Oil company logs P514.4B in revenues

PETRON Corp. reported a consolidated revenue of P514.4 billion for full year 2019, down eight percent versus 2018.

The company’s sales volume was slightly lower at 107 million barrels from the previous year’s 108.5 million barrels due to the five percent decline in Philippine volumes as its Petron Bataan Refinery underwent emergency shutdown as a result of the earthquake in April 2019.

Petron Malaysia’s domestic volumes, which grew by three percent, helped offset the decline in Philippine volumes.

Despite the decrease in total sales, Petron continued to enjoy strong brand preference.

Moreover, its market share held steady accounting for about a third of the country’s domestic demand. Petron also remained the market leader in the major segments of retail, industrial and LPG. PR