PXP ENERGY Corp. reported on Thursday a consolidated first-half net loss of P20.1 million attributable to equity holders of the parent firm, or bigger than the P11.3 million if incurred in the same period last year.
The company told the stock exchange its reported consolidated net loss hit P32.8 million during the period, an expansion from the P17.2 million in the same six-month period last year.
Consolidated petroleum revenues rose by 27% to reach P66.7 million from P52.6 million a year ago resulting from a 33% improvement in crude oil price offset by 2% lower crude production.
The company said consolidated cost and expenses increased by 42% to P110.5 million from P77.8 million a year ago “brought about by higher depletion cost in Galoc and the decommissioning of Tara and Libro wells in Service Contract 14, offset by continuous containment of group overhead.”
The company said the net loss of P32.8 million was due to higher depletion cost and decommissioning, other charge of P11.9 million, and a provision for income tax of P1.6 million. This was offset by a foreign exchange gain of P23.3 million.
PXP Energy also said that Forum Energy Ltd., a 78.98%-owned subsidiary, will take guidance from the Philippine government in respect of any future activity in Service Contract (SC) 72 and SC 75.
“The Company is mindful that the Malampaya gas resource, which supplies about 40% of Luzon’s power requirements, could be exhausted within the next decade; in that light, resumption of exploration in SC 72 is in the national interest. The Company remains hopeful that the force majeure imposed on SC 72 and SC 75 will be lifted by the Department of Energy soon for the Company to be able to resume exploration works in these SCs,” the company said.
On Thursday, shares in the company rose by 1.70% to close at P10.78 each. — Victor V. Saulon
