Petron Corporation began 2025 on a positive note, reporting a net income of P4.03 billion for the first quarter, sustaining last year’s level of performance despite continued volatility in the international market.
The company’s consolidated revenues reached P194.38 billion versus the previous year’s P227.64 billion, due to lower prices and limited trading volumes entered by Petron’s Singapore operations.
The international oil market absorbed the initial impact of the imposition of US tariffs on major trade partners, persisting geopolitical tensions in the Middle East, and the announcement by OPEC plus members of their plans to unwind voluntary production cuts.
After climbing to USD80 per barrel in January, benchmark Dubai crude dropped to USD72 per barrel again in March closing the first-quarter with an average of USD77 per barrel, 5% lower than the same period last year. Meanwhile, regional refining cracks during the period continued to compress from their 2024 levels, declining further by more than 40%.
Retail sales in the Philippines grew by 14%, affirming the company’s strategy to draw more motorists by offering an overall positive customer experience, while commercial sales posted a slight gain mainly on higher jet fuel and LPG sales. However, this growth in domestic sales was offset by lower export sales. Thus, the combined sales volume from its Philippine and Malaysian operations ended at 27.6 million barrels, 5% down from last year.
Amid market challenges and uncertainties, Petron maintained its financial resilience and strong presence in the industry. Operating income, although lower than last year at P9.47 billion, was significantly better than targets.
“We continue to operate in a volatile and unpredictable market. As we navigate through these setbacks, we remain committed to enhancing our efficiency and strengthening our performance to sustain our market leadership and further our role as a nation-builder,” said Petron President and CEO Ramon S. Ang. (30)