Oil and gas firm PXP Energy Corp. reported a net loss of ₱32.8 million for the first nine months of 2025, almost double last year’s ₱17.8 million for the same period.
The company said the weak performance was due to lower crude oil sales and falling prices from its Galoc oil operations near Palawan. Petroleum revenues fell 22 percent to ₱50.3 million, while sales volume dropped to 414,124 barrels, down 13.5 percent from 2024.
PXP also has stakes in other areas in Northwest Palawan, including SC 75 and SC 72 (through Forum Energy Ltd.), but these are currently off-limits due to territorial disputes with China.
Despite these challenges, the company has secured three new service contracts—SCs 80 and 81 in the Sulu Sea, and SC 86 (Octon Block) in Northwest Palawan—and is preparing technical programs for these areas. Two more SCs in the Northwest Palawan Basin are under final government review and expected to be awarded soon.
