Petron Corp. recorded a P6.14- billion net income in 2021 compared to a P11.4-billion net loss in 2020, attributed mainly to higher sales volume.
Petron’s revenues jumped 53 percent to P438.06 billion from P286 billion as Dubai crude prices averaged at $70 per barrel, the highest annual average in the past three years and is also 62 percent higher than 2020’s $42 per barrel.
Petron said it sold 82.24 million barrels in 2021, a 5- percent growth, on the back of eased restrictions and re-start of economic activities that improved overall demand.
“We have recovered significant volumes in key market segments and more importantly, we have returned profitability to our business. This allowed us to follow through on our expansion programs…,” said Ramon Ang, Petron president and chief executive officer, in a statement.
Ang said among its programs last year included investments in refinery enhancements, service station expansion and supply chain management.
Petron added its new 184 megawatts power plant in its refinery complex in Bataan is nearing completion to eliminate use of fuel oil at the refinery and allow conversion of feedstock into more fuel for sale.
Data from the Department of Energy show that as of first half last year, Petron remains to be the leading oil company in terms of market share at 18.6 percent.
