Oil and gas exploration firm PXP Energy Corp. pared down its net loss P2.6 million in the first quarter of 2024 from P6.6 million in the same period in 2023.
The company said the performance was driven by higher volume of crude oil sold from Galoc operations, reduced recurring overhead and higher interest income.
Consolidated petroleum revenues of the company was also 47.2 percent higher at P26.3 million for the period from P17.9 million following a 44.6 percent increase in output sold at 196,826 barrels from 136,087 barrels. This is despite a marginally lower average crude price at $79.95 per barrel from $81.36 per barrel in Service Contract (SC) 14C-1 Galoc.
The company said it will continue to coordinate with the government on the resumption of activities in its stalled SCs 75 and 72.
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. Both areas are currently inaccessible due to the continuing territorial disputes with China.
However, PXP said it will continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 in Northern Cebu and SC 74 also located in Northwest Palawan.
