Oil and gas firm PXP Energy Corp. said Thursday it posted a lower core net loss of P22 million in 2022, compared to a net loss of P32.5 million in 2021, with the improvement in Galoc operations and reduction in recurring overhead.
PXP said consolidated net loss attributable to equity holders of the parent company was also lower at P36.1 million than P1.714 billion because of one-time impairment and decommissioning charges incurred in 2021.
Consolidated petroleum revenues went up 15.4 percent to P74.1 million, on higher average crude prices despite lower crude offtake.
Crude oil offtake from the Galoc well in northwest Palawan reached 479,955 barrels last year, down from 631,948 bbls in 2021.
Crude prices averaged $94.49 per barrel in 2022, up from $70.46 in 2021.
Consolidated costs and expenses were also lower by 3 percent to P99.6 million from P102.7 million. brought about by the reduction in general and administrative expenses and flat petroleum production costs in SC 14C-1 Galoc.
PXP is an upstream oil and gas company whose portfolio includes SC 75 (Recto Bank) and SC 72 located in the West Philippine Sea.
The Department of Energy granted PXP on Oct. 11, 2022, a declaration of force majeure for SC 75 and SC 72 effective April 6, 2022.
PXP said that together with Forum Energy, it would continue to coordinate with the government on the resumption of activities in both SC 75 and SC 72.
The group said it would continue to pursue the exploration work on other projects, including SC 40 and SC 74.