The heat is on for Petron. In a high-stakes battle to stabilize fuel supply, the oil giant is pouring everything into its refinery operations this year—calling it the company's top priority amid a storm of market turbulence.
“We are strengthening our refinery to boost production. We are also continuing the expansion of our gas stations everywhere,” declared CEO Ramon S. Ang, his voice carrying urgency during the annual stockholders' meeting.
Behind that bold promise lies a brutal reality. First-quarter net income cratered 56% to just P1.8 billion, hammered by soaring product costs and a painful drop in refinery output. The numbers tell a story of a company fighting fires on multiple fronts.
Much of the damage comes from maintenance shutdowns at its Bataan refinery—and a still-idled Port Dickson facility in Malaysia, where Tropical Storm Senyar ripped apart the product jetty last November. That jetty remains a gaping wound in Petron's global operations.
“We are fast-tracking repairs on the damaged pier in Malaysia,” Ang assured shareholders, his tone shifting to quiet resolve. “We are making sure those plants abroad are addressed.”
Even with revenues surging 27% to P246 billion in the first quarter, operating income tumbled 36% to P6.1 billion—a stark reminder that top-line growth means nothing when the engine is sputtering.
Change is also brewing in the C-suite. John Paul L. Ang steps up as company president, taking the operational reins while Ramon Ang stays on as CEO. A new chapter, but the old commander remains at the helm.
Investors didn’t cheer the news. Shares slid 2.18% to close at P2.69—a quiet vote of uncertainty as the refinery wars rage on.
