Listed PXP Energy Corp. said Thursday it posted a lower consolidated net loss of P17.9 million in the first half compared with a P32.8-million loss in the same period last year as the reduction in oil production costs, lower depletion rate and higher other income (charges) partially offset the lower petroleum revenues.
PXP Energy said in a disclosure to the stock exchange it also posted a lower consolidated net loss attributable to equity holders of the parent amounting to P7.9 million in the first half, compared to P20.1 million in the same period last year.
“Smaller losses in the first half. It has enough cash to stay where it is in the next few years. The question really is, when something does break out, then we have to raise funds for development. That’s a better problem than balance sheet. Although we’re looking at, of course, domestic properties not part of the disputed territory,” PXP Energy chairman Manuel Pangilinan said.
Consolidated petroleum revenues declined 22.9 percent to P51.4 million during the period from P66.7 million a year ago, resulting from a 13.6-percent drop in crude oil price in Service Contract (SC) 14C-1 Galoc, and the plug and abandonment of SC 14A Nido and SC 14B Matinloc production wells.
