Philex Petroleum posts net loss as of Q3

Philex Petroleum Corporation chairman and CEO Manuel Pangilinan said lower revenues from their Galoc oil well and “the short term viability of our coal business having regard to falling regional coal prices” resulted in a net loss of P131.85 million for the first nine months of 2012.

 

The company registered a net income of P472.11 million in the same period last year, with P443.67 million attributed to a non-recurring extraordinary income.

 

In a disclosure to the Philippine Stock Exchange, Pangilinan said the net loss was mainly due to lower petroleum revenues from Service Contract 14 Block C-1 “Galoc” (participating interest owned through Forum Energy Plc in which Philex Petroleum holds a total direct and indirect interest of 60.49 percent). 

 

He added that production from the well was suspended from November 23, 2011 to April 1, 2012 for the refurbishment of the floating production, Storage and Offloading (FPSO) vessel and the upgrading of the FPSO mooring system.

 

Forum earned petroleum revenues of P120.30 million from January to September 2012 while Brixton Energy & Mining Corp., a wholly-owned subsidiary of Philex Petroleum that holds the Coal Operating Contract No. 130 in the province of Zamboanga Sibugay, earned P34.07 million from coal, Philex told the PSE.

 

Pangilinan remarked that “while we are pleased with the Galoc performance following the FPSO refurbishment and mooring upgrade, we continue to be concerned as to the short term viability of our coal business having regard to falling regional coal prices.” –KG, GMA News