Oil and gas exploration company PXP Energy Corp. widened its net loss to P9.2 million in the first quarter of 2025 from P2.6 million a year earlier, the company said.
PXP Energy said in a statement on Thursday the performance was due to lower volumes and prices of crude oil sold from its Galoc oil operations near Palawan.
Its consolidated petroleum revenue was also 22.4 percent lower at P20.4 million than the P26.3 million in the year-earlier period. This was due to a 20 percent drop in output sold at 157,381 barrels from 196,826.
Average crude prices, at $76.3 per barrel from $80 per barrel in its Service Contract (SC) 14C-1 Galoc, also declined 5 percent.
Because of the loss, the company said it is evaluating the feasibility of the Dalingding prospect under SC 40, located onshore of northern Cebu.
The company remains open to pursuing other oil and gas opportunities across the Philippines.
PXP Energy said its joint venture partners anticipate the forthcoming awarding of two pre-determined areas for possible oil and gas resources, both located offshore in the southwestern portion of the Sulu Sea basin.
The company is awaiting government approval to resume activities in SCs 75 and 72, which were on hold due to force majeure in April 2022.
PXP holds a 50 percent interest in SC 75, located in Northwest Palawan. In contrast, Forum Energy Ltd., where PXP holds a direct and indirect interest of 79.13 percent, has a 70 percent participating interest in SC 72, also located in Northwest Palawan.
Both areas are inaccessible owing to the country’s territorial dispute with China.
