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PXP Energy shows green shoots of recovery to 'profitability' in 1st half – Manila Bulletin mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.
Published July 29, 2021, 1:54 PM Pangilinan-led PXP Energy Corporation is now ready to advance on its drilling plan for two exploratory wells at its awarded oil and gas block at the Recto Bank, a petroleum basin under Service Contract (SC) 72 that is part of the diplomatically-strained territory in the West Philippine Sea. PXP Energy Chairman Manuel V. Pangilinan indicated that the company “is ready to go in terms of (drilling) exploratory wells – two wells – and further surveys of the concession.” PXP Energy Chairman Manuel V. Pangilinan He nevertheless stated that there is no agreement sealed with China National Offshore Oil Corporation (CNOOC) or with the Chinese government yet on propounded joint exploration activity, therefore, that is a major geopolitical risk that has been flustering the energy firm when it comes to advancing its work program in that Northwest Palawan petroleum block. ....
Published May 11, 2021, 5:00 PM Even with President Rodrigo Duterte singing a different tune that he can no longer take back territories claimed by China, the Department of Energy (DOE) stated that it is bent on awarding more petroleum service contracts at blocks straddled by disputed territories within the West Philippine Sea. “The DOE has been busy seeking investors into petroleum blocks in the West Philippine Sea,” Energy Secretary Alfonso G. Cusi has specified in his statement to the media. Energy Secretary Alfonso G. Cusi He added that aside from the service contracts already awarded, the energy department is still processing several new applications for prospective oil/gas exploration and development ventures in that diplomatically strained domain. ....
Published May 2, 2021, 6:00 AM Pangilinan-led PXP Energy Corporation has significantly slashed its losses in the first quarter to P5.6 million from a relatively heftier P16.9 million within the same three-month stretch last year. The company’s net loss attributable to equity holders of its parent firm had been at P4.3 million, substantially down from P30 million last year; while consolidated net loss had been at P11 million, also notably pared from P40.4 million in 2020. In terms of revenues, the consolidated yield of the company had been flattish, mirroring the P6.0 million level posted within the same period last year. The company further reported that its consolidated costs and expenses had decelerated by 32.5-percent at P18 million versus last year’s P26.7 million, mainly because “there was no production costs recognized in SC (Service Contract) 14-C 1” in the Galoc field. ....
Published February 27, 2021, 8:13 AM Pangilinan-led PXP Energy Corporation has substantially trimmed its consolidated net loss last year to P76.3 million compared to a considerably enormous scale of P297.2 million in 2019. On a core net loss basis, the company was also able to bring that down to P45.7 million in 2020 versus the heftier level of P79.8 million in the previous year. That extent of financial performance then had also significantly reduced PXP Energy’s consolidated net loss attributable to equity holders of the parent firm to P56.1 million last year as against P272.1 million in 2019. The energy company reported that its consolidated petroleum revenues last year dipped by 58.3-percent at P30.3 million vis-à-vis a more robust turnout of P72.5 million in 2019. ....