Petron Corp. posted a net income of P8.47 billion in 2024, down 16 percent from P10.07 billion in 2023, as volatile oil prices and operational challenges pressured earnings.

Operating income slipped nearly five percent to P29.22 billion from P30.72 billion, the company said in a stock exchange filing on Tuesday.

Revenues rose eight percent to P867.97 billion from P801.03 billion, driven by a 10 percent increase in consolidated sales volume to 139.85 million barrels.

Growth was led by Petron's Philippine operations and Singapore trading subsidiary, which saw combined sales climb 16 percent to 92.49 million barrels, supported by network expansion and strong marketing efforts.

Market share

According to the Department of Energy, Petron's market share in the Philippines rose to 24.9 percent in the first half of 2024 from 23.1 percent at the end of 2023. It also retained its leadership in the LPG sector with a 25.5 percent share.

Retail sales jumped 18 percent, backed by the country’s largest fuel station network, while commercial sales increased 6 percent, driven by strong demand from the aviation sector.

Petron Malaysia faced challenges from fuel subsidy policy changes, while a fourth-quarter maintenance shutdown at the Port Dickson refinery limited production and exports.

Volatile global oil prices

Global oil prices remained volatile, with Dubai crude averaging $80 per barrel. Prices peaked at $89 in April before dropping to $73 by year-end, weighing on regional refining margins.

"These results demonstrate our ability to adapt to market conditions while strengthening our leadership," Petron president and CEO Ramon S. Ang said. "With the continued support of our customers, employees, and partners, we remain focused on sustainable growth and contributing to our country's economic progress."