PXP Energy Corp. reported a net loss of P36.11 million attributable to parent firm equity holders last year, significantly lower than the P1.71-billion loss a year earlier when it incurred impairment and decommissioning charges.
It attributed last year’s financial performance to the “improvement in Galoc operations and reduction in recurring overhead.” Galoc is the company’s producing oil field located in the offshore northwest Palawan basin. PXP said consolidated costs and expenses last year were down by 3% to P99.6 million as a result of a 4.8% reduction in general and administrative expenses to P59.1 million. It added that petroleum production costs in the Galoc operations remained flat year on year at P40.5 million from P40.6 million.
PXP and its subsidiary Forum Energy Ltd. are involved in several petroleum service contracts in the Philippines, either as an operator or as a joint venture partner.
Allow resumption of Recto Bank exploration and send an escort with the PXP research vessels. This is a good time with everyone watching China's behavior.
Suspension of the Reed Bank PXPEnergy SCs is the handiwork of the Security and Justice Cabinet Cluster. Time for bongbongmarcos to prove his words by ordering the lifting of those suspensions.
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