PXP Energy Corporation Trims its Net Loss to P33.3 Million in 2024

PXP Energy Corporation's Core Net Loss was lower at P33.3 million (2023: P42.5 million) due to higher volume lifted (partly offset by the slight decline in average crude oil price from SC 14C-1 Galoc operations), reduction in overhead, and lower net interest expense.

Consolidated Net Loss Attributable to Equity Holders of the Parent Company was also lower at P30.9 million (2023: P97.4 million) due to the decrease in impairment charges, net of gain from the change in decommissioning estimates of oil assets.

Consolidated petroleum revenues increased by 6.0% to P67.0 million (2023: P63.2 million), following higher output sold at 498,126 bbls (2023: 475,183 bbls), partially offset by the slight downturn in average crude price to US$79.97/bbl (2023: US$80.50/bbl) in SC 14C-1 Galoc.

Consolidated costs and expenses was trimmed down to P91.8 million (2023: P102.6 million) due to significant reductions in both production costs and in recurring overhead to P37.5 million (2023: P39.9 million) and P54.4 million (2023: P62.7 million), respectively.

Meanwhile, under other income and charges, net interest expense - net was higher at P6.9 million (2023: P6.0 million) and provision for impairment and change in estimates in the decommissioning costs of certain oil assets amounted to a net gain of P3.3 million (2023: net charges of P36.3 million) following the surrender of SC74 in 2023.

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 and its Joint Venture partners are anticipating the awarding of PDA-BP-2 and PDA-BP-3, both located offshore in the southwestern part of the Sulu Sea basin, soon. On the other hand, the Company is actively assessing the feasibility of SC 40’s Dalingding prospect located in onshore northern Cebu and will continue to 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.