State-run Philippine National Oil Co. said over the weekend net income soared to P2.328 billion in the first nine months from P855.38 million in the same period last year, driven by revenues from the sale of banked gas.
Banked gas refers to the remaining uncontracted Malampaya natural gas reserves which PNOC agreed to sell to a unit of San Miguel Corp. in June.
PNOC said unaudited revenues went up to P4.419 billion in the nine-month period from P1.29 billion a year ago. Service and business income also increased to P4.357 billion from P505.65 million.
“Increase in income is because of income from the banked gas. That’s the main revenue source of PNOC and also [there is] increasing revenue from other sources such as leases and the operation of ESB [energy supply base] and industrial park,” PNOC senior vice president for energy business Graciela Barleta.
PNOC manages and operates the ESB in Mabini, Batangas which covers 19 hectares. It also owns 476 hectares of an industrial park in Bataan province.
PNOC signed a gas sale and purchase agreement with San Miguel-owned South Premiere Power Corp. in June for 70.26 petajoules of banked gas at a daily dispatch volume sufficient to run the 1,200-megawatt Ilijan combined cycle power plant at 45-percent to 75-percent plant factor.
The volume is adequate to support Ilijan plant’s fuel requirements until February 2024.
PNOC said expenses also increased to P1.35 billion from P189 million, driven by direct costs amounting to P1 billion.
The company posted gains of about P61.272 million from P594 million in the same period last year.
PNOC’s subsidiaries include PNOC Exploration Corp. and PNOC Renewables Corp.