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PetroEnergy income surges to P549M on oil revenues

YUCHENGCO-led PetroEnergy Resources Corp. registered a net income attributable to equity holders of P549 million in 2022, up by 68.9% from the P325 million a year ago, driven by higher oil revenues.

In a regulatory filing on Tuesday, PetroEnergy said its oil revenues last year increased by 57.5% to P726 million from P461 million in 2021 due to elevated global crude prices during the period.

The listed energy company said the average price of crude oil went up to $106.27 per barrel (bbl) during the period compared to $69.90 per bbl previously.

In 2022, electricity sales declined by 11% likely due to the one-month preventive maintenance shutdown of the 20-megawatt (MW) Maibarara-1 and 12-MW Maibarara-2 power plants in February of last year.

However, PetroEnergy said that the decline in electricity sales was offset by the operations of petroleum operations in Gabon.

PetroEnergy recorded a consolidated net income of P863 million in 2022, higher by 29.8% than the P665 million posted a year ago due to the “hefty returns” of the company’s upstream oil assets.

It has a participating interest in various upstream oil assets in the Philippines and Gabon in West Africa.

At the local bourse on Tuesday, shares in the company gained nine centavos or 1.92% to end at P4.78 apiece. — Ashley Erika O. Jose

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