PXP Energy Corp. posted a lower core net loss of P17.8 million in the first nine months of 2024, compared with P23.9 million a year ago.
PXP said in a disclosure to the stock exchange Thursday this was due to slightly higher average crude oil price and volume lifted from Service Contract 14C-1 Galoc operations in northwest Palawan and a reduction in overhead and lower net interest expense.
PXP said consolidated net loss attributable to equity holders of the parent company also went down to P16.7 million from P22.9 million in 2023.
Consolidated petroleum revenues rose 2.8 percent to P64.8 million from P63 million, following marginal improvements in average crude price to $81.2 per barrel from $80.5 per bbl last year in addition to higher output sold at 478,999 bbls in SC 14C-1 Galoc.
PXP said it trimmed down consolidated costs and expenses during the period to P78.2 million from P82.1 million due to significant reduction in recurring overhead to P37 million from P41 million last year and lower net interest expense.
Meanwhile, PXP expressed hope its applications with the Department of Energy for both predetermined area-BARMM Petroleum-2 (PDA-BP-2) and PDA-BP-3 would be awarded soon.
The joint venture comprising PXP, the Philodrill Corp., Sunda Energy Plc (UK) and operator Triangle Energy (Global) Ltd. (Australia) submitted the bid documents for PDA-BP- 2, formerly SC 56 of ExxonMobil, and PDA-BP-3, formerly SC 41 of Tap Oil on Aug. 27, 2024.
The areas were offered by the DOE and the Ministry of Environment, Natural Resources, and Energy (MENRE) of the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM).
The JV was the sole bidder for the two blocks, and its applications were found to be complete, thus qualifying them for further substantive legal, financial, and technical evaluation.
PXP and Forum Energy Ltd. said they remain committed in both SC 72 and SC 75 despite the extended force majeure on both blocks.
PXP said the feasibility studies on SC 40’s Dalingding-2 prospect are currently ongoing. PXP said it would continue to assess and study other oil and gas projects in the Philippines.
