Listed oil explorer PXP Energy Corp. said Thursday its net loss narrowed to P36.1 million in 2022 compared to the previous year when it incurred one-time impairment and decommissioning charges.
PXP Energy recorded a net loss of P1.71 billion in 2021.
The oil explorer also saw an increase in petroleum revenue due to higher average oil price while general and administrative expenses were lower.
Consolidated petroleum revenues were up 15 percent to P74.1 million as average crude oil price jumped to $95.49 per barrel from $70.46 per barrel. Higher crude oil prices more than made up for a decline oil offtake at the Galoc oil field to 479,995 barrels from 631,948 barrels.
Total costs and expenses declined 3 percent to P99.6 million from P102.7 million brought about by the reduction in general and administrative expenses by 4.8 percent at P59.1 million while petroleum production costs in Galoc was flat at P40.5 million.
PXP Energy said it will pursue other exploration projects in the Philippines even as it worked with the government for the resumption of activities at Service Contracts 72 and 75.
