Philex Petroleum Losses Widen in 1H 2015

Pasig—(PHStocks)—Philex Petroleum Corp. (PSE: PXP) incurred a consolidated net loss of PhP86 million for the six-month period ended 30 June 2015, compared to a net loss of PhP40.7 million during the same period last year.

Net loss attributable to equity holders of the parent company amounted to PhP48.7 million compared to a net loss of PhP11.9 million during the same period last year. The net loss primarily resulted from lower petroleum revenues contributed by its subsidiary, Forum Energy Plc, due to lower crude oil prices and lower production from Service Contract 14C1 Galoc.

The company will continue its efforts to reduce operating expenditures through the rationalization of the company’s business structure and asset portfolio particularly in the current low oil-price environment.