Philex Petroleum Corp., the oil and gas exploration unit of Philex Mining Corp., on Friday reported a net loss attributable to equity holders of the parent company of P87.5 million in 2015, down from P225.6 million in 2014.
The company said reported consolidated net loss amounted to P144 million from a loss of P448.7 million in the previous year.
“The net loss primarily resulted from lower petroleum revenues contributed by its subsidiary, Forum Energy Ltd., following a steep decline in crude oil prices and a lower production from Service Contract 14C1 Galoc,” it said.
Net loss decreased year-on-year due to a charge in impairment in Service
contract 6a (Octon block) of unit Pitkin Petroleum Plc in 2014.
Pitkin on Nov. 20, 2015 did not pursue exploration sub-phase 2 in Peru Block XXVIII in onshore Peru and surrendered its interest to the Peruvian government.
“The company will continue its efforts to reduce operating expenditures through the rationalization of the company’s business structure and asset portfolio, particularly in the current low oil-price environment,” it said.
