PXP Energy incurred a Core Net Loss of P32.8 million in 9M 2025

PXP Energy Corporation (“PXP” or the “Company”) incurred a Core Net Loss of P32.8 million for the first nine months of 2025 (9M 2024: P17.8 million), primarily due to softer crude prices, lower production volumes from Galoc operations, and higher interest charges. Consolidated Net Loss Attributable to Equity Holders of the Parent Company reached P39.8 million (9M 2024: P14.8 million). 

Consolidated revenues stood at P50.3 million (9M 2024: P64.8 million), reflecting a 13.5% decline in sales volume to 414,124 barrels (9M 2024: 478,999 bbls) and a 13.8% drop in average realized crude price to US$70.0 per barrel (9M 2024: US$81.2/bbl), amid weaker global crude benchmarks. Galoc operations continued to deliver stable output despite being at the tail end of field life.

Consolidated costs and expenses rose moderately to P84.2 million (9M 2024: P78.2 million), mainly due to a one-off increase in overhead from a foreign subsidiary. Excluding this, cost levels remained broadly in line with the prior year. 

Operational Highlights

On October 8, 2025, the Department of Energy (“DOE”) formally presented three newly awarded petroleum Service Contracts (“SC”s) to PXP and its joint venture partners—SC 80 and 81 in the Sulu Sea, and SC 86 (Octon Block) in Northwest Palawan. The signing of these contracts marked a major expansion of PXP’s exploration portfolio—entering a key frontier basin and strengthening its presence in a proven petroleum province.

The Sulu Sea blocks (SC 80 and SC 81) are jointly administered by the DOE and the Bangsamoro Autonomous Region in Muslim Mindanao through its Ministry of Environment, Natural Resources, and Energy. SC 86, meanwhile, covers the Octon Block in Northwest Palawan, an area adjacent to established producing oil fields. 

These new contracts reinforce PXP’s strategic upstream position and align with the Philippine Government’s efforts to boost domestic energy self-sufficiency. The Company continues to maintain prudent operations across its portfolio and is preparing to participate in technical work programs committed to the government under these newly awarded blocks. 

Outlook

The Company remains focused on preserving liquidity and maintaining operational readiness while progressing early-phase technical assessments for SC 80 and SC 81, alongside further subsurface work and building on studies previously conducted by the former SC 6A Consortium in SC 86.

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