PXP Energy Corp. booked a lower core net loss in the first half of 2024 to P9.5 million compared to the P13.4 million in the same period last year.
The company attributed this to higher average crude oil price and higher volume lifted from Service Contract 14C-1 in the Galoc oil field in Palawan as well as the slight reduction in overhead and lower interest expense.
PXP Energy’s consolidated petroleum revenues improved 9.1 percent to P42.9 million from last year’s P39.4 million on a 3.2- percent increase in average crude price at $82.1 per barrel from $79.6 per barrel.
The company also recorded a 2.6- percent increase in output sold from Galoc at 309,198 barrels compared to last year’s 301,339 barrels.
The company said it will continue to coordinate with the government on the resumption of activities in its stalled Service Contracts (SC) 75 and 72 due to the government’s granting of a force majeure since April 2022.
PXP Energy holds interest stakes in SC 75 located in Northwest Palawan while Forum Energy Ltd. where PXP holds a direct and indirect interest, has stakes in SC 72 also located in Northwest Palawan.
Both areas are currently inaccessible due to the continuing territorial dispute with China.
PXP Energy also said it will continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 in Northern Cebu while also assessing and studying other oil and gas projects in the country.
