PXP Energy books wider net loss at P297.2M in 2019

Pangilinan-led PXP Energy Corp. saw a wider consolidated net loss in 2019 than a year earlier due to lower output and decline in crude oil price.

In a disclosure to the Philippine Stock Exchange on Friday, PXP Energy said it booked a consolidated net loss of P297.2 million, higher compared to P96.4-million net loss in 2018.

This as consolidated petroleum revenues declined by 32.8%  at P72.5 million from P107.9 million year-on-year, “resulting from slightly lower output and 15% drop in crude oil price in Service Contract (SC) 14C-1 (Galoc oil field) and the plug and abandonment of SC 14A Nido and SC 14B Matinloc production wells.”

Consolidated cost and expenses also dropped by 13.9% at P190.6 million from P221.4 million brought about by lower depletion cost in SC 14C-1 Galoc, following the decline in output, and the cessation of operational costs in SC 14A Nido and SC 14B Matinloc.

The company also booked a foreign exchange loss amounting to P12.4 million from a forex gain of P18.7 million due to a lower dollar to peso exchange rate. — MDM, GMA News