PetroEnergy Q3 income drops 45% on oil revenue dip, expansion costs

YUCHENGCO-LED PetroEnergy Resources Corp. posted a 44.9% drop in third-quarter net income to P46.5 million, as lower oil revenues and higher costs from new solar projects weighed on earnings.

For the three months ending September, the listed energy company recorded gross revenues of P843.93 million, down 4.9% from P887.44 million in the same period last year.

For the nine-month period, PetroEnergy posted an attributable net income of P297.54 million, a decrease of 26.37% from P404.09 million in the comparable period a year ago.

Its gross revenues fell by 7.72% to P2.93 billion from P2.72 billion, while combined expenses rose by 16.24% to P2.29 billion from P1.97 billion in the same period last year.

The company said it reported higher electricity sales for the period ending September at P2.33 billion, which it attributed to the company’s consistent growth in renewable energy.

However, the decline in Gabon oil revenues pulled down its consolidated net income, the company said, with oil revenues also dropping due to lower global crude oil prices — from an average of $81.69 per barrel to $69.72 per barrel.

The company also said that higher power sales, along with increased financing costs and expenses, were due to the 27-megawatt direct current Dagohoy Solar Power Project in Bohol, which started commercial operations in July 2025, as well as its other solar power projects.

At the stock exchange on Monday, shares in the company fell by 19 centavos, or 5.29%, to end at P3.40 each. — Ashley Erika O. Jose