Petron Corp., the country’s leading oil refining and marketing company, said its net income in the second quarter of the year quadrupled to P3.2 billion from a year ago driven by higher sales volumes and better margins as oil prices stabilized during the period.
The oil firm said its second quarter net income was up 300 percent from last year’s P789 million and was 12 times the P257 million earnings recorded in the first quarter of 2015.
For the first half of 2015, Petron posted a net income of P3.4 billion, a 13 percent increase from the P3 billion recorded in the same period last year.
Operating income increased by 51 percent to P8.9 billion from P5.9 billion the year before.
Petron said consolidated sales volumes for the Philippines and Malaysia continue to increase as the company accelerated its retail network expansion.
Volumes for the first half rose 9.0 percent to 47.4 million barrels versus last year’s 43.3 million barrels.
In the Philippines, total sales surged 17 percent over the period to 29.7 million barrels against last year’s 25.3 million barrels.
Retail volumes grew 10 percent as Petron continued to leverage on its extensive nationwide network of 2,200 stations, considered the largest in the country.
Meanwhile, Petron said its domestic liquefied petroleum gas (LPG) business grew by 25 percent.
Petron Malaysia also continued to contribute with growth in key segments including the commercial sector, which grew 18 percent.
Petron said its sales performance in the Philippines was boosted as initial volumes from the commissioning and stabilization runs of its Refinery Master Plan-2 (RMP-2) started to produce more high-value products despite a crude diet that now includes cheaper medium and heavy crudes.
The company is currently testing different crude types to produce optimal refinery yields.