San Miguel Corp.-backed Petron Corp. booked a sharp profit drop in the first quarter as refinery outages cut output and rising oil costs squeezed margins.
Tycoon Ramon S. Ang-led Petron Corp.’s court victory over state-run Philippine National Oil Co. (PNOC) turned into a last-minute standoff after the state firm refused to accept payment, forcing the court to step in and complete the transfer of key assets.
For the week of April 7 to 13, 2026, Petron’s retail prices were generally below those of Shell and Caltex across key products. This undermines the populist narrative because the same company being blamed for high prices is also operating a major domestic refinery and, in most cases, selling cheaper fuel than their multinational rivals. That demolishes their argument that Petron is driving price pressures.
San Miguel Corp.-backed Petron Corp. posted a record P15.6 billion net income for full-year 2025, up 84 percent from P8.5 billion a year earlier, as stronger refinery operations and tighter cost controls offset softer oil prices and lower revenues.
Petron Corp. defied softer global oil prices as its net income surged 37 percent to P9.7 billion in the first nine months of 2025, driven by higher domestic sales, lower costs, and stronger refinery efficiency.
Petron Corp. has scored a first in the oil industry after being accredited by the Department of Energy (DOE) as an official training institution for the liquefied petroleum gas (LPG) sector.
Tycoon Ramon S. Ang-led Petron Corp. convinced nearly 70 percent of holders of its $550-million perpetual securities to join an exchange and tender offer in Singapore, a move that underscores investor backing for its capital restructuring plan.