Petron Corp. reported a 2.5 percent increase in net income for the first quarter of 2025, reaching ₱4.03 billion from ₱3.93 billion in the same period last year, despite a significant drop in revenue. The country’s largest oil firm attributed the earnings growth to a robust 14 percent rise in retail sales and steady commercial sales, particularly in jet fuel and liquefied petroleum gas.
In a statement, the company reported consolidated revenue falling 14.6 percent to ₱194.38 billion, from ₱227.64 billion. The decrease was traced to weaker export sales and subdued trading volumes in Singapore, amid lower global oil prices and external market pressures. Total sales volume from its Philippine and Malaysian operations also slipped 5 percent to 27.6 million barrels.
Global crude benchmarks mirrored this decline, with Dubai crude averaging USD77 per barrel in the first quarter—5 percent lower than the same period in 2024—after peaking at USD80 in January and falling to USD72 by March. The downturn followed economic headwinds such as new US tariffs, Middle East geopolitical tensions, and OPEC+ announcements on easing production cuts.
Despite the challenging environment, Petron president and CEO Ramon Ang emphasized the company’s resilience, saying, “We continue to operate in a volatile and unpredictable market… we remain committed to enhancing our efficiency and strengthening our performance to sustain our market leadership.”
Petron operates the country’s only refinery in Bataan with a capacity of 180,000 barrels per day and total refining capacity of 268,000 barrels per day across its Philippine and Malaysian assets. With over 2,700 retail stations and a 24.9 percent domestic market share as of mid-2024, the company plays a central role in supplying 40 percent of the country’s total fuel needs.
