New Risk • Apr 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 14
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ₱1.12 (up from ₱0.30 in FY 2024). Revenue: ₱809.8b (down 6.7% from FY 2024). Net income: ₱14.8b (up 426% from FY 2024). Profit margin: 1.8% (up from 0.3% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 17%. Earnings per share (EPS) exceeded analyst estimates by 47%. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 05
Dividend of ₱0.15 announced Shareholders will receive a dividend of ₱0.15. Ex-date: 17th March 2026 Payment date: 15th April 2026 Dividend yield will be 4.3%, which is lower than the industry average of 17%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (2% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Mar 03
Petron Corporation, Annual General Meeting, May 07, 2026 Petron Corporation, Annual General Meeting, May 07, 2026, at 14:00 W. Australia Standard Time. Location: to be livestreamed via streaming site, Philippines Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₱3.30, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Oil and Gas industry in Asia. Total returns to shareholders of 9.2% over the past three years. Duyuru • Feb 12
Petron Corporation Announces Election of Ret. Gen. Rey Leonardo B. Guerrero as Director, Effective February 12, 2026 Petron Corporation elected Ret. Gen. Rey Leonardo B. Guerrero as Director of the Company. The election was approved during a Special Board Meeting held on February 12, 2026. No information regarding age, educational details, directorate, present and past directorships, qualifications, or full experience is provided in the article. Duyuru • Jan 27
Petron Corporation Announces Resignation of Jose P. De Jesus as Director, Effective January 31, 2026 Petron Corporation announced letter of resignation from Mr. Jose P. De Jesus from the Board of Directors effective at the end of business hours of January 31, 2026. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₱2.90, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Oil and Gas industry in Asia. Total returns to shareholders of 29% over the past three years. Duyuru • Jan 08
Petron Corporation Receives Penalty Order from Energy Regulatory Commission Petron Corporation (Company) on January 7, 2026 received on from the Energy Regulatory Commission (ERC) an order dated December 26, 2025 imposing on the Company a penalty in the amount of PHP 650,000.00 for the non-submission of SMS/text reports on the unplanned outage and the resumption of operations of its Refinery Solid Fuel-Fired Boiler Plant resulting from the 6.1 magnitude earthquake in Bataan on April 22, 2019. ERC rules require a generating facility to report to the ERC through SMS/text within three (3) hours of any unplanned outage and resumption of operations of a the inability of the company to comply with the requirements of the ERC was due to the situation caused by the earthquake that required the Company to focus on implementing safety measures and protocols at the Petron Bataan Refinery. The company will pay the above-described penalties. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ₱0.30 (vs ₱0.04 in 3Q 2024) Third quarter 2025 results: EPS: ₱0.30 (up from ₱0.04 in 3Q 2024). Revenue: ₱208.5b (down 2.3% from 3Q 2024). Net income: ₱4.12b (up ₱3.64b from 3Q 2024). Profit margin: 2.0% (up from 0.2% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ₱0.09 (vs ₱0.02 in 2Q 2024) Second quarter 2025 results: EPS: ₱0.09. Revenue: ₱192.0b (down 12% from 2Q 2024). Net income: ₱429.0m (down 72% from 2Q 2024). Profit margin: 0.2% (down from 0.7% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. New Risk • May 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.3% Last year net profit margin: 0.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ₱0.39 (vs ₱0.24 in 1Q 2024) First quarter 2025 results: EPS: ₱0.39 (up from ₱0.24 in 1Q 2024). Revenue: ₱194.4b (down 15% from 1Q 2024). Net income: ₱3.74b (up 68% from 1Q 2024). Profit margin: 1.9% (up from 1.0% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • May 02
Petron Corporation Approves Committee Changes Petron Corporation at its AGM held on May 2, 2025 approved the appointment of Mr. John Paul L. Ang as Member of Audit committee, Francis H. Jardeleza as Member of Corporate Governance Committee. Related Party Transaction Committee: Artemio V. Panganiban- Chairman (Independent Director),
Margarito B. Teves- Member (Independent Director), Aurora T. Calderon-Member. Duyuru • Apr 21
Petron Corporation Announces Passing of Mr. Horacio C. Ramos, Director Petron Corporation announced passing of Mr. Horacio C. Ramos, Director of the Company. Effective Date is April 17, 2025. Reported Earnings • Apr 03
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₱0.30 (up from ₱0.27 in FY 2023). Revenue: ₱868.0b (up 8.4% from FY 2023). Net income: ₱8.47b (up 231% from FY 2023). Profit margin: 1.0% (up from 0.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • Mar 27
