PETROENERGY Resources Corp. (PERC) on Friday reported a net income of P240.616 million in the first quarter of 2026, down 14 percent from P280.082 million in the same period last year, as some of its power plants underwent preventive maintenance shutdowns.
In addition, it said no oil revenues were recorded during the period “as there were no crude oil liftings allocated to the consortium partners for the Etame oil operations in Gabon, West Africa.”
Total revenues declined to P900 million from around P1 billion in the previous year, but volume sales improved, the company said in a disclosure.
It said power sales slightly increased to P892.48 million due to the full operation of the 13.2-megawatt (MW) Nabas Wind Power Project – Phase 2 and the continued operations of the 27 megawatt-direct current (MWdc) Dagohoy Solar Power Project along with the 19.6 MWdc San Jose Solar Power Project.
Power sales were further boosted by its 34 MWdc Limbauan-2 Solar Power Project commenced generation.
Improved tariff rates at its 36 MW Nabas Wind Power Project – Phase 1 and 50 MWdc Tarlac Solar Power Project – Phase 1 also contributed to the increase in electricity sales, it added.
“These gains, however, were partially offset by the scheduled preventive maintenance shutdowns of Maibarara Geothermal Inc.’s geothermal units in March 2026,” PERC said.
Looking ahead, the company said it would continue to strengthen its renewable energy pipeline as it expands its clean energy portfolio and create more sustainable value for its shareholders.
Among these projects are the ongoing construction of the 20-MW panitan energy storage facility and pre-development works at its 98.200 MWdc Panitan solar power plant in Capiz.
PetroEnergy Resources shares dipped P0.05, or 1.33 percent, to settle at P3.70 apiece on Friday.
