PXP Energy Corporation Reported a P2.6 Million Core Net Loss in Q12024

PXP Energy has announced its financial and operating expenses for the first quarter of 2024. Core Net Loss dropped to P2.6 million (1Q 2023: P6.6 million) due to increased crude oil sales from Galoc operations, lower recurrent expenses, and greater interest income. The consolidated net loss attributable to equity holders of the parent company also decreased to P2.6 million (2023: P6.1 million).

Consolidated petroleum revenues increased by 47.2% to P26.3 million (1Q 2023: P17.9 million), following a 44.6% rise in output sold at 196,826 bbls (1Q 2023: 136,087 bbls), despite a marginally lower average crude price of US$79.95/bbl (1Q 2023: US$81.36/bbl) in SC 14C-1 Galoc.

Consolidated costs and expenses were P27.1 million (1Q 2023: P22.4 million), as petroleum production costs rose to P16.2 million (2023: P10.9 million), offset by a reduction in recurring overhead of P10.8 million (2023: P11.5 million) due to the liquidation of a foreign subsidiary.

Outlook

PXP Energy Corporation (PXP) and Forum Energy Limited will continue to work with the government to plan any future actions in SC 72 and SC 75. SC 40 will be explored further. Meanwhile, PXP will evaluate and research other oil and gas prospects in the Philippines.

Philex Petroleum Corporation (Philex Petroleum) is an upstream oil and gas company incorporated in the Philippines in December 2007 as a wholly-owned subsidiary of Philex Mining Corporation.