PXP Energy Corp. reported a net loss of P15.6 million for the first quarter of 2025, widening from a loss of P12.3 million in the same period last year, according to a regulatory filing.
The company attributed the deterioration to lower operating revenues and higher expenses. Revenue fell 18% year-on-year to P8.2 million, driven by a decline in service income from its oil and gas operations in the Philippines.
Operating expenses increased by 5% to P21.3 million, mainly due to higher manpower and administrative costs. The company also recorded a foreign exchange loss of P0.4 million, compared to a gain of P1.1 million in the prior year.
PXP Energy, which holds interests in Service Contract 72 (SC 72) in the West Philippine Sea and SC 14C offshore Palawan, has been struggling to ramp up production amid regulatory delays and low oil prices. The company is also exploring potential partnerships to develop its assets.
"We are actively seeking strategic partners to unlock the value of our exploration and production assets," said Chairman Manuel V. Pangilinan in a statement. "We remain committed to the long-term development of our portfolio."
As of end-March, PXP Energy had cash and cash equivalents of P105.6 million, down from P118.2 million at the end of 2024.