PXP Energy net loss widens on higher costs in January-March | Lenie Lectura

PXP Energy Corp. reported a net loss of P5.3 million in the first quarter, significantly higher than the P2.8 million recorded in the same period a year ago.

Consolidated net loss attributable to equity holders of the parent company surged to P6.1 million from P2.7 million, resulting from lower margins from Galoc oil field operations and higher interest expense. Consolidated costs and expenses stood higher at P22.4 million compared with P20.4 million brought about by higher petroleum production costs in the Galoc oil field at P10.9 million.The Pangilinan-led group said it will continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 and SC 74. “We will continue to coordinate with the government on the resumption of activities in both SC 75 and SC 72.

“Thus, once the Force Majeure is lifted in the future, both SCs will retain the equivalent remaining terms of the respective sub-phases prior to October 14, 2020,” PXP said.

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