PXP Energy Corp. said Monday net loss widened to P56.3 million in the first half from P17.9 million in the same period last year following the substantial decrease in oil revenues and impairment loss in service contract 14C-1 or Galoc oil field.
PXP said in a disclosure to the stock exchange that consolidated net loss attributable to equity holders of the parent company reached P44.4 million, also wider than the P7.6-million loss in the same period in 2019.
Core net loss reached P26.9 million in the six-month period, compared to P24.2-million a year ago.
Consolidated petroleum revenues dipped 88.1 percent to P6.1 million from P51.4 million last year, given the 66-percent decline in output following normal decline rate in field production and 62-percent slump in crude oil prices in the Galoc field in northwest Palawan.
Consolidated costs and expenses went down by 46.7 percent in the first six months to P39.5 million from P86.2 million a year earlier, brought about by lower depletion cost in SC 14C.
PXP Energy’s provision for impairment of assets amounted to P20.2 million related primarily to the lower-than-expected future returns in the Galoc field following the crash in global crude oil prices and the cessation of operation for Galoc Field on Sept. 24.
The Galoc Production Co. received of a notice of termination from Rubicon Offshore International, the owner of the floating production storage and offloading vessel, Rubicon Intrepid.
The Galoc oil field has been in production since 2008 and has yielded nearly 20 million barrels of oil since then.