Shell Pilipinas incurs net loss as oil prices decline 

SHELL Pilipinas Corp. recorded an attributable net loss of P310.24 million in the first quarter, turning around from a net income of P3.53 billion a year ago, amid the decline of oil prices.

In a regulatory filing on Wednesday, Shell Pilipinas said it would continue to pursue its growth target despite “various challenges” such as the volatility of oil prices and higher interest rates.

In the first quarter, the company recorded core earnings of P800 million, 45% higher year on year, which was driven by strong marketing delivery, while sales volume went up by 8%.

“We create value for all our shareholders by growing our reach and impact, profitably. Guided by our Powering Progress strategy, we sustain our momentum of recovery quarter by quarter,” said Lorelie Q. Osial, president and chief executive officer of Shell Pilipinas.

Shell Pilipinas said that for its mobility business, it achieved volume growth of 8%. For the first quarter, it said seven of its mobility stations became operational.

Kit Arvin M. Bermudez, vice president for supply and distribution, said the company had reduced more than 90% of its carbon emissions from operations as of end-2022.

Mr. Bermudez said the company targets to further reduce its carbon emissions through partnerships and sustainable business ventures.

“We continue to invest and grow in the country as an energy user, provider, and partner in energy transition. We are here to assure and ensure that we will be providing more and cleaner energy solutions to meet the ever-evolving needs of Filipinos today and in the future,” Ms. Osial said.

At the local bourse on Wednesday, shares in the company shed 62 centavos or 3.66% to end at P16.32 apiece. — Ashley Erika O. Jose