PXP Energy Corp. widened its core net loss in the first quarter (Q1) of 2025 to P9.2 million from a loss of P2.6 million during the same period last year.
PXP Energy Corp. widened its core net loss in the first quarter of 2025 to P9.2 million from a loss of P2.6 million during the same period last year. In a disclosure on Thursday, PXP attributed the result to lower volumes and a decrease in the price of crude oil from its Galoc operations that were also aggravated by higher overhead costs. Consolidated net loss attributable to the parent increased to P9.6 million from P2.6 million last year, while consolidated revenues dropped 22.
'The company is currently evaluating the feasibility of the Dalingding prospect under SC 40, located onshore in northern Cebu and remains open to pursuing other oil and gas opportunities across the Philippines,' PXP said. The company also expects that its development with joint ventures will be awarded the predetermined areas PDA-BP-2 and 3, both located offshore, in the southwestern portion of the Sulu Sea basin. PXP Energy is a wholly owned subsidiary of Philex Mining Corp.
Energy Net Loss Widens To P9.2M In Q1
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