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PXP Energy books P17.9-M net loss

 

PXP Energy Corp. posted a consolidated net loss of P17.9 million in the first six months of 2019, lower than the P32.8 million recorded in the same period a year ago. In a disclosure on Thursday, the Pangilinan-led company attributed the narrowed loss to the “reduction in oil production costs, lower depletion rate and higher other income [charges], partially offset by lower petroleum revenues.” Its consolidated net loss attributable to equity holders of the parent stood at P7.6 million in January to June from P20.1 million last year, while consolidated petroleum revenues declined by 22.9 percent to P51.4 million, blamed on a 13.6-percent decrease in crude oil price in Service Contract (SC) 14C-1 Galoc, and the plug and abandonment of the SC 14A Nido and SC 14B Matinloc production wells. PXP Energy shares rose by 34 centavos or 3.35 percent to close at P10.48 each on Thursday.


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Today’s Front Page January 27, 2020

Today’s Front Page January 27, 2020