Petron Corporation has kicked off 2025 on a positive note, reporting a net income of P4.03 billion for the first quarter, maintaining last year’s level of performance despite ongoing volatility in the international oil market.
The company’s consolidated revenues for the quarter reached P194.38 billion, compared to P227.64 billion in the same period last year.
This decline was attributed to lower global oil prices and limited trading volumes from Petron’s Singapore operations.
The international oil market faced challenges such as the imposition of US tariffs on major trade partners, geopolitical tensions in the Middle East, and announcements by OPEC+ members regarding plans to unwind voluntary production cuts.
Benchmark Dubai crude prices fluctuated significantly, climbing to USD80 per barrel in January before dropping to USD72 per barrel in March, closing the quarter with an average of USD77 per barrel, 5% lower than the same period last year.
Additionally, regional refining margins compressed further, declining by over 40% compared to 2024 levels.
Despite these challenges, Petron’s retail sales in the Philippines grew by 14%, reflecting the company’s successful strategy to attract more motorists through an enhanced customer experience.
Commercial sales also posted gains, driven by higher jet fuel and LPG sales.
However, lower export sales offset this growth, resulting in a combined sales volume of 27.6 million barrels from Philippine and Malaysian operations—a 5% decrease from last year.
Petron demonstrated financial resilience and maintained its strong industry presence amid market uncertainties.
Operating income for the quarter stood at P9.47 billion, lower than last year but significantly exceeding targets.
“We continue to operate in a volatile and unpredictable market. As we navigate through these setbacks, we remain committed to enhancing our efficiency and strengthening our performance to sustain our market leadership and further our role as a nation-builder,” said Petron President and CEO Ramon S. Ang.
Petron remains steadfast in its mission to deliver value to its stakeholders while adapting to the evolving global energy landscape.
