Petron earns double profit

Written by
  • Greg R.
  • 2 years ago

Petron Corp., the country’s only crude oil refinery, doubled its consolidated net income as of June to P7.7 billion from P3.87 billion last year as the government eased its pandemic restrictions.

In its press statement, Petron said it benefited from strong regional refining margins with higher production at its 180,000 barrel-per day refinery in Limay, Bataan.

This feat was partially offset by lower marketing margins as a result of escalating price competition in the market.

“We now move forward with hope and optimism as we roll out projects that will not only yield optimal returns for the company but more importantly, lead toward greater sustainability and create economic opportunities for more sectors,” said Ramon Ang , Petron president and chief executive officer.

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