Ramon S. Ang-led Petron Corp. reported a 37 percent surge in net income for the first nine months of the year, driven by higher sales volumes, improved refinery production, and reduced costs.

In a statement on Tuesday, Nov. 4, Petron said its net income rose to ₱9.7 billion in January to September from ₱7.1 billion from the same period last year.

Sales volumes across the Philippines and Malaysia rose slightly to 84.7 million barrels from 82.6 million barrels, despite persistent geopolitical uncertainty disrupting global oil markets. This growth was “largely driven by the 11 percent improvement in Philippine retail sales as Petron continued to corner the bigger share of the market,” the statement noted.

Petron’s operating income also climbed 20 percent to ₱26.6 billion from ₱22.2 billion. The company said it offset an 11 percent decline in refining margins through the increased sales and optimized operations at its refineries in Limay, Bataan, and Port Dickson, Malaysia.

“As a refiner, we’ve had to balance financial resilience with delivering value across every aspect of our business,” Ang, Petron president and chief executive officer, said.

He added that the company remains “optimistic about maintaining this momentum through the rest of the year” despite the headwinds.

Benchmark Dubai crude prices averaged around $71 per barrel for the nine-month period, settling at about $70 per barrel during the third quarter.

Petron’s financial gains had previously slowed in the first half of the year amid Middle Eastern tensions and global tariff concerns.