Petron Corp. reported an 11.9 percent year-on-year drop in net income for the first half of 2025, falling to ₱5.3 billion from ₱6.02 billion in the same period last year. The decline underscores the impact of weaker global oil prices and reduced trading activity, particularly at its Singapore operations.
In a disclosure on Tuesday, Petron attributed the weaker performance to a combination of global economic pressures: escalating geopolitical tensions in the Middle East, tariff frictions, and OPEC+’s decision to unwind production cuts. These factors dragged average Dubai crude prices down to $72 per barrel during the period—14 percent lower than the $83 average in 1H 2024.
Revenue also slid 13 percent to ₱386.4 billion from ₱444.5 billion, with the drop largely tied to lower international oil prices and a contraction in trading volumes outside its core Philippine and Malaysian markets.
Despite the challenges, Petron said domestic retail volumes rose 13 percent, driven by strategic marketing efforts and recovering demand in the Philippines. Consolidated sales from Philippine and Malaysian operations rose 3 percent to 56.2 million barrels, although total volume—including Singapore trading—fell 7 percent to 64.2 million barrels.
Petron president and CEO Ramon Ang noted the results reflect the company’s resilience amid volatile markets, citing operational efficiencies and stronger brand positioning. “We remain confident in our ability to drive growth as we further enhance our operations towards greater efficiency and sustainability,” Ang said.
Highlighting continued investor confidence, Petron also announced that it had raised ₱32 billion through its latest fixed-rate bond issuance—₱7 billion above the base offer—proceeds of which will go toward debt redemption and general corporate needs.
Petron operates the Philippines’ sole remaining refinery in Limay, Bataan, as well as a second facility in Port Dickson, Malaysia.
