PANGILINAN-LED Philex Petroleum Corp. incurred a consolidated net loss of P11.8 million attributable to equity holders of the parent company in the first quarter of 2015, compared with a loss of P20.4 million a year earlier.
Philex noted a 76.4 percent drop in overhead due to cost reduction efforts.
Consolidated net loss amounted to P15 million, compared with a net loss of P44.2 million in the same comparable period, according to unaudited financial statements submitted to the local bourse on Wednesday.
On March 9, the company’s board of directors approved a change in the company’s name from Philex Petroleum Corp. to PXP Energy Corp.
The change in corporate name and the amendment to the articles of incorporation will be submitted to the shareholders for approval at the annual stockholders’ meeting on May 17. It also needs the approval of the Securities and Exchange Commission.
“The company will continue with its prudent control of operating expenditures and evaluation of its asset portfolio whilst remaining active in exploration activities, in line with the current low oil-price environment,” the company said.
Philex Petroleum is an upstream oil and gas company incorporated in the Philippines. The company directly and indirectly owns oil and gas exploration and production assets in the Philippines, and indirectly owns exploration asset in offshore Peru.