PXP narrows Q1 losses with higher crude oil sales

PXP Energy Corp. saw its attributable net loss for the first quarter (Q1) narrow to P2.61 million from P6.08 million last year, driven by higher crude oil sales, the upstream oil and gas company said on Wednesday.

The company’s combined revenues for the first quarter expanded by 47.2% to P26.3 million from P17.87 million, PXP said in a stock exchange disclosure.

PXP’s improved top line was brought about by higher output sold for the period despite lower average price at $79.95 per barrel from the previous $81.36 per barrel, the company said

In the three months to March, PXP recorded a 44.6% increase in output sold, totaling 196,826 barrels compared to 136,087 barrels sold in the same period last year.

The listed oil and gas company said cost and expenses for the first quarter went up by 30% to P27.1 million from P22.4 million previously.

For 2024, PXP and its subsidiary Forum Energy Ltd. plan to continue their oil and gas exploration projects in the country, specifically in service contracts (SC) 72, 75, and 40.

PXP holds a 50% interest in SC 75 located in northwest Palawan. Its subsidiary, Forum Energy, in which PXP holds a direct and indirect interest of 79.13%, has a 70% participating interest in SC 72, also in northwest Palawan, through its wholly owned subsidiary Forum (GSEC 101).

The SC 72 covers the Recto Bank, within its block is the Sampaguita gas discovery, which is estimated to contain about 2.6 trillion cubic feet of contingent gas resources.

“Exploration work in SC 40 will be pursued. Meanwhile, PXP will assess and study other oil and gas projects within the Philippines,” the company said.

SC 40, located in the North Cebu Block of the Visayan Basin is said to be among the most prospective petroleum producers next to Northwest Palawan Basin. — Ashley Erika O. Jose