February 28, 2018 | 6:15 pm
PXP Energy Corp.
reported a consolidated net loss of P39.1 million in 2017, bigger than the P22.4
million a year earlier, the company told the stock exchange on Wednesday, Feb.
28.
Including one-off
items, reported net loss hit P57.1 million, an expansion over the the P36.4
million previously.
It said the slight
higher petroleum revenues at P104.4 million resulting from the 24% improvement
in crude oil prices had been offset by the 18% drop in crude production.
Cost and expenses
during the period declined by 7.4% to P158.2 million from P170.8 million
brought about by lower petroleum production cost and depletion, and continuous
cost containment of group overhead, the company said. — Victor V. Saulon
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