PANGILINAN-LED PXP Energy Corp. saw its attributable net loss for the second quarter widen to P6.59 million from P3.68 million in the same period last year due to lower margins from its Galoc operations.
In a stock exchange disclosure, PXP said its revenues for the second quarter fell by 18.3% to P21.49 million from P26.30 million a year ago.
PXP’s Galoc operations are covered by Service Contract (SC) 14C-1, located in the offshore northwest Palawan basin.
The listed oil and gas company said cost and expenses in the second quarter fell by 2.1% to P26.30 million from P26.87 million a year ago.
In the first half, PXP recorded consolidated petroleum revenues of P39.4 million.
During the January to June period, the oil and gas company incurred a net loss attributable to the parent firm of P12.67 million compared to P6.41 million in the same period last year.
For the first six months, PXP’s revenues declined to P39.35 million, down by 12.8% from P45.11 million in the corresponding period a year ago.
In March, the Department of Energy affirmed that the period from Oct. 14, 2020 until April 6, 2022, will be credited back to SC 72 and SC 75.
PXP informed the stock exchange that once the force majeure is lifted, both service contracts will retain the equivalent remaining terms of the respective subphases before Oct. 14, 2020.
PXP holds a 50% interest in SC 75 located in northwest Palawan. Its subsidiary, Forum Energy Ltd., in which PXP holds a direct and indirect interest of 79.13%, has a 70% participating interest in SC 72, also in northwest Palawan, through its wholly owned subsidiary Forum (GSEC 101).
PXP and Forum said that they will continue to seek the government’s approval to allow the resumption of both its activities within SC 75 and SC 72.
PXP also said that it is fully committed to pursuing exploration activities for its other projects in the Philippines.
At the stock exchange on Wednesday, shares in the company closed 1.97% lower to end at P4.48 apiece. — Ashley Erika O. Jose
PXP Energy net loss widens in second quarter
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