The company posted a net loss of P39.8 million in the first nine months of 2025, more than double last year’s P14.8 million, following a 22 percent revenue drop to P50.3 million.
The newly awarded contracts — SC 80 and SC 81 in the Sulu Sea, and SC 86 in Northwest Palawan — are expected to drive PXP’s next growth phase as it ramps up technical work in both frontier and proven basins.
“The company remains focused on preserving liquidity and maintaining operational readiness while progressing early-phase technical assessments for SC 80 and SC 81,” PXP said in a stock exchange filing on Thursday.
It added that “despite the continuing Force Majeure over SC 72 and SC 75, PXP and Forum Energy remain steadfast in their commitment to the long-term potential of these strategically important West Philippine Sea assets.”
Two more service contracts in the Northwest Palawan Basin are also under government review and could be awarded within months.
Investor sentiment briefly surged after the announcement, with PXP shares jumping over 80 percent to P3.65 earlier this month on optimism over new exploration deals.
However, the stock has since pulled back by about 35 percent to P2.36, leaving it down roughly 18 percent year-to-date.
—Edited by Miguel R. Camus
