Petron Corp., the country’s largest oil refiner and fuel retailer, reported a 37 percent increase in net income to ₱9.7 billion for the first nine months of the year, up from ₱7.1 billion in the same period last year.
Petron attributed the stronger performance to higher domestic sales, lower operating costs, and improved plant efficiency. The company’s combined sales volume in the Philippines and Malaysia rose 3 percent to 84.7 million barrels, driven mainly by an 11 percent growth in Philippine retail sales.
Despite the higher volume, Petron’s revenues fell 10 percent to ₱594.9 billion due to lower global oil prices. The company noted that Dubai crude averaged US$71 per barrel from January to September, down 13 percent from last year.
Operating income for the period climbed 20 percent to ₱26.6 billion, underscoring what Petron president and CEO Ramon Ang described as the company’s “financial resilience” amid weaker regional refining margins and market competition.
Petron remains the only crude oil refiner in the country, operating a 180,000-barrel-per-day refinery in Limay, Bataan. As of June 2024, it held a 24.9 percent market share in total petroleum products, according to the Department of Energy.
Ang said Petron is optimistic about maintaining its momentum through year-end, noting that its ability to balance profitability and operational value has been key to navigating volatile market conditions.
