Lower refining margins cut Petron 9-month net income

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Lower refining margins cut Petron 9-month net income - Business Mirror

Quick Summary:

Petron Corp.saw its net income fall by more than a quarter in January to September as refining margins declined amid a challenging a business environment.

Petron also said the international oil market remains “uncertain” as weak demand from China aggravates the continued impact of political tensions in the Middle East.

This was driven by the company’s sustained volume growth in January to September 2024 to 104.4 million barrels from 93.6 million barrels in 2023.