Lower oil prices cut Petron profit in H1

Oil giant Petron Corp. booked lower earnings in the first half as crude prices declined due to ongoing global trade tensions and geopolitical conflict in the Middle East.

- By BRIX LELIS

The company saw its net income slip by 12 percent to P5.3 billion in the first six months from the last year's P6 billion.

Lower global oil prices, along with decreased volumes from Petron's Singapore trading operations, pulled revenues down by 13 percent year-on-year to P386.4 billion.

According to Petron, Dubai crude prices dropped to as low as $64 per barrel in May before rebounding to $69 in June.