PXP Energy widens net loss to P23.9M

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PXP Energy Corp. posted a wider core net loss for the first nine months of the year at P23.9 million compared to last year’s P14.7 million for the similar period.

The company said its performance was dragged by lower margins from the Galoc operations and the increase in overhead and higher interest expense.

Despite the higher core net loss, PXP Energy’s consolidated petroleum revenues grew by 27.8 percent to P63 million from P49.3 million in 2022, as it had three offtakes this year in the Galoc oil field totaling 475,183 barrels at $80.5 per barrel, compared to last year’s two offtakes for 291,216 barrels at $97.1 per barrel.

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