PXP Energy Corp., the upstream oil and gas firm led by Manuel V. Pangilinan, sank deeper into the red in the first quarter, widening its net loss attributable to equity holders to P15.6 million from P9.4 million a year earlier as rising financing costs and foreign exchange losses took a heavier toll.

In a regulatory filing on Thursday, the company disclosed its core net loss also deteriorated to P11.7 million from P9.2 million, underscoring the growing drag from higher interest expenses.

Petroleum revenues grew 2.4 percent to P20.9 million from P20.4 million, driven by a higher participating interest in the Galoc field. This was partly offset by a slight decline in volumes and lower crude prices. 

The company sold 156,983 barrels during the quarter, down from 157,381 barrels a year ago, while average crude prices fell 17.2 percent to $62.9 per barrel.

Petroleum production costs increased to P18.9 million from P17.3 million, while general and administrative expenses eased slightly to P12.1 million from P12.5 million.

Net financing costs surged to P5.9 million, reflecting higher interest expense and a P3.8 million foreign exchange loss, compared with a forex gain in the same period last year.

Separately, the Department of Energy awarded Petroleum Service Contract 91 in the Northwest Palawan Basin to a consortium that includes PXP’s subsidiary. 

The 10-year contract covers the Cadlao Field, which has estimated contingent resources of 6.2 million barrels of oil.

PXP said it remains focused on managing its portfolio with financial discipline and is exploring opportunities for earlier cash flow as production from the Galoc field nears the end of its life.