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Thursday, July 25, 2024

PXP Energy incurs lower core net loss

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PXP Energy Corp. reported a lower core net loss of P2.6 million in the first quarter of 2024, compared to the P6.6-million loss in the same period last year on higher volume of crude oil sold from Galoc oil operations, reduced recurring overhead and higher interest income.

Consolidated net loss attributable to equity holders of the parent company was also lower at P2.6 million from P6.1 million last year.

Consolidated petroleum revenues improved 47.2 percent to P26.3 million from P17.9 million a year ago, following a 44.6-percent increase in output sold at 196,826 barrels from 136,087 bbls year-on-year.

Consolidated costs and expenses reached P27.1 million in the first quarter this year, up from P22.4 million last year as petroleum production costs increased to P16.2 million from P10.9 million.

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