PXP Energy Corp. incurred a core net loss of P50.20 million in 2025, wider than the previous year’s core net loss of P33.30 million, on lower production volumes, softer crude prices and higher financing and foreign exchange-related charges.
In a statement on Monday, the company said there was lower output from the Galoc field in Palawan, formerly covered by Service Contract 14C-1, now covered by SC 88, resulted in lower petroleum revenues.
Consolidated petroleum revenues dropped to P49.80 million for the full year from P67 million in 2024.
The weaker revenues reflected a 16.9-percent decline in sales volume to 414,124 barrels for 2025 from 498,168 barrels in 2024, as well as a 12.5-percent drop in average realized crude price to $70 per barrel from $80 the previous year.
PXP Energy said that the Galoc field continued to contribute to production but at lower levels given the mature stage of its life cycle.
Consolidated costs and expenses rose to P94.70 million from P91.80 million in 2024 due to higher petroleum production costs and general and administrative expenses, tempered by tight cost discipline.
PXP Energy noted it and its joint venture partners were awarded three new petroleum service contracts last year, namely SC 80 and SC 81 in the Sulu Sea and SC 86 (Octon-Malajon Block) in Northwest Palawan.
The company said these new contracts would help expand its exploration portfolio.
A new service contract, SC 88, was also said to have been agreed between the government and a consortium led by NPG Pty. Ltd. as operator, with The Philodrill Corporation and PXP Energy subsidiary Forum Energy Philippines Corp., as partners.
The company said SC 88, covering approximately 83,450 hectares in the Northwest Palawan Basin, replaces the former SC 14C-1 (Galoc) and ensures continuity of production operations at the Galoc field under a new contractual framework.
It added that SC 40 (North Cebu Block) remained a key asset as the company continues to evaluate pathways to advance drilling activities, including discussions relating to potential farm-in arrangements.
Despite the continuing force majeure over SC 72 and SC 75, PXP said it and its subsidiary Forum Energy remained committed to preserving the long-term value of these assets and maintaining compliance with regulatory requirements.
The company said it remains focused on liquidity management, prudent capital allocation, and compliance with contractual and regulatory obligations while prioritizing disciplined capital management.
PXP Energy shares on Monday rose P0.13, or 4.06 percent, to close at P3.33 apiece.