C06908-2024

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)
Oct 30, 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
02-86311381
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 67,236,000
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 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

PRESS RELEASE: UNAUDITED FINANCIAL AND OPERATING HIGHLIGHTS FOR THE 9-MONTH PERIOD ENDED SEPTEMBER 30, 2024
Background/Description of the Disclosure

• Core Net Loss was lower at P17.8 million (9M 2023: P23.9 million) due to slightly higher average crude oil price and volume lifted from SC 14C-1 Galoc operations, a reduction in overhead, and lower net interest expense. Consolidated Net Loss Attributable to Equity Holders of the Parent Company was also lower at P16.7 million (9M 2023: P22.9 million).

Consolidated petroleum revenues slightly increased by 2.8% to P64.8 million (9M 2023: P63.0 million), following marginal improvements in average crude price to US$81.2/bbl (9M 2023: US$80.5/bbl) in addition to higher output sold at 478,999 bbls (9M 2023: 475,183 bbls) in SC 14C-1 Galoc.

Consolidated costs and expenses was trimmed down to P78.2 million (9M 2023: P82.1 million) due to significant reduction in recurring overhead to P37.0 million (9M 2023: P41.0 million) and lower net interest expense - net of P2.3 million (9M 2023: P3.0 million), slightly offset by the increase in petroleum production costs to P41.2 million (9M 2023: P41.1 million).

• On August 27, 2024, the Joint Venture comprising PXP Energy Corporation (“PXP”), The Philodrill Corporation, Sunda Energy Plc (UK), and Operator Triangle Energy (Global) Limited (Australia) (or collectively the “JV”), submitted the bid documents for Pre-Determined Area BARMM Petroleum (“PDA-BP”) - 2, formerly SC 56 of ExxonMobil, and PDA-BP-3, formerly SC 41 of Tap Oil, which were offered by the Department of Energy and the Ministry of Environment, Natural Resources, and Energy (MENRE) of the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM).

The JV was the sole bidder for the two blocks, and its applications were found to be complete, thus qualifying them for further substantive legal, financial, and technical evaluation.

Outlook
Both PXP and Forum Energy Limited (the “Group”) remain committed in both SC 72 and SC 75 despite the extended force majeure on both blocks. Meantime, PXP is hopeful that its applications for both PDA-BP-2 and PDA-BP-3 will be awarded to the JV soon. On the other hand, feasibility studies on SC 40’s Dalingding-2 prospect are currently ongoing. Lastly, PXP will continue to assess and study other oil and gas projects within 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