Petron Corporation reported P867.97 billion in revenues for 2024, an 8% increase from P801.03 billion in 2023, as it continued to grow locally and internationally while continuously improving efficiency, driving climate action, and supporting nation-building efforts.
Consolidated sales volume grew 10% to 139.85 million barrels, driven by higher demand and strategic growth initiatives. Petron’s Philippine operations and Singapore trading subsidiary led this growth, with combined sales reaching 92.49 million barrels, a 16% jump from 2023, supported by network expansion and strong marketing efforts.
Based on data from the Department of Energy (DOE), Petron grew its market share as the leading oil company in the Philippines to 24.9% in the first half of 2024, up from 23.1% at the end of 2023, while maintaining its dominance in the LPG sector with a 25.5% share.
Growth was also strong across key segments, with retail sales rising 18%, supported by the country’s largest fuel station network, and commercial sales increasing 6%, driven by its strong presence in the aviation industry.
Petron Malaysia, however, faced challenges due to policy changes in fuel subsidies, while a shutdown in Port Dickson refinery for maintenance in the fourth quarter of 2024 limited production and exports.
At the same time, global oil prices remained volatile, driven by geopolitical conflicts in the Middle East and weakened demand from China. While Dubai crude averaged US$80 per barrel, prices peaked at US$89 in April before dropping to US$73 by year-end, putting pressure on regional refining margins.
Despite these headwinds, Petron remained profitable, posting an operating income of P29.22 billion, almost unchanged from P30.72 billion in 2023. While net income declined by 16% to P8.47 billion, the company’s steady earnings reflect its resilience amid industry challenges.
“These results demonstrate our ability to adapt to market conditions while strengthening our leadership,” said Petron President and CEO Ramon S. Ang. “With the continued support of our customers, employees, and partners, we remain focused on sustainable growth and contributing to our country’s economic progress.”