PetroEnergy Resources logs $2.57m net income in Q1

Renewables expansion affected earnings.

PetroEnergy Resources Corporation’s (PERC) has reported a net income attributable to equity holders of $2.57m (PHP 143m) in the first quarter (Q1) of 2025.

In a bourse filing, the company said this was recorded following renewable energy expansion-related expenses and lower profit from Gabon oil production.

Revenue, meanwhile, increased 12.66% to reach $15.93m (PHP 885m) in Q1.

The renewable energy expansion resulted in the commissioning of three new generating units to its portfolio: the first phase of the 13.2 megawatt (MW) Nabas-2 wind, the 27 megawatt-direct current (MWDC) Dagohoy (Bohol) solar, and the 19.6 MWDC San Jose (Nueva Ejica) solar projects.

Oil production from the Etame concession in offshore Gabon dropped to 435,000 barrels in Q1 from 464,000 barrels in same period last year. Lower average crude oil prices of $75.74/bbl this period compared to $ 82.81/bbl contributed to the dip in oil revenues.

$1 = PHP55.55