Higher crude oil prices drive PetroEnergy income up 48% in Q1 

The Philippine-based company’s consolidated income stood at P253m.

PetroEnergy Resources Corporation saw its consolidated net income grow 48% to P253m in the first quarter of the year. 

Over the same period, the Philippine-based company’s net income attributed to equity holders rose 67% to P177m. 

PetroEnergy linked its improved financial performance to the higher crude oil prices which stood at an average of $107.95 per barrel during the quarter from $60.97 per barrel in the same quarter last year. 

In addition, PetroEnergy also attributed its growth to higher electricity sales from Tarlac Solar and Nabas Wind power plants, and reduced interest expenses resulting from installment payments of loan principals. 

PetroEnergy noted its financial position remains healthy with total assets worth P13.6b and total equity of P8.6b.