PXP Energy Corp., the upstream oil and gas unit of Philex Mining Corp., said Thursday it booked a wider net loss of P97.4 million compared with P36.1 million as a result of impairment charges in Service Contract 74 Linapacan, offset by changes in decommission estimates in SC 14C-2 West Linapacan.
Petroleum revenues declined to P63.2 million last year from the previous year’s P74.1 million. Revenues were derived from off takes from Galoc, which showed a marginally lower output of 475,183 barrels of oil and a decline in the average price to USD80.5 per barrel last year compared with 479,955 barrels at USD94.5 per barrel in 2022.
Consolidated costs and expenses rose to P102.6 million from P99.6 million due mainly to an increase in overhead expenses to P62.7 million from P59.1 million.
