PXP Energy Corporation reported a wider first-quarter loss as higher financing costs and weaker crude prices offset modest revenue gains, while signaling a continued push to rebuild its upstream portfolio amid maturing assets.
The company posted a core net loss of P11.7 million for the first three months of 2026, deeper than the P9.2 million loss a year earlier. Consolidated net loss attributable to equity holders reached P15.6 million, also higher year on year, underscoring pressure from rising interest expenses and foreign exchange losses as the peso weakened.
Revenues edged up 2.4 percent to P20.9 million, supported by a higher participating interest of 4.69 percent in the Galoc oil field under Service Contract 88. However, softer global crude prices, which fell 17.2 percent to an average of USD62.90 per barrel, and slightly lower volumes weighed on topline growth. Production costs rose to P18.9 million, while general and administrative expenses were trimmed marginally.
Financing costs climbed to P5.9 million, reflecting both higher interest expenses and foreign exchange losses, highlighting the company’s sensitivity to currency movements and funding costs.
PXP is repositioning for longer-term growth as output from the Galoc field nears the end of its life. The recent award of Service Contract 91 in the Northwest Palawan Basin is expected to strengthen its upstream portfolio, with the Cadlao Field offering estimated contingent resources of 6.2 million barrels of oil over a 10-year development horizon.
The company said it will continue to balance near-term cash flow opportunities with longer-term exploration exposure, while maintaining its interests in Service Contracts 72 and 75, which remain under force majeure pending regulatory and geopolitical developments.
