MANILA, Philippines – Oil giant Petron Corporation marked its highest quarterly net income in history, reporting P5.8 billion for the 1st 3 months of 2018, up by 4% in the same period a year ago.
Petron’s strong performance was mainly on account of higher revenues of P129 billion in the 1st quarter of the year, an increase of 21% compared to the P106 billion recorded in the same period in 2017.
“Our financial and operating performance in the 1st quarter of 2018 is a strong indication that we are on track for another unprecedented year,” Petron president Ramon Ang said in a statement. (READ: Meet Ramon Ang, Filipino billionaire and Duterte’s friend)
“While we are focused on high-margin segments such as retail, we are also fast-tracking our logistics projects to further integrate our value chain, reflecting increased demand for Petron’s superior products,” he added.
Ang noted that “stable and improved operating efficiencies” at Petron’s Bataan refinery significantly contributed to the company’s performance.
Petron’s 180,000 barrel-per-day Bataan refinery hit its highest ever utilization rate at 99% or near full capacity during the period.
Combined volumes from January to March this year stood at 26.6 million barrels.
This was driven by a 5% increase in consolidated domestic sales equivalent to over one million barrels.
The benchmark Dubai crude in the 1st quarter of this year surged by 20% to nearly $64 per barrel, compared to the same period in 2017.
Ang added that Petron “will quickly deal and adapt to trends and changes” to remain the market leader and secure better results. – Rappler.com