, 14% lower than last year’s USD83 per barrel.

Petron’s strategic marketing initiatives enabled its Philippine operations to capture the local demand growth with retail volumes increasing by 13%. Combined with the company’s optimized plant operations and increased production, this helped cushion the impact of weak regional refining cracks and the overall drop in prices during the period. Petron continues to operate the Philippines’ only remaining refinery—the Petron Bataan Refinery in Limay—and the Port Dickson Refinery in Malaysia.

Revenues for the first six months reached P386.4 billion, down 13% from the same period last year, mainly due to lower international oil prices and decreased volumes from Petron’s trading operations in Singapore.

The combined sales volume from the Philippines and Malaysia rose by 3% to 56.2 million barrels versus the previous year’s 54.7 million barrels, fueled particularly by Petron’s strong retail performance in the Philippines. Including trading transactions of the company’s operations in Singapore, consolidated sales volume ended at 64.2 million barrels, down 7% from 69.1 million barrels in 2024.

Petron President and CEO Ramon S. Ang underscored the key factors behind the company’s robust performance. “Our results continue to reflect our resilience in overcoming market challenges, while highlighting the strength of the Petron brand across different customers and industries. We remain confident in our ability to drive growth as we further enhance our operations towards greater efficiency and sustainability,” he said.

Petron has raised P32 billion through its latest fixed-rate bonds offering, confirming strong investor confidence. The base offer of P25 billion was 1.3x oversubscribed, leading to an oversubscription of P7 billion. Proceeds from this fundraising activity were allotted for the redemption of the company’s Series D and E bonds, and funding for general corporate purposes, among others.