PXP Energy Corp. has trimmed its net loss to P3.7 million in the first quarter, in part because of the higher petroleum revenues and an improvement in the crude oil prices, the company told the stock exchange on Thursday, May 10.
In the same period last year, the company posted P8.4 million in net loss attributable to equity holders of the parent firm, or more than twice the level in the first three months of 2018.
PXP Energy said recorded slightly higher consolidated petroleum revenues at P30.7 million, up from P26 million a year ago. This resulted from the 24% improvement in crude oil prices, although offset by a 3.4% decline in crude production. — Victor V. Saulon
