PXP Energy Corp., the oil exploration unit of Philex Mining Corp., said Thursday its first-quarter net loss widened to P6.1 million from P2.7 million in the year-earlier period due to lower margins from the operations of Galoc oil field and higher interest expense.
Consolidated petroleum revenue of only P17.9 million, down slightly from the P18.8 million in the same quarter in 2022, as oil lifted from Galoc totaled 136,087 barrels valued at $81.4 million. Oil lifting in the first quarter of 2022 reached 144,897 barrels priced at $84.1 per barrel.
Higher oil production and overhead costs increased total expenses to P22.4 million from P20.4 million.
PXP Energy said it will continue to pursue exploration work in various oil and gas prospects even as it awaits further studies to find a way to increase out rate and recoverable reserves from Linapacan B Field to warrant viable production.
