PXP Energy earnings for the first nine months of 2026 showed a narrower core net loss of 30.90 million Philippine pesos, compared with 32.80 million pesos a year earlier, as petroleum revenue rose.

PXP Energy earnings and Galoc revenue

The Philippine oil and gas company reported consolidated petroleum revenue of 63.90 million pesos, up from 50.30 million pesos in the first nine months of 2025. It cited a larger participating interest in the Galoc oil field and higher crude prices.

PXP’s Galoc interest, held through Forum Energy, rose to 4.69% from 3.21% effective December 18, 2025. The effective average crude price increased 2.3% to $72.13 a barrel from $70.48.

The company also reported no repeat of nonrecurring expenses booked a year earlier, alongside higher unrealized foreign exchange losses and net interest expenses. Petroleum liftings fell to two cargoes totaling 364,788 barrels from three cargoes totaling 414,124 barrels.

Sulu Sea exploration begins

PXP holds a 12.5% interest in each of the Sulu Sea blocks SC 80 and SC 81. The company’s description of the blocks outlines planned seismic data reprocessing as part of their exploration programs.

The consortium has awarded DUG Technology a $1.45 million contract to reprocess existing seismic data covering more than 4,000 square kilometers of 3D data and up to 3,000 line-kilometers of 2D data. Preliminary results are expected in the first quarter of 2027, with the final dataset due late in the third quarter.

PXP said Galoc was approaching the end of its productive life. Activities at its SC 72 and SC 75 interests remain suspended under force majeure. Its shares closed at 2.97 pesos on October 30, down three centavos.

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