Petron Corporation Announces Passing of Estelito P. Mendoza as Director Petron Corporation announced Passing of Atty. Estelito P. Mendoza, Director of the Company. Effective Date of Resignation/Cessation of term is March 31, 2025. Declared Dividend • Mar 06
Dividend of ₱0.10 announced Dividend of ₱0.10 is the same as last year. Ex-date: 17th March 2025 Payment date: 2nd April 2025 Dividend yield will be 4.2%, which is lower than the industry average of 17%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 91% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₱0.04 (vs ₱0.17 in 3Q 2023) Third quarter 2024 results: EPS: ₱0.04 (down from ₱0.17 in 3Q 2023). Revenue: ₱213.4b (down 3.1% from 3Q 2023). Net income: ₱482.0m (down 81% from 3Q 2023). Profit margin: 0.2% (down from 1.1% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 1.6% decline forecast for the Oil and Gas industry in Asia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ₱0.01 (vs ₱0.34 in 2Q 2023) Second quarter 2024 results: EPS: ₱0.01. Revenue: ₱216.9b (up 22% from 2Q 2023). Net income: ₱2.05b (up 52% from 2Q 2023). Profit margin: 0.9% (in line with 2Q 2023). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ₱0.38 (vs ₱0.079 in 1Q 2023) First quarter 2024 results: EPS: ₱0.38 (up from ₱0.079 in 1Q 2023). Revenue: ₱227.6b (up 21% from 1Q 2023). Net income: ₱3.71b (up 404% from 1Q 2023). Profit margin: 1.6% (up from 0.4% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • May 08
Petron Corporation to Report Q1, 2024 Results on May 07, 2024 Petron Corporation announced that they will report Q1, 2024 results on May 07, 2024 Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: ₱0.27 (vs ₱0.015 in FY 2022) Full year 2023 results: EPS: ₱0.27 (up from ₱0.015 in FY 2022). Revenue: ₱801.0b (down 6.6% from FY 2022). Net income: ₱9.24b (up ₱9.10b from FY 2022). Profit margin: 1.2% (up from 0% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 11
Upcoming dividend of ₱0.10 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 04 April 2024. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Filipino dividend payers (5.7%). Lower than average of industry peers (16%). Declared Dividend • Mar 09
Dividend of ₱0.10 announced Dividend of ₱0.10 is the same as last year. Ex-date: 18th March 2024 Payment date: 4th April 2024 Dividend yield will be 3.1%, which is lower than the industry average of 17%. Sustainability & Growth Dividend is covered by both earnings (86% earnings payout ratio) and cash flows (5% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 3.9% to shift the payout ratio to a potentially unsustainable range, which is less than the 34% EPS decline seen over the last 5 years. Duyuru • Feb 06
Petron Corporation, Annual General Meeting, May 21, 2024 Petron Corporation, Annual General Meeting, May 21, 2024. Duyuru • Dec 27
Petron Corporation Provides Earnings Guidance for the Year 2023 Petron Corporation provided earnings guidance for the year 2023. The company expects net income to reach PHP 12 billion in 2023, up by nearly 80% from PHP 6.7 billion last year amid stable oil prices. New Risk • Nov 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.1% Last year net profit margin: 0.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.1% net profit margin). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ₱0.17 (vs ₱0.04 in 3Q 2022) Third quarter 2023 results: EPS: ₱0.17 (up from ₱0.04 in 3Q 2022). Revenue: ₱220.2b (down 5.3% from 3Q 2022). Net income: ₱3.10b (up ₱2.72b from 3Q 2022). Profit margin: 1.4% (up from 0.2% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings have declined by 2.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 2.2% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: ₱0.10 (vs ₱0.15 in 2Q 2022) Second quarter 2023 results: EPS: ₱0.10. Revenue: ₱178.3b (down 21% from 2Q 2022). Net income: ₱2.61b (up 20% from 2Q 2022). Profit margin: 1.5% (up from 1.0% in 2Q 2022). The increase in margin was driven by lower expenses. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ₱0.22 (vs ₱0.27 in 1Q 2022) First quarter 2023 results: EPS: ₱0.22. Revenue: ₱188.8b (up 9.5% from 1Q 2022). Net income: ₱3.04b (up 177% from 1Q 2022). Profit margin: 1.6% (up from 0.6% in 1Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: ₱0.01 (vs ₱0.046 in FY 2021) Full year 2022 results: EPS: ₱0.01. Revenue: ₱857.6b (up 96% from FY 2021). Net income: ₱5.73b (up ₱5.29b from FY 2021). Profit margin: 0.7% (up from 0.1% in FY 2021). The increase in margin was driven by higher revenue. Recent Insider Transactions • Mar 17
Insider recently sold ₱96k worth of stock On the 14th of March, Gildo Destreza sold around 28k shares on-market at roughly ₱3.42 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱3.00, the stock trades at a trailing P/E ratio of 10.4x. Average forward P/E is 6x in the Oil and Gas industry in Philippines. