Petron income up 16%

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Oil refiner Petron Corp. booked a 16 percent improvement in its consolidated net income for the first nine months of the year at P9.5 billion from the previous year’s P8.2 billion.

Revenues however was down 6.9 percent to P587.3 billion from P631.1 billion last year, attributed to the correction of crude oil prices from their extraordinarily elevated levels last year due to the Russia-Ukraine conflict.

“We are seeing consistent growth in all areas of our business. Our wide reach, superior product quality, and reliable service have allowed us to sustain our good performance throughout the year, and maintain or even strengthen our market share in high-demand sectors,” said Ramon Ang, Petron president.

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Petron said that while international prices started to rise again in the third quarter, the nine-month average of benchmark Dubai crude closed at almost $82 per barrel, down by 18 percent from the same period in 2022.

The lower average oil price capped what was an improving sales volume of the company, recorded at 93.6 million barrels, up 16 percent compared to last year’s 80.4 million barrels.

Petron said that sales volume improvements were noted across major business segments.

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