Bilyonaryo Manny V. Pangilinan-led PXP Energy Corp. significantly cut its losses in the nine months to September on the back of higher earnings from Service Contract (SC) 14C-1 Galoc operations and lower general and administrative expenses.
Consolidated net loss was reduced to only P25.3 million from P1.68 billion due to impairment in Peru Block Z-38 last year.
PXP reported a core net loss of P14.7 million, down from P20.2 million a year ago.
The company’s petroleum revenues grew 15.7 percent to P49.3 million despite lower crude offtake due to higher average crude price in SC 14C-1 Galoc.
Costs and expenses declined 31.6 percent to P65.6 million as a result of a significant reduction in general and administrative expenses.
Petroleum production costs in SC 14C-1 Galoc were slightly lower at P28.4 million.
PXP said it would continue to coordinate with the government on the resumption of activities in SC 75 and SC 72.