Petron Corp., the Philippines’ sole remaining oil refiner, reported a 37-percent surge in its net income in the first nine months of 2025 to P9.7 billion from P7.1 billion in the same period last year.
The company attributed the growth to higher domestic sales, lower operational costs and enhanced plant efficiency.
Despite facing headwinds in the global energy industry, the company said in a statement its operating income rose 20 percent to P26.6 billion from P22.2 billion a year ago.
“As a refiner, we’ve had to balance financial resilience with delivering value across every aspect of our business,” said Petron president and chief executive Ramon Ang.
“This year, the market has presented even greater challenges, yet we’re proud of how we’ve stood against external pressures and even competition,” Ang said.
“Our performance over the past three quarters has been a testament to this, and we remain optimistic about maintaining this momentum through the rest of the year,” he said.
Combined sales volume for the Philippines and Malaysia reached 84.7 million barrels, a 3-percent increase from 82.6 million barrels reported in 2024. This was led by an 11-percent improvement in Philippine retail sales, allowing Petron to maintain a significant market share.
Total revenues saw a 10-percent decrease to P594.9 billion from P657.9 billion the previous year, which the company attributed to lower international prices.
The regional pricing benchmark, Dubai crude, averaged $71 per barrel from January to September, marking a 13-percent decline compared to last year.
It remained rangebound at $70 per barrel in the third quarter after a drop to $64 per barrel in May from $80 per barrel in January this year.
The company’s growth in domestic volumes, along with higher productivity at its refineries in Limay, Bataan and Port Dickson, Malaysia, helped mitigate the impact of an 11-percent drop in weak regional refining cracks over the first nine months.
The oil company’s Bataan refinery has a capacity of 180,000 barrels per day.
