Pilipinas Shell Petroleum Corp Announces P3.5 Billion Net Income In Q1, Prioritizes Cash Conservation due to Global Oil Price Hike

Pilipinas Shell Petroleum Corporation has announced last Thursday its accumulated net income of P3.5 billion in the first quarter of 2022, signaling a positive outlook for the year. Shell’s net Q1 income for this year alone has now surpassed its net income for the entirety of the previous year, with the company having a P3.9 billion net income last 2021, and significantly higher than Shell’s accumulated P16.2 billion loss during the first year of the pandemic in 2020.

In the company’s disclosure to the stock exchange, Shell states that for Q1, borrowing levels were “controlled” and they were able to maintain its positive cash flow from operations. With the global oil price hike affecting economies, Shell also says their cash conservation measures remained a top priority.

Pilipinas Shell president and chief executive officer Lorelie Quiambao-Osial comments, “Pilipinas Shell remains steadfast and committed to our strategy of powering progress for the country, as opportunities are opening with a recovering economy.” Quiambao-Osial notes the significance of “customer-centricity, innovation, agility, and initiatives for sustainable energy” in meeting their customer’s needs at present and in the future as well. The company also credits the growth brought about by its fuel stations being transformed into “mobility stations” with various amenities for its customers such as restaurants, shops, and convenience stores.

Quiambao-Osial also touches upon her expectations on “marketing volumes continuing to improve as more people get fully vaccinated, feel safer and get back on the road”. Meanwhile, Shell’s previously shuttered refinery in Batangas in 2020 due to COVID-19 disruptions and decreased demand has now been converted into an import terminal for the company’s petroleum products as of 2021.

Pilipinas Shell recently celebrated its groundbreaking ceremony held last April for Pilipinas Shell’s 4th world-class medium-range vessel capable Import Terminal located in Davao.

Source: ABS CBN News, ABS CBN News