PXP Energy Corp., the upstream oil and gas company of tycoon Manuel V. Pangalinan, has yet to recover from the slump. Still, it managed to reduce its net loss last year as higher crude output and cost-cutting measures helped offset lower oil prices.  

The company reported to the stock exchange on Thursday that the core net loss narrowed to P33.3 million in 2024 from P42.5 million the previous year due to increased production from the SC 14C-1 Galoc field, lower overhead, and reduced interest expenses. 

Consolidated net loss attributable to equity holders also declined to P30.9 million from P97.4 million, reflecting lower impairment charges and gains from changes in oil asset decommissioning estimates.  

Petroleum revenues, on the other hand, rose 6 percent to P67 million as sales volume climbed to 498,126 barrels from 475,183 barrels. 

However, the average crude price dipped to $79.97 per barrel from $80.50 per barrel. As a result, operating costs and expenses dropped to P91.8 million from P102.6 million due to lower production costs and recurring overhead.  

Despite extended force majeure on Service Contracts 72 and 75, PXP and Forum Energy remain committed to both projects. 

"We are anticipating the awarding of PDA-BP-2 and PDA-BP-3, both located offshore in the southwestern part of the Sulu Sea basin, soon," the company said. 

Moving ahead, PXP said it will continue to evaluate the feasibility of the Dalingding prospect in northern Cebu and explore other oil and gas opportunities in the country.