Petron Loses ₱14 Billion in First Half of 2020

Petron Corp. reported a net loss of ₱14 billion pesos for the first half of 2020 as the coronavirus pandemic brought down demand for fuel products, as compared to the ₱2.6 billion pesos net income for the same period last year.

Consolidated revenue for the company fell by 25% to ₱152.4 billion, with total sales volume down to 41.9 million barrels, or 19%.

Ramon S. Ang, president and Chief Executive Officer of Petron, said that the company continues to improve in productivity and cut down expenses to cope with the effects of the pandemic. “At the same time, we have initiated cash preservation initiatives and prudently manage our capex (capital expenditure),” he added.

Ramon added, “As the economy slowly reopens, we will need to find new ways to adapt to these new and unprecedented economic realities and remain resilient,”

Petron closed its Bataan Refinery in May, citing maintenance reasons. The company expects that this close will cushion the effect of falling oil demand and decreased refining margins.