PXP Energy trims net loss on higher output of Galoc

Quick Summary:

PXP Energy Corp.narrowed its core net loss in January to September, citing slightly higher crude oil prices, improved production volumes from its Galoc operations, and reduced overhead costs as primary drivers.

Looking ahead, PXP expressed optimism about its potential award for the exploration blocks whose auctions it participated in.

Production levels also rose slightly, with 478,999 barrels lifted in the Galoc oil field under Service Contract (SC) 14C-1, up from 475,183 barrels in 2023.

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Article Details

Author / Journalist: Lorenz S. Marasigan

Category: BusinessStartups

Markets: Philippines

Topics: Blocks Crude Costs Petroleum Million Loss 2023 Corp Energy Production Galoc

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 16:04:00 (19 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 444 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 23351434

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