Philex Petroleum Corp., the oil and gas arm of Philex Mining Corp., said Wednesday it incurred a consolidated net loss of P15 million in the first quarter, lower than a net loss of P44.2 million it registered a year ago.
The company said the net loss attributable to equity holders of the parent company amounted to P11.8 million in the January-March period, also down from P20.4 million a year earlier.
“The lower net loss was primarily attributable to a 76.4-percent reduction in overhead resulting from management’s continuing cost reduction efforts, net of lower petroleum revenues contributed by its subsidiary, Forum Energy Ltd. arising from the decline in oil output and lower oil prices,” it said.
The company said it would continue with its prudent control of operating expenditures and evaluation of asset portfolio while remaining active in exploration activities, in line with the current low oil-price environment.
Philex Petroleum trimmed its cost and expenses to P31.541 million in the first quarter from P81.387 million a year earlier.
Revenues declined to P23.126 million in the first quarter from P37.616 million a year ago.
Philex Petroleum’s board approved the change of the company’s name to PXP Energy Corp. in March.
The change in corporate name and the amendment of the company’s articles of incorporation will be submitted to the shareholders for approval at the annual stockholders’ meeting on May 17, the company said.
Philex Petroleum directly and indirectly owns oil and gas exploration and production assets in the country and indirectly owns an exploration asset in Peru.