Oil refiner Petron Corp. on Wednesday purchased 459,156,097 common shares at P2.4367 apiece or a total of P1.12 billion as part of its share buyback program.
Petron said in a disclosure to the Philippine Stock Exchange it conducted a share buyback following the approval by its board on March 4, 2025.
Petron said it would own 8,915,948,400 common shares after the buyback.
The company’s board previously approved a share buyback program of up to 620 million shares with terms and conditions to be determined by management.
It included the repurchase of all 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.
The buyback also involves up to 167 million shares or about P400 million in a six-month period or until the maximum volume or the maximum amount is exhausted or unless earlier terminated by management.
Share buybacks are seen to enhance shareholder value, improve or preserve stock prices and boost investor confidence in the company.
Petron posted a 16-percent decline in its net income 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.
Operating income was at P29.22 billion last year, almost unchanged from P30.72 billion in 2023.
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.