By Alena Mae S. Flores | Posted on May. 20, 2013 at 12:00am
PNOC Exploration Corp. said net income in the first quarter fell 9.7 percent to P670 million from P741.9 million a year ago, because of lower gas and coal sales.
“The decline was mainly attributed to lower gas offtake, condensate liftings and coal sales coupled by the decrease in average gas, condensate and coal prices this year compared to last year,” PNOC Exploration said in a report to the stock exchange.
It said revenues in the three-month period fell 38.3 percent to P1.5 billion from P2.5 million because of lower gas offtake, condensate liftings and coal sales.
“The Malampaya project continued to provide the gas fuel requirement of its power plant customers. The total gas offtake of Malampaya gas customers for the first quarter was 33.33 billion cubic feet and the total condensate sales stood at 0.88 million barrels,” it said.
PNOC Exploration owns a 10-percent stake in the Malampaya deep water gas-to-power project in northwest Palawan. source
No comments:
Post a Comment