Major oil firm Petron Corporation reported a 20 percent decline in net income in the first half of this year to P6.14 billion from a more robust profit level of P7.7 billion in the same period last year. Despite the rebound in economic activities post-pandemic, the oil firm emphasized that both its top and bottom lines were hurt by the plunge in global oil prices compared to record-high levels in 2022, especially within the escalation period of the Russia-Ukraine war. Petron noted that while there was an overall 12-percent climb in sales volume, its revenues dropped by eight percent to P367.04 billion from P398.52 billion within the same six-month stretch last year. “The oil price correction, which began in the second semester of last year following the record-high price surge in the second quarter due to the war in Ukraine, persisted in the first half of 2023,” the oil firm said, adding that “the significant correction in commodity prices also resulted in the contraction of refining cracks.” The company specified that the Dubai crude, which serves as Asian energy market’s benchmark, leveled off at $80-per barrel mark, dropping 22-percent from $96-$97 per barrel last year. Amid the challenges, Petron President and CEO Ramon S. Ang highlighted that “our growth strategy is on course as we continue to work on vital programs at our refinery, terminals, and service stations that will ensure our stability, productivity, and sustainability as on oil company.” He similarly cited the company’s  sturdy position to “demonstrate our proven ability to secure our cash flow and maintain our financial resilience amid changing market conditions.” On consolidated sales, the oil firm stated that volume reached 57.61 million barrels within the January-June timeframe this year, higher by 12-percent versus 51.41 million barrels within parallel period in 2022. Petron said it was able to post sales jump across customer-segments, both in its core markets of Malaysia and Philippines with commercial demand inching up by a heftier 13-percent while retail sales had risen by 8.0-percent. “Consistent increases were recorded across various business segments, signifying the company’s steady post-pandemic transition,” the oil firm reiterated. Onward, the company will be advancing to completion the construction of its own coco methyl ester plant, stressing that this will “allow the company to generate better margins for diesel and ramp up its utilization of a clean alternative fuel blend,” Petron similarly conveyed the roll-out of its first batch of electric vehicle (EV) charging stations by the second half of this year – and these will be deployed at strategic locations.