PXP Energy Corp. reported a larger consolidated net loss of P31.6 million for the first half of 2026, up from P22.8 million in the same period last year, the firm said Tuesday. The deeper loss was mainly due to higher interest costs, while petroleum revenues fell 36 percent to P21.2 million from P33.2 million a year earlier, dragged by an 11.1 percent drop in average crude prices to $62.9 per barrel.
The company said it keeps tight operational and financial controls as the Galoc oil field nears the end of its productive life. It is reviewing options to boost near-term cash flow while keeping long-term exploration prospects, and refining its strategy including possible partnerships to advance its projects. In April, the Department of Energy signed Service Contract 91 covering offshore areas in Northwest Palawan, where FEPCO—an affiliate of PXP—holds a 2.4546 percent stake. PXP also noted it will carry out required work for contracts 80, 81 and 86, subject to available funding.
