PXP Energy Corporation Narrows Losses to P17.8 Million on Higher Crude Oil Prices

​PXP Energy Corporation's Core Net Loss was lower at P17.8 million (9M 2023: P23.9 million) due to slightly higher average crude oil price and volume lifted from SC 14C-1 Galoc operations, a reduction in overhead, and lower net interest expense. Consolidated Net Loss Attributable to Equity Holders of the Parent Company was also lower at P16.7 million (9M 2023: P22.9 million).

​Consolidated petroleum revenues slightly increased by 2.8% to P64.8 million (9M 2023: P63.0 million), following marginal improvements in average crude price to US$81.2/bbl (9M 2023: US$80.5/bbl) in addition to higher output sold at 478,999 bbls (9M 2023: 475,183 bbls) in SC 14C-1 Galoc.

Consolidated costs and expenses was trimmed down to P78.2 million (9M 2023: P82.1 million) due to significant reduction in recurring overhead to P37.0 million (9M 2023: P41.0 million) and lower net interest expense - net of P2.3 million (9M 2023: P3.0 million), slightly offset by the increase in petroleum production costs to P41.2 million (9M 2023: P41.1 million).

On August 27, 2024, the Joint Venture comprising PXP Energy Corporation (PXP), The Philodrill Corporation, Sunda Energy Plc (UK), and Operator Triangle Energy (Global) Limited (Australia) (or collectively the JV), submitted the bid documents for Pre-Determined Area BARMM Petroleum (“PDA-BP”) - 2, formerly SC 56 of ExxonMobil, and PDA-BP-3, formerly SC 41 of Tap Oil, which were offered by the Department of Energy and the Ministry of Environment, Natural Resources, and Energy (MENRE) of the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM).

The JV was the sole bidder for the two blocks, and its applications were found to be complete, thus qualifying them for further substantive legal, financial, and technical evaluation.

Outlook

Both PXP and Forum Energy Limited (the Group) remain committed in both SC 72 and SC 75 despite the extended force majeure on both blocks. Meantime, PXP is hopeful that its applications for both PDA-BP-2 and PDA-BP-3 will be awarded to the JV soon. On the other hand, feasibility studies on SC 40’s Dalingding-2 prospect are currently ongoing. Lastly, PXP will continue to assess and study other oil and gas projects within the Philippines.

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