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PXP Energy trimmed net loss in 9 months

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PXP Energy Corp. said Thursday it recorded lower consolidated net loss attributable to equity holders of the parent company at P22.9 million in the first nine months of 2023, compared with P25.3 million in the same period last year.

PXP said in a disclosure to the Philippine Stock Exchange (PSE) that core net loss reached P23.9 million, higher than the loss in the same period last year of P14.7 million on lower margins from Galoc oil operations, increase in overhead and higher interest expense.

Consolidated petroleum revenues increased to P63 million from P49.3 million in the same period last year.

Revenues came from three offtakes totaling 475,183 barrels at $80.5 per barrel compared to 291,216 barrels from two offtakes at $97.1 per barrel in in the same period in 2022 from service contract (SC) 14C-1 Galoc.

Meanwhile, PXP and Forum Energy plc said they would continue to coordinate with the government on the resumption of activities in both SC 72 and SC 75.

PXP said that on March 20, 2023, the Department of Energy (DOE) affirmed that the entire period from when the force majeure was lifted to when the same was re-imposed (Oct. 14, 2020 to April 6, 2022) would be credited back to SC 72 and SC 75.

“Thus, once the force majeure is lifted in the future, both SCs will retain the equivalent remaining terms of the respective subphases prior to October 14, 2020,” it said.

PXP said the group would continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 and SC 74.

The DOE granted PXP’s request on March 29, 2023 to place SC 74 under a technical moratorium from Sept. 13, 2022 to Sept. 13, 2024.

PXP said the moratorium allows PXP and its joint venture partners to conduct further studies and establish the appropriate technology required to increase production rates and recoverable reserves in the Linapacan B Field, making economically viable production feasible.

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