PXP Energy Corp. losses widened to P50.2 million in 2025 from P33.3 million in 2024, driven by lower production volumes from the Galoc field in northwest Palawan, softer crude prices, and higher financing and foreign exchange charges.
Despite the losses, PXP Energy said Monday it is bullish on three newly awarded petroleum service contracts and will undertake required technical and work program commitments, subject to funding.
“The company remains focused on liquidity management, prudent capital allocation, and compliance with its contractual and regulatory obligations across its portfolio,” PXP Energy said in a disclosure to the stock exchange.
The Department of Energy awarded three service contracts to PXP Energy and its joint venture partners last year: SC 80 and SC 81 in the Sulu Sea, and SC 86 in northwest Palawan.
The awards expand PXP Energy’s exploration portfolio, adding frontier acreage and positions within a proven petroleum basin. SC 80 and SC 81 are jointly administered by the DOE and the Bangsamoro Autonomous Region in Muslim Mindanao through its Ministry of Environment, Natural Resources and Energy.
SC 86, formerly SC 6A, encompasses the Octon-Malajon block. PXP is in the early phase of the contractual term and will carry out technical and work program commitments for the area.
A new contract, SC 88, was executed between the government and a consortium led by operator NPG Pty. Ltd., with The Philodrill Corp. and PXP subsidiary Forum Energy Philippines Corp. as partners. SC 88 covers 83,450 hectares in the Northwest Palawan Basin. It replaces the former SC 14C-1 and ensures continuous operations at the Galoc field under a new framework.
Meanwhile, PXP said SC 40 in north Cebu remains a key asset.
“The company continues to evaluate pathways to advance drilling activities, including discussions relating to potential farm-in arrangements,” the company said.
PXP added that it and Forum Energy remain committed to preserving the value of the SC 72 and SC 75 assets while maintaining compliance during the force majeure period.
“Overall, 2025 marked a year of portfolio expansion and contractual renewal, positioning the company to preserve value in producing assets while strengthening its exploration footprint,” PXP said.
