PXP Energy Corporation, a Philippine oil and gas company listed on the stock exchange, reported a loss of ₱15.6 million for the first three months of 2026 (January to March). This is bigger than the ₱9.4 million loss they had during the same period last year.
What Happened? Why Did They Lose Money?
According to the company’s press release issued on April 29, 2026, the main reason for the bigger loss was higher interest charges – meaning they had to pay more money to borrow funds. The company’s ‘Core Net Loss’ (a measure that shows the basic operating performance) reached ₱11.7 million, compared to ₱9.2 million in the first quarter of 2025.
The Money Coming In
The good news is that PXP Energy actually earned slightly more money from selling oil – their petroleum revenues went up by 2.4% to ₱20.9 million (from ₱20.4 million last year). Think of this like a lemonade stand selling a bit more lemonade than before.
This increase happened because PXP now owns a bigger share (4.69% compared to 3.21% before) of something called the Galoc oil field. This change started on December 18, 2025.
The Problems They Faced
However, there were some challenges:
- Oil prices went down: The price they got for each barrel of oil dropped by 17.2% to US$62.9 per barrel (from US$76.0 per barrel). Imagine if your lemonade that used to sell for ₱76 now only sells for ₱63 – that’s a big drop!
- They sold slightly less oil: The amount of oil sold decreased a tiny bit (0.3%) to 156,983 barrels from 157,381 barrels
- Costs went up: It cost them more money to produce the oil – ₱18.9 million compared to ₱17.3 million before
- Foreign exchange losses: Because the Philippine peso became weaker, they lost ₱3.8 million (last year they actually gained ₱0.7 million from currency changes)
What is PXP Energy?
PXP Energy Corporation is a company that explores for and produces oil and gas in the Philippines. They’re what’s called an ‘upstream’ company, which means they focus on finding oil and gas and getting it out of the ground, rather than selling it at gas stations. The company’s shares are traded on the Philippine Stock Exchange.
New Oil Project in Palawan
On April 13, 2026, the Department of Energy gave PXP’s subsidiary (a company they own called Forum Energy Philippines Corporation) and other partners permission to work on a new oil project. This is called Petroleum Service Contract No. 91, and it’s located in Northwest Palawan.
The project focuses on the Cadlao Field, which is estimated to contain about 6.2 million barrels of oil. The contract lasts for 10 years, which is how long they think it will take to assess, develop, and produce oil from this field.
Looking at the Financial Statements
According to the company’s balance sheet, PXP Energy had ₱16.1 million in cash as of March 31, 2026 – this is less than the ₱40.1 million they had at the end of December 2025. The company has total assets worth ₱3.26 billion and total debts (liabilities) of ₱557.1 million.
What’s Next?
PXP Energy says they’re staying focused on keeping their operations ready and managing their money carefully. The Galoc oil field (where they currently produce oil) is getting old and will soon stop producing, so the company is looking for new opportunities that could bring in money sooner while keeping options open for long-term projects.
The company also maintains interests in two other service contracts (SC 72 and SC 75) that are currently under ‘Force Majeure’ – a legal term meaning they’ve been temporarily stopped due to circumstances beyond their control.
Source Note:This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.
