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PXP net loss up nearly five times to P52 million

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Manual V. Pangilinan-led PXP Energy Corp. reported a net loss of P52.1 million to its equity holders in the nine months to September, or nearly five times more than its losses a year ago after a double-digit fall in petroleum revenues.

It managed to trim its core net loss to P30.6 million from P31.2 million, although its reported net loss was around three times higher at P66.5 million, the company’s disclosure to the stock exchange showed.

Petroleum revenues as of September plunged 71.9% to P14.4 million, which the company attributed to lower output in Service Contract (SC) 14C-1 Galoc on two completed liftings, as well as a slump in Galoc crude sale price “due to a worldwide collapse in demand during the period” because of the pandemic.

PXP did not disclose its financial performance for the third quarter alone.

Among the highlights this year is the Department of Energy’s resume-to-work notice on Oct. 16 in relation to the company’s operating interest in SC 75 northwest Palawan block. Its subsidiary also received a similar notice for its operating interest in SC 72 in Recto Bank.

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The notices were issued by the Energy department after it lifted its ban on oil and gas exploration in the contested seas.

PXP said it would take guidance from the government “with respect to fulfilling its work commitments in SC 72 and SC 75.

PXP, formerly Philex Petroleum Corp., primarily engages in the exploration and production of crude oil and natural gas. It has interests in petroleum contracts and holdings in companies with interests in petroleum service contracts. — A. Y. Yang

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