Petron Corp. said Tuesday it delivered a strong performance in the first quarter, with net income growing 16 percent to P3.93 billion from P3.4 billion in the same period last year as all business segments posted growth.
“We have been strengthening our recovery and growth following the pandemic, thanks to our efficiency measures, volume strategy, and sustainability agenda. We are pleased to start the new year on a strong note, and we hope to sustain this momentum as we work towards new goals this 2024,” said Petron president and chief executive Ramon Ang in a statement.
Petron said it recorded growth across all business segments in its Philippine and Malaysian operations, bringing its consolidated sales volume to 35.29 million barrels, or 23 percent higher than 2023’s 28.59 million barrels.
It said the growth was driven by higher production at Petron’s refinery in Bataan and Port Dickson.
Consolidated retail sales went up 11 percent, driven by the sustained market recovery and Petron’s effective retail execution, while commercial volumes rose 11 percent on the substantial jump in jet fuel and LPG sales.
Export volumes grew by over 90 percent from the additional export volumes resulting from higher refinery production.
The company’s sales volume under the umbrella of its Philippine operations, which includes the trading volume of the company’s subsidiary in Singapore, recorded a 28-percent growth to 22.72 million barrels from 17.7 million barrels in 2023.
Meanwhile, the international oil market continued to be affected by the escalating geopolitical conflicts in the Middle East.
The price of benchmark Dubai crude climbed 9 percent to $84 per barrel by March this year, after declining 17 percent in the fourth quarter of 2023 to close at $77 per barrel in December.
Petron said first-quarter prices remained almost flat compared to the same period last year.
Consolidated revenues in the first three months reached P227.64 billion, up 21 percent from the previous year’s P188.75 billion, owing to its strong volume growth.
Operating income hit P10.17 billion, a 21-percent improvement from last year’s P8.42 billion, attesting to the company’s resilience amid challenging macroeconomic conditions.
Petron said it is keen on strengthening its sustainability programs mainly on carbon sequestration, energy efficiency, water conservation and waste management.
Petron has been steadily increasing the scope of its flagship environmental program, Puno ng Buhay, as it continues to adopt more reforestation areas.
The homegrown oil company recently committed to supporting the rehabilitation of the Limay Fish Sanctuary in partnership with the local government to ensure food security in Bataan to ensure food security in Bataan.