Petron earnings grow 16 percent to P3.9 billion in Q1

This undated file photo shows a gasoline station of Petron.

MANILA, Philippines — The net income of Petron Corp. went up by 16 percent to P3.93 billion in the first quarter from P3.4 billion in the same quarter last year on the back of higher sales volume.

The consolidated revenues of the country’s largest oil refiner jumped by 21 percent to P227.64 billion from P188.75 billion due to its “strong volume growth.”

Petron’s consolidated sales volume increased by 23 percent to 35.29 million barrels from 28.59 million barrels due to broad-based growth across all business segments in the company’s Philippine and Malaysian operations.

The company’s sales volume was driven by higher production at its refineries in Bataan and Port Dickson.

Its consolidated retail sales and commercial volumes grew by 11 percent due to “sustained market recovery” and Petron’s effective retail execution, and increase in jet fuel and liquefied petroleum gas sales, respectively.

Export volumes also grew considerably by over 90 percent 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 percent growth to 22.72 million barrels from 17.7 million barrels in 2023.

“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,” Petron president and CEO Ramon S. Ang said.

Operating income also went up by 21 percent to P10.17 billion in the first quarter from P8.42 billion in the same quarter in 2023.

Meanwhile, the international oil market continued to be affected by the escalating geopolitical conflicts in the Middle East.

After declining by 17 percent in the last quarter of 2023 to close at $77 per barrel in December, the price of benchmark Dubai crude went up by nine percent to $84 per barrel in March.

However, first quarter 2024 prices remained almost flat compared to the same period last year.

The consolidated net income of Petron jumped by 51 percent to P10.1 billion in 2023 from P6.7 billion in 2022.

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