PXP Energy Corp., a listed Philippine oil and gas exploration and production company, reported on Friday that its core net loss narrowed to P30.90 million in the first nine months this year from P32.80 million in 2025.
The company reported higher revenues from the Galoc oil field and the absence of nonrecurring expenses booked a year earlier, alongside higher unrealized foreign exchange losses and net interest expenses.
Consolidated petroleum revenues rose to P63.90 million from P50.30 million, driven by a larger participating interest in Galoc under Service Contract (SC) 88 and higher crude prices.
Its interest in the field, held through Forum Energy, increased to 4.69 percent from 3.21 percent effective Dec. 18, 2025. The effective average crude price rose 2.3 percent to $72.13 per barrel from $70.48.
Petroleum liftings, or shipments, totaled two cargoes comprising 364,788 barrels, down from three cargoes totaling 414,124 barrels a year earlier.
In the Sulu Sea, PXP said the consortium developing SC 80 and SC 81 began the initial phase of its exploration program after awarding DUG Technology Ltd. a $1.45-million contract to reprocess existing seismic data.
The contract covers more than 4,000 square kilometers of three-dimensional seismic data and up to 3,000 line-kilometers of two-dimensional data.
Originally acquired between 2005 and 2013, the data will undergo advanced imaging to improve its quality and help assess the areas’ oil and gas potential.
Preliminary results are expected in the first quarter of 2027, with the final processed dataset due late in the third quarter.
With Galoc approaching the end of its productive life, PXP said it remains focused on operational readiness and financial discipline.
The company continues to assess opportunities that could generate revenue sooner while preserving its longer-term exploration and development prospects.
It is also reviewing its medium-term portfolio strategy and potential funding sources and partnerships.
PXP retains its interests in SC 72 and SC 75, where activities remain suspended under force majeure. Work across its other service contracts continues under government-approved programs and regulatory requirements.
PXP shares closed at P2.97 each on Friday, down three centavos.
