PXP Energy cuts losses on higher contributions from Galoc operations, trimmed costs

Upstream oil and gas company PXP Energy trimmed its losses to P6.4 million in the first half of the year from P23.2 million on higher revenues.

Core net loss likewise declined to P2.1 million from P22.2 million.

The lower net loss was attributed to higher profit from Service Contract (SC) 14C-1 Galoc operations and reduction in general and administrative expenses.

Consolidated petroleum revenues surged 130 percent to P45.1 million coming from two completed liftings of crude totaling 291,216 barrels.

Total costs and expenses fell 13.2 percent to P47.3 million.

Higher petroleum production costs in SC 14C-1 Galoc related to output was offset by a significant reduction in general and administrative expenses at P23.7 million.

PXP and Forum said they would continue to coordinate with the government on the resumption of activities in both SC 75 and SC 72.

Meanwhile, the group shall continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 and SC 74.