Lone refiner Petron Corp. on Tuesday reported a net income of P6.14 billion in 2021, a reversal from the P11.4-billion loss in 2020.
“To say that we’ve come a long way since the start of this pandemic would be an understatement. We have recovered significant volumes in key market segments, and more importantly, we have returned profitability to our business,” said Petron president and chief executive officer Ramon S. Ang in a statement.
“This allowed us to follow through on our expansion programs, bring our products and services to more consumers, and contribute to our country’s progress. We hope to carry on with this momentum and thrive further in 2022,” he said.
Petron’s consolidated revenues reached P438.06 billion, up 53 percent from P286 billion in 2020, driven by the increase in international prices and higher local demand,
Dubai crude prices breached US$80 per barrel level in the fourth quarter due to recovering oil demand and tighter supply. Dubai averaged nearly $70 per barrel in 2021, 64 percent higher than 2020’s $42 per barrel. This is Dubai crude’s highest annual average in the past three years.
Petron sold 82.24 million barrels during the year, a five percent growth made possible by the easing of restrictions and re-start of economic activities that improved overall demand during the period.
Retail volumes rose 6.4 percent due to the company’s volume-generating programs.
Performance on industrial sales increased two percent as travel restrictions eased and more industries reopened.
Petron’s lubricant sales recorded the highest growth at 11 percent last year, highlighting the strong performance and presence of its locally produced engine oils and other lubricant products in the market.
The recovery in demand along with OPEC’s managed approach in increasing crude supply back in the market paved the way for refining margins to improve.
The company took advantage of the market improvement as it resumed refinery operations in the second semester of 2021.
The company in 2021 continued to invest in refinery enhancements, service station expansion and supply chain management.
Construction on its new 184-megawatt power plant in its 180,000 barrel-per-day refinery complex in Bataan is nearing completion.
The new plant will eliminate use of fuel oil at the refinery and allow the conversion of these feedstock into more fuel for sale.
Petron built additional stations in 2021, adding to its already expansive reach, alongside the construction and upgrades of its terminal facilities all over the country to accommodate higher product demand.
Petron, meanwhile, received an award from the Bureau of Customs (BOC) for being one of the Philippines’ top taxpayers and importers for 2021.
Petron has consistently ranked as the highest contributor to the government’s Fuel Marking Program with a share of 24 percent or 8.69 billion liters out of the 35.92 billion liters of fuel marked since the program was launched in September 2019.
Petron has a combined refining capacity of 268,000 barrels-per-day, including that in Malaysia, and produces a full range of world-class fuels and petrochemicals.
It operates about 40 terminals in the region and has around 2,800 service stations nationwide.
