Market challenges both domestically and internationally have dragged down the profit of Ramon S. Ang-led Petron Corp. for the first half of the year.

In a disclosure to the Philippine Stock Exchange on Tuesday, Aug. 5, Petron reported ₱5.3 billion in net income for the first six months of 2025, which is 11.56 percent lower compared to around ₱6 billion in the same period last year.

Ramon Ang, Petron president and chief executive officer of Petron, meanwhile, assured confidence in managing through market limitations, as he stated that “Our results continue to reflect our resilience in overcoming market challenges, while highlighting the strength of the Petron brand across different customers and industries. We remain confident in our ability to drive growth as we further enhance our operations towards greater efficiency and sustainability.”

Petron's revenues also dropped by 13 percent to ₱386.4 billion, driven by lower international oil prices and decreased volumes from its trading operations in Singapore.

According to Petron, rising tensions in the Middle East, global tariff issues, and the decision of oil-producing countries to ease production cuts drove Dubai crude prices down to as low as $64 per barrel in May, before rebounding to $69 in June.

Dubai crude averaged $72 per barrel in the first half of the year, 14 percent lower than last year’s average of $83 per barrel.

Despite this, Petron’s retail volumes jumped by 13 percent due to its marketing initiatives in the Philippine operations.

“Combined with the company’s optimized plant operations and increased production, this helped cushion the impact of weak regional refining cracks and the overall drop in prices during the period,” it explained.

The company retains its operations in the Petron Bataan Refinery in Limay and the Port Dickson Refinery in Malaysia.

The total sales volume from the Philippines and Malaysia inched up to 56.2 million barrels, which is three percent higher than last year’s 54.7 million barrels. This was attributed to the strong retail performance of Petron in the Philippines.

Petron’s total sales volume, including its trading operations in Singapore, declined to 64.2 million barrels, a 7 percent decrease from 69.1 million barrels in the same period last year.

Meanwhile, the company has raised ₱32 billion through its fixed-rate bonds offering.

The ₱25 billion base offer was said to be 1.3x oversubscribed, resulting in a ₱7 billion oversubscription.

“Proceeds from this fundraising activity were allotted for the redemption of the company’s Series D and E bonds, and funding for general corporate purposes, among others,” Petron expounded.