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Monday, July 22, 2024

Lower margins from Galoc oil field widen PXP Energy’s net loss

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PXP Energy Corp. on Wednesday reported a higher net loss of P11.2 million in the first half of 2023, compared to P6.3 million in the same period last year on lower margins from the Galoc oil project in northwest Palawan.

PXP said in a disclosure to the Philippine Stock Exchange consolidated net loss attributable to equity holders of the parent company stood at P12.7 million in the six-month period, up from P6.4 million last year.

Core net loss was also higher at P13.4 million from P2.1 million resulting from lower margins from Galoc  operations and higher interest expense.

Consolidated petroleum revenues dropped to P39.4 million from P45.1 million in the same period last year coming from two offtakes totalling 301,339 barrels at $79.57 per barrel from 291,216 barrels from two offtakes at $97.13 per barrel in service contract 14C-1 Galoc.

Consolidated costs and expenses went up to P48.7 million from P47.3 million brought about by higher petroleum production costs in SC 14C-1 Galoc at P25.4 million from P23.6 million.

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