Pangilinan-led PXP Energy Corp. incurred a lower consolidated net loss of P34.2 million in the first nine months of the year from last year’s net loss of P38.5 million, thanks to higher foreign exchange gains and lower group overhead, offset by higher petroleum production costs.
As a result, it said net loss attributable to equity holders of the parent narrowed to P23 million in the first nine months from last year’s loss of P26.3 million.
Core net loss for the period stood at P28.6 million, also down from P29.1 million in the previous year.
Consolidated operating revenues, consisting solely of petroleum revenues, declined slightly to P76.7 million from P78.4 million last year.
The very slight drop in petroleum revenue resulted from three oil liftings during the period equivalent to a gross volume of 1.06 million barrels of oil, offset by higher crude oil prices of $53.79 per barrel from $42.55 per barrel in 2016, PXP Energy told the local bourse on Thursday.
For the third quarter alone, consolidated operating revenues improved to P24.1 million from P19.2 million a year ago.
It said total equity reached P3.077 billion as of end-September this year from P3.059 billion last year.
“This was due to the increase in non-controlling interest by P16.7 million resulting from the (1) net increase of transaction with owners, following the buyback of Pitkin’s shares amounting to $1.8 million and the capital infusion of a major shareholder of Forum amounting to $2.0 million and; (2) the gain on translation of foreign subsidiaries,” PXP Energy said, referring to Pitkin Petroleum Ltd. and Forum Energy Ltd., respectively.
Formerly Philex Petroleum Corp., PXP Energy’s primary business is the exploration and production of crude oil and natural gas, through interests in petroleum contracts and holdings in resource development companies with interests in petroleum service contracts.
Shares of PXP Energy closed at P8.96 apiece on Thursday, down 3.9 percent. Jordeene Lagare