Petron Corporation delivered a strong performance in the first quarter of 2024, with its net income growing by 16% to P3.93 billion from P3.4 billion in the same period last year.
Broad-based growth was recorded across all business segments in Petron’s Philippine and Malaysian operations, bringing its consolidated sales volume to 35.29 million barrels, 23% higher
than 2023’s 28.59 million barrels. The sales volume growth was supported by higher production at Petron’s refinery in Bataan and Port Dickson.
Consolidated retail sales were up 11% driven by the sustained market recovery and Petron’s effective retail execution, while commercial volumes similarly rose 11% mainly on the substantial jump in jet fuel and LPG sales. Export volumes also grew considerably by over 90% from the additional export volumes resulting from higher refinery production.
Notably, the company’s sales volume under the umbrella of its Philippine operations, which includes the trading volume of the Company’s subsidiary in Singapore, recorded a 28% growth to 22.72 million barrels from 17.7 million barrels in 2023.
Meanwhile, the international oil market continued to be affected by the escalating geopolitical conflicts in the Middle East. After declining by 17% in the last quarter of 2023 to close at $77 per barrel in December, the price of benchmark Dubai crude climbed 9% to US$84 per barrel by March this year. However, first quarter 2024 prices remained almost flat compared to the same period last year.
Petron’s consolidated revenues for the first three months reached P227.64 billion, up 21% from the previous year’s P188.75 billion, owing to its strong volume growth. Operating income similarly stood strong at P10.17 billion, a 21% improvement from last year’s P8.42 billion, another testament to the company’s resilience amid challenging macroeconomic conditions.
“We have been strengthening our recovery and growth following the pandemic, thanks to our efficiency measures, volume strategy, and sustainability agenda. We are pleased to start the new year on a strong note, and we hope to sustain this momentum as we work towards new goals this 2024,” said Petron President and CEO Ramon S. Ang.
The company is keen on strengthening its sustainability programs mainly on carbon sequestration, energy efficiency, water conservation, and waste management. Petron has been steadily increasing the scope of its flagship environmental program, Puno ng Buhay, as it continues to adopt more reforestation areas. To ensure food security in Bataan, where the Petron Refinery in the Philippines is located, the homegrown oil company recently committed to support the rehabilitation of the Limay Fish Sanctuary in partnership with the local government.