C01085-2024

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Feb 28, 2024
2. SEC Identification Number
CS200719819
3. BIR Tax Identification No.
006-940-588-000
4. Exact name of issuer as specified in its charter
PXP Energy Corporation
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
2F LaunchPad, Reliance cor Sheridan St., Mandaluyong City Postal Code 1550
8. Issuer's telephone number, including area code
+63286311381
9. Former name or former address, if changed since last report
n/a
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 1,960,000,000
Debt 66,444,000
11. Indicate the item numbers reported herein
9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PXP Energy CorporationPXP

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

PRESS RELEASE - AUDITED FINANCIAL AND OPERATING HIGHLIGHTS FOR THE YEAR ENDED DECEMBER 31, 2023
Background/Description of the Disclosure

• Consolidated petroleum revenues were lower at P63.2 million (2022: P74.1 million), coming from three offtakes for both periods, amidst a marginally lower output of 475,183 barrels of oil and a decline in the average price to US$80.5 per barrel (2022: 479,955 barrels at US$94.5 per barrel) in Service Contract (“SC”) 14C-1 Galoc.

Consolidated costs and expenses were slightly higher at P102.6 million (2022: P99.6 million), brought about by a slight improvement in petroleum production costs at P39.9 million (2022: P40.5 million), offset by an increase in overhead expenses to P62.7 million (2022: P59.1 million), resulting from the surge in compliance and administrative costs of its foreign subsidiaries.

Core Net Loss at P42.5 million (2022: P22.0 million), resulting from lower margins from Galoc operations, increase in overhead, and higher interest expense. Consolidated Net Loss Attributable to Equity Holders of the Parent Company amounted to P97.4 million (2022: P36.1 million), following impairment charges in SC 74 Linapacan, offset by changes in decommission estimates in SC 14C-2 West Linapacan.

Outlook
Each of PXP Energy Corporation (“PXP”) and Forum Energy Limited will continue to coordinate with the Government on the possible resumption of activities in both SC 72 and SC 75, and will pursue exploration work in SC 40. Meanwhile, PXP will assess and study other projects in the Philippines.
Other Relevant Information

About PXP Energy Corporation

PXP is an upstream oil and gas company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange.

For further information, please contact:

Mark H. Rilles
Finance Controller
PXP Energy Corporation
Telephone: (632) 8631 1381
Email: [email protected]
Filed on behalf by:
Name Mark Raymond Rilles
Designation Finance Controller