PHILEX Petroleum Corp. widened its net loss for the first-half of the year to P86 million from the first-semester loss of P40.7 million in the same period a year ago on account of lower revenues.
Net loss attributable to equity holders of the parent company amounted to P48.7 million compared to a net loss of P11.9 million during the same period last year. The net loss primarily resulted from lower petroleum revenues contributed by its subsidiary, Forum Energy Plc., due to lower crude-oil prices and lower production from Service Contract 14C1 Galoc.
The company reported P83.45 million in revenue at end-June this year from P198.24 million in the same period last year. The company said it will continue its efforts to reduce operating expenditures through the rationalization of the company’s business structure and asset portfolio, particularly in the current low oil-price environment.
Philex Petroleum is an upstream oil and gas company. It directly and indirectly owns oil and gas exploration and production assets located in the Philippines, and indirectly owns exploration assets located in Peru.