PXP Energy Corporation announced its financial results for the first six months of 2024, reporting a Core Net Loss of ₱21.1 million, compared to a ₱9.5 million loss for the same period in 2023. The company also confirmed a significant increase in its effective ownership of Forum Energy Limited and Service Contract (SC) 72.
The consolidated net loss attributable to equity holders of the parent company was ₱22.8 million, an increase from a ₱9.2 million loss in the first half of 2023. This was primarily driven by lower crude prices and reduced sales volumes from the Galoc operations, in addition to higher petroleum production costs. Consolidated revenues for the period were ₱33.2 million, a decrease from ₱42.9 million in the first six months of 2023, reflecting a 9.2% dip in sales volume and a 13.9% decline in the average realized crude price to US$70.7 per barrel.
“While the first half of the year presented market challenges with softer crude prices, we remain focused on executing our long-term strategy,” said a company spokesperson. “Our core Galoc operations have proven to be a consistent asset, and the recent completion of the share swap with Tidemark Holdings is a landmark achievement that significantly increases our stake in the promising SC 72 block. This move underscores our commitment to unlocking the full potential of our exploration assets and creating value for our shareholders.”
On February 13, 2025, the Securities and Exchange Commission approved the valuation of Forum Energy Limited (FEL) shares held by Tidemark Holdings Limited. Following this approval, PXP issued 430.24 million common shares to Tidemark on March 18, 2025, at ₱3.62 per share, in exchange for 24.13 million FEL shares. This transaction was based on an exchange ratio of 17.8337 PXP shares for every FEL share.
As a result, PXP Energy’s effective interest in FEL has increased to 97.88%, and its stake in Service Contract 72 has been boosted to 68.5%. Tidemark Holdings Limited has simultaneously become an 18% shareholder of PXP Energy Corporation.
Looking ahead, PXP continues to evaluate the Dalingding prospect under SC 40 and is actively pursuing other oil and gas opportunities within the Philippines. The Company and its partners are also awaiting the anticipated awarding of new service contracts, and they remain committed to the long-term potential of SCs 72 and 75, despite the ongoing force majeure.
