C03048-2019

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)
May 7, 2019
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
2/F LaunchPad, Reliance cor. Sheridan St., Mandaluyong City Postal Code 1550
8. Issuer's telephone number, including area code
026311381
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 1,499,875
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 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

UNAUDITED FINANCIAL AND OPERATING HIGHLIGHTS
FOR THE 3-MONTH ENDED MARCH 31, 2019

Background/Description of the Disclosure

• Q1 2019 Consolidated Net Income Attributable to Equity Holders of the Parent Company at P11.1 million (Q1 2018: net loss of P3.7 million). Reported consolidated net income at P7.0 million (Q1 2018: net loss of P8.4 million).

Consolidated petroleum revenues 3.1% lower at P29.7 million (Q1 2018: P30.7 million) resulting from a 12.5% higher volume offset by 11.8% drop in crude oil price.

Consolidated cost and expenses 13.1% higher at P46.9 million (Q1 2018: P41.5 million) brought about by higher depletion cost in Service Contract 14C-1 Galoc following higher output; Group general and administrative expenses higher due to depreciation charges from Right to Use asset.

Consolidated Net income of P7.0 million (Q1 2018: net loss of P8.4 million) due to higher other income (charges), partially offset by the increase in cost and expenses and marginally lower petroleum revenues.

• On February 11, 2019, PMC paid an additional P=1.386 billion in connection to the Company’s announcement last October 26, 2018, of the signing and execution of a Definitive Subscription Agreement, following the share subscription of PMC of 260,000,000 common shares at P=11.85 per share for a total consideration of P=3.081 billion. Following the payment, PMC’s total paid subscription increased from P=770.25 million to P=2.156 billion, representing 70% of its total subscription in PXP.

• PXP, through Forum Energy Limited, a 78.98% owned subsidiary, will take guidance from the Philippine Government in respect of any future activity in SC 72 and SC 75. The Company is mindful that the Malampaya gas resource, which supplies about 40% of Luzon’s power requirements, could be exhausted within the next decade; in that light, resumption of exploration in SC 72 is of national interest. The Company, therefore, remains hopeful that the force majeure imposed on SC 72 and SC 75 will be lifted by the Department of Energy soon for the Company to be able to resume exploration works in these SCs.

Other Relevant Information

Please see attached.

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. The Company directly and indirectly owns oil and gas exploration and production assets located in the Philippines, and indirectly owns an exploration asset located in offshore Peru.

For further information, please contact:

Mark H. Rilles
Finance Controller
PXP Energy Corporation
Telephone: (632) 631 1381
Email: mhrilles@pxpenergy.com.ph

Filed on behalf by:
Name Mark Raymond Rilles
Designation Finance Controller