PXP ENERGY CORP. saw a wider attributable net loss of P13.37 million for the second quarter of 2025, compared with P6.55 million in the same period last year, amid lower revenues and higher expenses.

In a stock exchange disclosure on Wednesday, the upstream oil and gas company reported a 22.9% decline in its petroleum revenues to P12.82 million from P16.62 million in the previous year.

Costs and expenses rose by 14.6% to P25.21 million from P22 million a year ago.

For the six months ended June, PXP said it had incurred a core net loss of P21.1 million, primarily due to softer crude prices, lower volumes from Galoc operations, and higher petroleum production costs.

Revenues dipped by 22.6% to P33.2 million, reflecting a 9.2% drop in sales volume to 280,742 barrels and a 13.9% decrease in the average realized crude price to $70.70 per barrel, amid global market adjustments.

“Galoc operations remained stable during the period, providing consistent output,” the company said.

Costs and expenses climbed by 12% to P33.2 million, mainly due to higher petroleum production costs and a one-off increase in overhead at a foreign subsidiary.

Regarding prospects, PXP said it continues to evaluate the feasibility of the Dalingding prospect under Service Contract (SC) 40, located onshore in northern Cebu. It is also keeping its doors open to pursuing other oil and gas opportunities across the country.

Furthermore, the company and its joint venture partners are awaiting the anticipated awarding of two pre-determined areas offshore in the southwest portion of the Sulu Sea basin for potential petroleum exploration. It is also on standby for its SC applications covering the former SC 6A Octon and SC 6B Cadlao blocks located offshore in northwest Palawan.

“Despite the ongoing force majeure over SCs 72 and 75, PXP and FEL (Forum Energy Limited) remain committed to the long-term potential of these blocks, maintain a prudent approach in managing existing commitments and continue to monitor developments across its portfolio of SCs,” the company said.

FEL, in which PXP holds a 99.35% controlling interest, is a company incorporated in the United Kingdom that focuses on the Philippines. — Sheldeen Joy Talavera