PXP Energy Corporation today announced its financial results for the first nine months of 2025, reporting a core net loss while simultaneously confirming a significant expansion of its upstream exploration portfolio following the formal award of three new petroleum Service Contracts (SCs) by the Department of Energy (DOE).
On October 8, 2025, the DOE formally presented three newly awarded petroleum Service Contracts to PXP and its joint venture partners:
- SC 80 and SC 81 in the Sulu Sea (a key frontier basin).
- SC 86 (Octon Block) in Northwest Palawan (strengthening its presence in a proven petroleum province).
The signing of these contracts marks a major expansion of PXP’s exploration footprint. The Company is focused on preserving liquidity and maintaining operational readiness while immediately progressing early-phase technical assessments for SC 80 and SC 81, alongside further subsurface work on the new Northwest Palawan block.
Additionally, PXP anticipates further growth as two additional service contracts in the highly prolific Northwest Palawan Basin are currently under final review by the government and are expected to be awarded within the next few months.
Despite the continuing force majeure over Service Contracts 72 and 75, PXP and its subsidiary, Forum Energy Limited, remain steadfast in their commitment to the long-term potential of these strategically important West Philippine Sea assets.
For the first nine months of 2025, PXP incurred a core net loss of P32.8 million. The consolidated net loss attributable to equity holders of the parent company reached P37.9 million. These results were primarily attributed to:
- Softer crude prices compared to the previous period.
- Lower production volumes from the maturing Galoc operations.
- Higher interest charges.
With Galoc production approaching the end of its field life, the Company is actively exploring opportunities to reinvest in producing or near-term development fields. This strategy aims to generate earlier cash flow while maintaining a clear focus on its upstream business and offsetting the expected decline in Galoc revenues.
