PXP Energy Corp. said Friday it posted a slightly lower core net loss of P9.5 million in the first half of 2024, compared to P13.4 million in the same period last year.
PXP said in a disclosure to the Philippine Stock Exchange this was due to the higher average crude oil price and higher volume lifted from Galoc operations, slight reduction in overhead and lower interest expense.
Consolidated net loss attributable to equity holders of the parent company went down to P9.2 million in the first six months from P12.7 million a year ago.
Consolidated petroleum revenues improved 9.1 percent to P42.9 million from P39.4 million on the back of 3.2-percent improvement in average crude price to $82.1 per barrel from $79.6 per bbl.
PXP booked a 2.6-percent increase in output from Service Contract 14C-1 or Galoc oil field in northwest Palawan to 309,198 bbl from 301,339 bbl last year.
Consolidated costs and expenses amounted to P49.1 million. This was offset by the reduction in the company’s recurring overhead to P22.9 million from P23.3 million last year.
Meanwhile, PXP and Forum Energy Limited said they would continue to coordinate with the government on any possible arrangement of activities in both SC 72 or the Recto Bank and SC 75.
PXP said it would also pursue exploration work in SC 40 and assess and study other oil and gas projects.
