SHELL PILIPINAS CORP. more than doubled its first-quarter net income to P1.61 billion from P743.6 million a year earlier, as higher pump prices and increased sales volumes boosted revenues during the period.
In a financial report released on Wednesday, the listed oil company said net sales rose 9.1% to P65.29 billion from P57.99 billion previously, driven by higher pump prices resulting from the increase in global oil prices, as well as higher overall sales volumes.
Sales volume increased 1.9% to 970.6 million liters from 952.1 million liters a year ago, led mainly by growth in its fuels business, which rose 2%.
Mobility volumes climbed 3%, supported by targeted value offers, loyalty programs, and stronger site execution, while Fleet Solutions volumes increased 5% due to new accounts and renewals with key partners.
Commercial fuels volumes rose 1%, supported by distributor demand and differentiated products, while aviation volumes declined 1% amid higher market premia, selected partnership changes, and Middle East-related flight cancellations.
Across its non-fuels segment, lubricants volumes grew 27% on stronger business-to-customer demand and workshop-led demand generation, while bitumen volumes declined 6% due to higher fuel prices, supply constraints, and project award delays.
“The first quarter was uneven. Our underlying performance was stronger in January and February, but conditions changed sharply in March as market volatility intensified,” Shell Pilipinas President and Chief Executive Officer Lorelie Quiambao Osial said in a statement.
Core earnings, however, fell 87.6% to P107.8 million from P871.4 million a year earlier, which the company attributed to weaker fuels marketing margins and price lag losses intensified by the Middle East crisis.
Separately, Shell Pilipinas announced the appointment of former Public Works Secretary Rogelio L. Singson and Robinsons Retail Holdings, Inc. Chairperson Robina Gokongwei-Pe as independent directors.
The company said the appointments would strengthen the board’s expertise in governance, strategy, infrastructure, retail, and long-term value creation.
“The environment remains fluid, and the uncertainty we saw in March has extended beyond the first quarter,” Ms. Osial said.
For 2026, Shell Pilipinas has allotted a capital expenditure budget of P2 billion to P3 billion, although it expects spending to track near the lower end of the range amid continued volatility in the energy market. — Sheldeen Joy Talavera
