PXP mum on moves in oil service contracts

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    PXP Energy Corp. said it has received the Department of Energy’s resume-to-work notice last week in relation to the lifting of moratorium on oil and gas activities in the West Philippine Sea.

    But the company is yet to reveal its next moves on service contracts 72 and 75 that are directly affected with the said development.

    PXP Energy told the Philippine Stock Exchange (PSE) it did not possess any information that may have influenced its shares price aside from the DOE’s announcement last October 15 of the lifting of the suspension.

    The disclosure was made after the PSE asked PXP Energy to explain the unusual price movement in the trading of its shares. The company’s shares opened at P11.58 yesterday from Friday’s P7.72 closing price.

    Following the imposition of the moratorium in 2015, PXP Energy in July said it will focus on its prospects in Peru.

    PXP Energy booked higher consolidated net loss in the first half of the year at P56.3 million from last year’s P17.9 million due to the slump in crude prices. Consolidated petroleum revenues during the period plunged 88.1 percent to P6.1 million due to the 66 percent decline in output caused by the drop in the production rate of its oil field. -J. Macapagal