PXP Energy Corporation incurred a Core Net Loss of P21.1 Million for H1 2025

​PXP Energy Corporation incurred a Core Net Loss of P21.1 million for the first 6 months of the year (6M 2024: P9.5 million), primarily driven by softer crude prices and lower volumes from Galoc operations, as well as higher petroleum production costs. Consolidated Net Loss Attributable to Equity Holders of the Parent Company reached P22.8 million (6M 2024: P9.2 million).

Consolidated revenues reached P33.2 million (6M 2024: P42.9 million), reflecting a 9.2% dip in sales volume to 280,742 barrels (6M 2024: 309,198 bbls) and a 13.9% decline in average realized crude price to US$70.7 per barrel (6M 2024: US$82.1/bbl) amid global market adjustments. Galoc operations remained stable during the period, providing consistent output.

Consolidated costs and expenses rose moderately to P55.0 million (6M 2024: P49.1 million) mainly due to higher petroleum production costs at P28.6 million (6M 2024: P26.2 million) and overhead of P26.4 million (6M 2024: P22.9 million) due mainly to a one-off increase in overhead from a foreign subsidiary. Excluding these one-off items, the Company’s cost levels remained generally in line with prior period.

On 13 February 2025, the Securities and Exchange Commission approved the valuation of Forum Energy Limited (“FEL”) shares held by Tidemark Holdings Limited (“Tidemark”) at Php1.56 billion. Following this approval and completion of closing conditions, PXP issued 430.24 million common shares to Tidemark on 18 March 2025, at Php3.62 per share, in exchange for 24.13 million FEL shares. The share swap was based on an exchange ratio of 17.8337 PXP shares for every FEL share. As a result, PXP’s effective interest increased to 97.88% in FEL and 68.5% in Service Contract (“SC”) 72, while Tidemark became a shareholder owning 18% of PXP.

Outlook

The Company continues to evaluate the feasibility of the Dalingding prospect under SC 40, located onshore in northern Cebu, and remains open to pursuing other oil and gas opportunities across the Philippines. In parallel, PXP and its joint venture partners await the anticipated awarding of Pre-Determined Areas PDA-BP-2 and PDA-BP-3, both located offshore in the southwestern portion of the Sulu Sea basin, as well as the service contract applications over the former SC 6A Octon and SC 6B Cadlao Blocks located offshore in northwest Palawan. Despite the ongoing force majeure over SCs 72 and 75, PXP and FEL remain committed to the long-term potential of these blocks, maintain a prudent approach in managing existing commitments and continue to monitor developments across its portfolio of SCs.

PXP is an upstream oil and gas company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange.