PXP Energy Corp. posted a core net loss of P50.2 million for full year 2025, widening from P33.3 million in 2024, as lower output from the Galoc Field, softer crude prices, and higher financing and foreign exchange related charges weighed on performance.
Consolidated net loss attributable to equity holders of the parent company reached P77.5 million, compared with P30.9 million a year earlier, while consolidated reported net lossamounted to P80.4 million versus P28.6 million in 2024.
Consolidated petroleum revenues declined to P49.8 million from P67.0 million, reflecting a 16.9 percent drop in sales volume to 414,124 barrels from 498,168 barrels and a 12.5 percent decrease in average realized crude price to US70.0 per barrel from US80.0 per barrel, amid weaker global crude benchmarks. Production from the Galoc Field, now covered by Service Contract 88, continued but at lower levels as the asset remains in a mature stage of its life cycle.
Consolidated costs and expenses rose modestly to P94.7 million from P91.8 million. Petroleum production costs increased to P39.3 million from P37.5 million, while general and administrative expenses edged up to P55.4 million from P54.4 million. Management maintained tight cost controls to keep overhead manageable despite lower revenues.
Other income and charges reflected higher non operating expenses, including a P16.1 million provision for plug and abandonment and impairment, compared with a P7.3 million reversal in 2024. The adjustment was largely linked to updated decommissioning estimates for the former SC 14C 2 West Linapacan area, alongside higher net interest expense and a foreign exchange loss compared with a gain in the prior year.
