PXP Energy Corp. said Monday it completed the acquisition of the remaining 46.57-percent interest in Pitkin Petroleum Ltd. as part of its continued efforts to streamline the corporate structure of subsidiaries involved in overseas oil and gas exploration projects.
The transaction was implemented through a share repurchase arrangement with the minority shareholders for a cash consideration amounting to $3.5 million. PPL will become a wholly-owned subsidiary of PXP after the acquisition.
PXP said it incurred a net loss of P14.7 million in the first nine months, down from P20.2-million loss in the same period last year on higher profit from Service Contract 14C-1 Galoc operations and the reduction in general and administrative expenses.
Petroleum revenues went up 15.7 percent to P49.3 million from P42.6 million despite lower crude offtake totaling 291,216 barrels of oil per day from 429,549 bbls year-on-year on higher average crude price at $97.13 per bbl from $66.97 per bbl in SC 14C-1 Galoc.
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