PETROENERGY Resources Corp. reported a 66.5% increase in first-quarter net income for parent firm equity holders to P176.96 million and a 48.2% rise in after-tax income to P252.47 million.

In a regulatory filing on Tuesday, the Yuchengco-led energy company said the improvement in its financial showing during the quarter was largely due to higher crude oil prices, power sales and lower interest expenses.

It said crude oil prices in the first three months of the year reached an average of $107.95 per barrel from $60.97 per barrel previously, while higher electricity sales came from its Tarlac solar plant and Nabas wind farm. The listed company added that the reduction in interest expenses resulted from installment payments of loan principals.

PetroEnergy is engaged in petroleum production through the Etame consortium in Gabon, West Africa and in renewable energy generation in the Philippines through its subsidiary PetroGreen Energy Corp., which owns and de-velops power plants using geothermal, wind, and solar energy.

Also on Tuesday, PetroEnergy said it saw a 3% increase in its 2021 consolidated net income to P655 million, while net income attributable to parent company also improved by 2% to P325 million.

The company said its financial performance last year was mainly fueled by a recovery in global crude oil prices to an average price of $69.90 per barrel from $49.72 per barrel previously. It also attributed last year’s results to its solar plant in Tarlac, which saw higher electricity sales due to improved prices at the spot market.

“These profit drivers, however, were offset by impairment recorded on the company’s West Linapacan and Octon petroleum service contracts amounting to P304 million resulting to a lower than realized net income for the year,” it said.

On Monday, shares in the company were unchanged at P5 apiece.