Petron Corp. delivered strong results in January to September driven by higher domestic sales, lower costs, and improved plant efficiency.
At-end September this year, the country’s lone refiner posted P9.7 billion in net income up 37 percent from last year’s P7.1 billion.
Petron achieved robust sales, reporting a combined sales volume of 84.7 million barrels for the Philippines and Malaysia, a three-percent increase from 2024’s 82.6 million barrels. This growth was largely driven by the 11 percent improvement in Philippine retail sales as Petron continued to corner the bigger share of the market.
The growth in domestic volumes, together with higher productivity at Petron’s refineries in Limay, Bataan and Port Dickson, Malaysia, helped minimize the impact of weak regional refining cracks, which dropped 11 percent in the first nine months.
Due to lower international prices, revenues for the three quarters slid by 10 percent to P594.9 billion from P657.9 billion the previous year.
Despite the external challenges, Petron sustained its profitability with an operating income of P26.6 billion, 20 percent higher than last year’s P22.2 billion. Furthermore, its net income growth further underscores the company’s resilience in navigating industry headwinds.
Petron said geopolitical tensions, shifting policies, and lifting of supply cuts significantly impacted oil prices. Dubai crude remained rangebound at $70 per barrel in the third quarter, following a drop to $64 per barrel in May from $80 per barrel in January this year. The regional pricing benchmark averaged $71 per barrel from January to September, marking a 13-percent decline compared to last year.
‘As a refiner, we’ve had to balance financial resilience with delivering value across every aspect of our business. This year, the market has presented even greater challenges, yet we’re proud of how we’ve stood against external pressures and even competition.
Our performance over the past three quarters has been a testament to this, and we remain optimistic about maintaining this momentum through the rest of the year,’ said Petron President and CEO Ramon S. Ang.