MVP’s Philex Petroleum cuts loss further
Philex Petroleum Corp., led by bilyonaryo Manuel Pangilinan, incurred net loss of P11.8 million in the first quarter, down 48.2 percent from the same period a year ago on the back of effective cost-containment measures implemented by management.
The company attributed the lower net loss to a 76.4 percent reduction in overhead costs.
Cost and expenses declined 60 percent to P32.5 million, offsetting the 38.5 percent drop in revenues.
Revenues amounted to P23.13 million from P37.62 million.
To improve its financial position, Philex Petroleum will continue with its prudent control of operating expenditures and evaluation of its asset portfolio while remaining active in exploration activities, in line with the current low oil-price environment.
Philex Petroleum is an upstream oil and gas company that holds a 60.49 percent interest in UK-based Forum Energy Plc. It indirectly owns an exploration asset in offshore Peru.
Forum has a 70 percent stake in Service Contract 72, an oil and gas exploration permit covering the Sampaguita natural gas prospect in the Reed Bank, to the west of Palawan.
Last March 9, the company’s board of directors approved the change in its corporate name to PXP Energy Corp.