PXP Energy Corp. widened its net loss in the first half of 2023 to P11.2 million from P6.3 million in the same period in 2022.
The company said the performance was dragged by a 3 percent increase in consolidated costs and expenses for the period at P48.7 million from P47.3 million as well as the higher petroleum production costs in Service Contract (SC) 14C-1 Galoc at P25.4 million from P23.6 million despite decreased overhead expenses at P23.3 million from P23.7 million.
Consolidated petroleum revenues of the company was also 12.64 percent lower at P39.4 million from P45.1 million with a lifting of 301,339 barrels at $79.57 per barrel compared to last year’s total of 291,216 barrels at $97.13 per barrel in Galoc.
The company said it will continue to coordinate with the government on the resumption of activities in its stalled SCs 75 and 72 since April 2022.
PXP holds a 50 percent interest in SC 75 located in Northwest Palawan while 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.
