PetroEnergy Resources Corp. said Tuesday it recorded a 30-percent increase in 2022 consolidated net income to P863 million from P665 million in 2021, driven by higher oil revenues.
PERC said in a disclosure to the stock exchange revenues increased to P2.551 billion from P2.422 billion in 2021. Oil revenues rose 57 percent to P726 million from P461 million as global crude prices soared from an average of $69.90 per barrel to $106.27.
PERC holds a 2.53-percent participating interest in the Exploration and Production Sharing Contract covering the Etame block in Gabon, West Africa.
It is also engaged in renewable energy development in the Philippines through its holding firm PetroGreen Energy Corp. that owns and runs RE power stations utilizing geothermal, wind and solar energy.
Electricity sales declined 11 percent to P1.695 billion from P1.899 billion because of the one-month preventive maintenance shutdown of the 20-megawatt Maibarara-1 and the 12-MW Maibarara-2 geothermal power plants in February 2022.