PXP Energy Corp. widened its net loss in the first quarter of 2023 to P5.3 million from P2.8 million in the same period in 2022.
The performance was dragged by 9 percent higher consolidated costs and expenses for the period at P22.4 million from P20.4 million; higher petroleum production costs in Service Contract (SC) 14C-1 Galoc at P10.9 million from P9.4 million and; increased overhead expenses at P11.5 million from P11 million.
Consolidated petroleum revenues were 4.8 percent lower at P17.9 million from P18.8 million with a lifting of 136,087 barrels at $81.4 per barrel for the quarter compared to first quarter 2022’s total of 144,897 barrels at $84.1 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 due to the government’s granting of a force majeure 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. Both areas are inaccessible due to the continuing territorial disputes with China.
PXP said it will continue to pursue exploration work one its other projects, including SC 40 in Northern Cebu and SC 74 also located in Northwest Palawan.
