Philippine-based PXP Energy narrows loss in Q2

The company’s core net loss amounted to P645,000, down from P16.6m in the previous year. 

Philippine-based PXP Energy posted a P645,000 loss in the second quarter of the year, which is lower than the P16.6m loss seen in the same quarter in 2021. 

The company also reported its core net loss in the first half of 2022 dropped to P2.1m from P22.2m in H1 2021. 

Over the same period, PXP Energy's consolidated net loss attributable to equity holders stood at P6.4m, down from P23.2m. 

Read more: Philippines’ Meralco core income climbs 15% in first half

The company saw its consolidated revenues climb by 130% to P45.1m after 2 completed liftings of crude totaling 291,216 barrels at US$97.13 per barrel in Service Contract (SC) 14C-1 Galoc. 

“Each of PXP and Forum will continue to coordinate with the Government on the resumption of activities in both SC 75 and SC 72,” the company said in a statement. “Meanwhile, the Group shall continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 and SC 74.”