MANILA, Philippines — Petron Corp., the country’s largest oil refiner, recorded its highest quarterly income in the first thee months as sales continued to fuel the company’s performance for the period.
Petron said consolidated net income reached P5.8 billion from January to March, up four percent year on year.
Consolidated revenues jumped 21 percent from P106 billion to P29 billion.
According to Petron, stable and improved operating efficiencies at its Bataan refinery significantly contributed to its positive performance during the first quarter.
“Our financial and operating performance in the first quarter of 2018 is a strong indication that we are on track for another unprecedented year. While we are focused on high-margin segments such as retail, we are also fast-tracking our logistics projects to further integrate our value chain, reflecting increased demand for Petron’s superior products,” Petron president and chief executive officer Ramon Ang said.
Petron sustained strong sales despite higher international oil prices and softer demand.
Combined volumes reached 26.6 million barrels, driven by a five percent increase in consolidated domestic sales equivalent to over one million barrels, at par with last year’s volumes which reached all-time highs.
In the first quarter, the benchmark Dubai crude surged 20 percent to nearly $64 per barrel.
Petron’s 180,000 barrel-per-day Bataan refinery hit its highest ever utilization rate at 99 percent or near full capacity.
The oil refiner’s research and development team recently enhanced the formulation of its premium turbo diesel to unleash the full power and optimum performance of the most advanced and sophisticated diesel engines.
In early 2017, the company introduced Blaze 100 Euro 6 – the best gasoline in the country – which meets the world’s most advanced environmental and performance standards.
Petron continues to be the leading innovator in introducing fuels that guarantee better mileage, better performance, and better engine protection.
“This year promises to be a challenging one, but with our ability to quickly deal and adapt to trends and changes, we will remain the market leader, secure better results, and continue to be a great company to work in and to own,” Ang said.