PXP Energy net loss widens to P39 million in 2017

PXP Energy Corp. reported a consolidated net loss of P39.1 million in 2017, bigger than the P22.4 million a year earlier, the company told the stock exchange on Wednesday, Feb. 28.

Including one-off items, reported net loss hit P57.1 million, an expansion over the the P36.4 million previously.

It said the slight higher petroleum revenues at P104.4 million resulting from the 24% improvement in crude oil prices had been offset by the 18% drop in crude production.

Cost and expenses during the period declined by 7.4% to P158.2 million from P170.8 million brought about by lower petroleum production cost and depletion, and continuous cost containment of group overhead, the company said. — Victor V. Saulon