PXP Energy Corp. pared down its core net loss in 2024 at P33.3 million, or by 21 percent, compared to the P42.5 million core net loss in 2023.
The oil exploration company said in a statement on Thursday this better performance can be attributed to the higher volume lifted from Service Contract (SC) 14C-1 in the Galoc oil field in Palawan as well as slight reduction in overhead and lower interest expense.
PXP Energy’s consolidated petroleum revenues went up by 6 percent at P67 million in 2024 from 2023’s P63.2 million as the company sold a total of 498,126 barrels in 2024 up by 4.8 percent from 2023’s 475,183 barrels.
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 disputes with China.
The company said it will continue to coordinate with the government on the resumption of activities in the said SCs that are under force majeure since April 2022.
PXP Energy said it will continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 Dalingding prospect located in onshore northern Cebu. The company said it is anticipating the awarding of two prospect areas both located offshore in the southwestern part of the Sulu Sea basin with its joint venture partner.
