PETRON Corp. reported a net income of P5.3 billion in the first half of 2025, down 11.9 percent from P6.02 billion recorded in the same period in 2024.
The company said in a statement on Tuesday that its performance for the period was driven by escalating geopolitical tensions in the Middle East, global tariff tension, and the decision of the Organization of the Petroleum Exporting Countries and its allies to unwind production cuts which pushed Dubai crude prices to hit as low as $64 per barrel in May before recovering to $69 in June.
Petron said that such development resulted in average Dubai crude prices dropping to $72 per barrel in the first half of 2025 — 14 percent lower than $83 per barrel in the first half 2024.
The company added that its revenues for the first six months of 2025 reached P386.4 billion, down 13 percent from P444.5 billion for the same period last year, mainly due to lower international oil prices and decreased volumes from Petron’s trading operations in Singapore.
Petron did not provide figures but said its strategic marketing initiatives enabled its Philippine operations to capture the local demand growth, with retail volumes increasing 13 percent.
The company said this, combined with the optimized plant operations and increased production, helped cushion the impact of weak regional refining cracks and the overall drop in prices during the period.
Petron continues to operate the Philippines’ only remaining refinery in Limay, Bataan and another one in Port Dickson, Malaysia.
