Oil company Petron Corp. said Tuesday its net income fell 16 percent to P8.47 billion in 2024 from P10.1 billion in 2023 on lower regional refining margins brought about by the volatility of world oil prices.
Petron said in a disclosure to the Philippine Stock Exchange that while net income declined, the steady earnings reflected its resilience amid industry challenges.
Operating income was at P29.22 billion last year, almost unchanged from P30.72 billion in 2023.
“These results demonstrate our ability to adapt to market conditions while strengthening our leadership,” said Petron president and chief executive Ramon Ang.
“With the continued support of our customers, employees, and partners, we remain focused on sustainable growth and contributing to our country’s economic progress,” he said.
Petron’s board approved the public offer and issuance of up to P25-billion retail bonds with an oversubscription option for another P7 billion, to be taken from the bond shelf registration rendered effective by the Securities and Exchange Commission and valid until September 2025.
The board also approved a share buyback program of up to 620 million shares with terms and conditions to be determined by management.
The buyback involves up to 167 million shares or about P400 million in a six-month period or until the maximum amount is exhausted, unless earlier terminated by management.
It also includes the repurchase of all of the 459.16 million common shares held by Petron Corporation Employees’ Retirement Plan via a block sale based on the simple average of the three-day close prior to the execution date.
Petron reported P867.97 billion in revenues in 2024, an 8-percent increase from P801.03 billion in 2023 as it continued to grow locally and internationally while continuously improving efficiency, driving climate action and supporting nation-building efforts.
Consolidated sales volume grew 10 percent to 139.85 million barrels, driven by higher demand and strategic growth initiatives.
Petron’s Philippine operations and Singapore trading subsidiary led this growth, with combined sales reaching 92.49 million barrels, a 16-percent jump from 2023, supported by network expansion and strong marketing efforts.
Growth was also strong across key segments, with retail sales rising 18 percent, supported by the country’s largest fuel station network, and commercial sales increasing 6 percent, driven by its strong presence in the aviation industry.
Petron Malaysia faced challenges due to policy changes in fuel subsidies, while a shutdown in Port Dickson refinery for maintenance in the fourth quarter of 2024 limited production and exports.
The company said global oil prices remained volatile, driven by geopolitical conflicts in the Middle East and weakened demand from China.
Dubai crude averaged $80 per barrel last year after peaking to $89 per barrel in April and dropping to $73 per barrel at end-2024.