Philippine National Oil Co., the government’s oil and gas arm, said over the weekend it posted a net income of P536.743 million last year, down 25 percent from P714.136 million in 2019.
Revenues slid to P1.192 billion in 2020 from P1.363 billion in 2019 while expenses rose slightly to P497.38 million from P476.393 million year-on-year, company data showed.
“Despite the issues that came up in 2020, PNOC was able to generate a comprehensive income in the amount of P534 million, computed as of the end of December 2020. This is notwithstanding the remittance of P5 billion to the national government to bolster the COVID 19 fund, and the corresponding loss of our interest income on our money placements on the P5 billion,” PNOC president Reuben Lista said in a statement.
Lista said the company’s ability to stay afloat during the very trying times was a testament to the competence of its very capable management team who deserved commendation.
He said 2020 challenged PNOC in ways that no other year had done before.
“The emergence of the COVID-19 pandemic, in addition to several severe weather disturbances, has been such a great hindrance to PNOC’s operations, especially in the Energy Supply Base in Batangas and in the PNOC Industrial Park in Bataan,” Lista said.
PNOC’s ESB generated gross revenue of P111.42 million last year.
Meanwhile, PNOC was able dispose of 12 Costa Verde properties and signed a long-term lease contract with Wealth Horizon Development Corp. over its Sta. Mesa property.
“Furthermore, PNOC is also in the process of entertaining proponents for possible partnerships in our LNG project ventures, and is presently in talks with the Power Sector Assets and Liabilities Management Corp. for the sale of our remaining banked gas,” Lista said.
He said the development and execution of projects by PNOC’s energy investments arm, including the strategic petroleum reserve project and the liquified natural gas project, were also greatly affected by the restrictions brought about by the pandemic, and by other legal, legislative and political matters which arose in the previous year.
“Not only that, but PNOC also faced challenges in terms of the funding for its projects, matters,” Lista said.
He said despite all these challenges, PNOC remained steadfast in the fulfillment of its vision that by the year 2030, it would have provided vital energy resource and development and energy infrastructure conducive to a clean environment and balanced and sustainable economic growth.
“PNOC remains committed to its mission to develop and implement programs which will increase the country’s self-sufficiency in oil, gas and other forms of energy,” Lista said.