PetroEnergy Resources Corporation’s 1st Quarter 2022 consolidated net income improved by 48% from P170 million in 1st Quarter 2021 to P253 million. The net income attributed to equity holders of PERC also increased by 67% from P106 million to P177 million.

The improvement in the financial performance is mainly due to higher crude oil prices (from average $60.97/bbl in 1Q, 2021 to average $107.95/bbl in 1Q, 2022), higher electricity sales from the Tarlac Solar and Nabas Wind power plants, and reduced interest expenses resulting from installment payments of loan principals.

As of the 1st Quarter 2021, the Group maintained a healthy financial position with total assets of P13.6 Billion and total equity of P8.6 Billion. The book value as of 1st Q 2022 reached P10.12/share.