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Manila Bulletin devider Business devider The Stock Market devider PXP Energy bets on Northwest Palawan to offset worsening core loss

PXP Energy bets on Northwest Palawan to offset worsening core loss

Published Oct 30, 2025 01:21 pm
Manuel V. Pangilinan-led PXP Energy Corp. plans to expand its exploration footprint in the Northwest Palawan basin, anticipating the award of two additional service contracts (SCs) as it seeks to boost its reserves amid widening losses.
In a disclosure to the Philippine Stock Exchange on Thursday, Oct. 30, PXP Energy said the company expect the award of two additional service contracts (SCs) located in the same area as its recently approved contracts.
These new exploration areas are currently under government review.
Earlier this month, the Department of Energy (DOE) presented SC 80, 81, and 86 to PXP and its joint venture partners to expand exploration in the Sulu Sea and the Octon Block in Northwest Palawan.
SC 80 and 81, which are in the Sulu Sea, are jointly managed by the DOE and the Ministry of Environment, Natural Resources, and Energy of the Bangsamoro Autonomous Region in Mindanao.
PXP stated that these new contracts reinforced its strategic upstream position and align with the Philippine Government’s efforts to boost domestic energy self-sufficiency. The company is currently preparing to participate in technical work programs committed to the government under the newly awarded blocks.
While awaiting movement on the pending SC approvals, PXP Energy reported a core net loss of ₱32.8 million in the first nine months of the year, widening from a ₱17.8 million loss in the same period last year.
According to PXP Energy, the widening loss was primarily attributed to lower crude prices, reduced production volumes from Galoc operations, and higher interest costs.
Consolidated revenues subsequently dropped to ₱50.3 million from ₱64.8 million. Sales volumes also declined by 13.5 percent to 414,124 barrels, an effect compounded by a 13.8 percent drop in the average crude price to $0.70 per barrel.
The company noted that Galoc operations continued to deliver stable output despite being at the tail end of field life.
As the field nears its final operations, PXP is actively exploring opportunities to reinvest in development fields that could generate earlier cash flow.
Despite the losses, PXP remains optimistic about strengthening its presence in the upstream industry, especially following the grant of the three petroleum SCs signed by President Ferdinand Marcos on Oct. 8.

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