PETRON Corp. on Tuesday reported a first-half net income of P3.80 billion for the first half of 2026, down 27 percent from P5.30 billion a year earlier and largely attributed to the continued impact of the war in the Middle East.
The oil refiner said the conflict had pushed crude prices, import premiums, and freight costs to record levels, impacting net earnings. It noted that the global oil market became highly volatile, with the benchmark Dubai crude averaging $91 per barrel in the first half, up 27 percent from a year earlier.
“While the first half of the year has been challenging, we are confident that our financial discipline, operational resilience, and competitive strengths will enable us to navigate these temporary headwinds,” Petron Chairman and CEO Ramon Ang said.
“We remain focused on delivering on our commitment to ensure fuel security and meet the nation’s fuel demand amid the continued market volatility,” he added.
With the continued uptrend in crude oil prices, Petron saw first-half revenues rise 57 percent to P605.90 billion from P386.40 billion, supported by higher local pump prices and improved sales volumes.
Consolidated sales rose 6 percent to 67.9 million barrels, driven by an 86-percent surge in trading transactions by a subsidiary in Singapore. This more than offset a 6-percent decline in the combined sales volume of Petron’s operations in the Philippines and Malaysia, which reached 52.9 million barrels during the period.
Petron added that while its retail fuel segment in the Philippines grew by 15 percent in the first six months of 2026, overall sales were affected by a decrease in refining output due to a temporary production shutdown at the Port Dickson Refinery in Malaysia and first-quarter maintenance at the Bataan refinery in Limay.
Meanwhile, the company reported that its coco-methyl ester (CME) plant — located at its refinery complex in Bataan — was nearing completion. It said the facility would provide more reliable CME supply with a projected annual capacity of 180,000 tons.
Petron said it was also expanding the storage capacity of its terminals to improve supply reliability and operational efficiency.
Under this initiative, four new storage tanks will be built in Bataan, including one 25,000-barrel tank for jet-A1 and three CME storage facilities with a total capacity of 48,000 liters, targeted for completion by early 2028.
In Bacolod, Petron said it also planned to put up a 1,500-metric ton liquefied petroleum gas (LPG) mounded tank and an LPG canister filling facility, both targeted for completion in the third quarter of 2028.
Petron shares on Tuesday slipped by P0.01, or 0.42 percent, to close at P2.38 each.
