 Consolidated petroleum revenues higher at P63.0 million (9M 2022: P49.3 million) coming from 3 offtakes totalling 475,183 barrels at US$80.5 per barrel (9M 2022: 291,216 barrels from 2 offtakes at US$97.1 per barrel) in Service Contract (SC) 14C-1 Galoc.

Consolidated costs and expenses higher at P82.1 million (9M 2022: P65.6 million) brought about by higher petroleum production costs in SC 14C-1 Galoc at P41.1 million (9M 2022: P28.4 million) relative to barrels lifted and overhead expenses at P41.0 million (9M 2022: P37.2 million) resulting from the surge in compliance and administrative costs of foreign subsidiaries.

Consolidated Net Loss Attributable to Equity Holders of the Parent Company lower at P22.9 million (9M 2022: P25.3 million). Core Net Loss at P23.9 million (9M 2022: P14.7 million) resulting from lower margins from Galoc operations, increase in overhead and higher interest expense.

 On March 20, 2023, the Department of Energy (“DOE”) further affirmed that the entire period from when the Force Majeure was lifted to when the same was re-imposed (October 14, 2020 to April 6, 2022) will be credited back to SC 72 and SC 75. Thus, once the Force Majeure is lifted in the future, both SCs will retain the equivalent remaining terms of the respective Subphases prior to October 14, 2020.

 On March 29, 2023, the DOE granted PXP’s request to place SC 74 under a technical moratorium from September 13, 2022 to September 13, 2024. This moratorium allows PXP and its Joint Venture partners to conduct further studies and establish the appropriate technology required to increase production rates and recoverable reserves in the Linapacan B Field, making economically viable production feasible.