PXP Energy Corpo. reported a core net loss of P21.1 million in the first half of 2025, more than double the P9.5 million loss from the same period last year, due to weaker crude prices, lower Galoc volumes, and rising production costs.
Consolidated net loss attributable to equity holders of the parent reached P22.8 million, up from P9.2 million in the first half of 2024.
Revenues fell to P33.2 million from P42.9 million as sales volume declined 9.2 percent to 280,742 barrels, while average realized crude prices dropped 13.9 percent to US$70.7 per barrel from US$82.1 a year ago. Despite these declines, Galoc operations remained stable during the period.
Total consolidated costs and expenses increased to P55.0 million from P49.1 million, reflecting higher petroleum production costs (P28.6 million) and increased overhead (P26.4 million), the latter partly due to a one-off cost from a foreign subsidiary.
In March 2025, PXP completed a share-swap deal with Tidemark Holdings Limited, issuing 430.24 million common shares in exchange for 24.13 million shares in Forum Energy Limited (FEL). This raised PXP’s stake in FEL to 97.88 percent and in SC 72 to 68.5 percent, with Tidemark becoming an 18% shareholder in PXP.
PXP continues to assess the Dalingding prospect in Cebu and anticipates awards for Pre-Determined Areas PDA-BP-2 and PDA-BP-3 in the Sulu Sea. Despite the force majeure over SCs 72 and 75, the company remains committed to exploring long-term oil and gas opportunities across the Philippines.
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