Philippine oil exploration firm PXP Energy Corp. saw its core net loss widen to P50.2 million in 2025, up 50.8 percentfrom P33.3 million in 2024, the company disclosed to the Philippine Stock Exchange on Monday.
The company attributed the bigger loss to lower oil volumes from its Galoc field in Palawan, declining crude prices, and higher financing and foreign exchange costs. Consolidated petroleum revenues also fell 25.7 percent to P49.8 million, from P67 million a year earlier.
PXP Energy sold 414,124 barrels in 2025, down 16.2 percent from 2024, with average realized prices dropping 12.5 percent to US$70 per barrel, reflecting weaker global crude benchmarks. The company noted that Galoc continues to produce but at reduced levels as the field reaches a mature stage of its life cycle.
Looking ahead, PXP Energy said it is focusing on meeting technical and work program obligations for Service Contracts (SCs) 80, 81, and 86, depending on funding availability. The company emphasized ongoing market monitoring and disciplined capital management across its upstream assets.
In 2025, the Department of Energy awarded SCs 80 and 81 to a consortium including Triangle Energy (Global) Limited, Sunda Energy Plc, PXP Energy, and Philodrill Corp., covering parts of the southern Sulu Sea. SC 86 was granted to a consortium of Filipino companies, including PXP, covering part of Northwest Palawan.
PXP also maintains stakes in SCs 40, 72, 75, and other areas in Palawan and North Cebu. Some fields remain inaccessible due to territorial disputes, while others are being evaluated for potential development, including possible farm-in arrangements.
The widening net loss highlights the challenges PXP Energy faces from maturing oil fields, volatile global prices, and funding constraints, underscoring the importance of strategic capital management and project prioritization in its portfolio.
