Published March 26, 2019, 10:00 PM By Myrna M.
Velasco
The consolidated net loss of PXP
Energy Corporation has widened to P96.4 million last year versus a leaner P57.1
million in 2017, the company has noted in a disclosure to the Philippine Stock
Exchange.
The company said such had been “due
to lower oil production, higher depletion cost and decommissioning cost.”
Further, PXP Energy has indicated
that it incurred other overhead charges summing up to P11.9 million – although
that had been offset by foreign exchange (forex) gain of P18.7 million.
On the scale of net loss
attributable to equity holders of the parent company, PXP Energy emphasized
that this stood at P78.9 million last year vis-à-vis P39.1 million in 2017.
In terms of revenues, however, the
company fetched higher at P107.9 million as against P104.4 million the year
before – and that had been attributed to “the 35-percent improvement in crude
oil price offset by 24.3-percent decline in volume.”
PXP Energy likewise noted that its
consolidated cost and expenses had climbed 40-percent to P221 million last year
compared to P158.2 million in 2017.
That, it said, had been mainly
driven “by higher depletion cost in Galoc and the decommissioning of Tara and
Libro wells in Service Contract 14.”
While the company was still on a
bleak state on its financial performance, it looks forward to finally advancing
its long-stalled petroleum exploration activities in the country.
A new kind of milestone last year
provided fresh expectation for the Pangilinan-led company on its oil and gas
exploration ventures – as its long targeted partner China National Offshore Oil
Corporation (CNOOC) is getting back into the fold via the partnership that PXP
Energy had sealed October last year with Dennison Holdings of Davao businessman
Dennis Uy.
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