Philodrill income jumps 77% in H1
MANILA, Philippines — Philodrill Corp. recorded a 77 percent jump in its net income in the first half of the year on the back of strong petroleum revenues.
Philodrill said its net income rose to P16.6 million from P9.4 million in the same period last year. Revenues grew 35 percent to P165.8 million.
Petroleum revenues stood at P145.5 million, 41 percent more than the P102.9 million recorded last year.
Philodrill said the increase was brought mainly by the hike in crude prices in January to June as compared to the same period in 2021. Average price per barrel grew to $102.30 from $70.28 last year.
Combined gross production decreased to 284,085 barrels for the two quarters from 315,993 barrels produced in the same period last year.
Philodrill’s active petroleum projects cover production and exploration areas in offshore Palawan and onshore Mindanao under various service contracts with the Department of Energy.
The DOE last May formally approved the company’s surrender of SC No. 14 (Nido, Matinloc, and North Matinloc Blocks).
Philodrill holds minority interests in Atlas Consolidated Mining & Development Corp. and United Paragon Mining Corp.
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