Petron Corp. reported a consolidated net income of P3.8 billion for the first half of the year, dragged down by elevated crude oil prices and higher freight costs triggered by the ongoing Middle East conflict, according to a report by Philstar Biz.
The figure marks a decline from the same period last year, the report said. Petron attributed the weaker earnings to a challenging operating environment shaped by geopolitical tensions, which drove up input costs and logistics expenses across its refining and retail operations.
Petron, which operates the country's largest oil refinery, has been navigating volatile global oil markets. The results underscore how the Middle East war continues to weigh on Filipino oil companies' margins, as crude and freight costs remain elevated amid supply disruptions and heightened risk premiums.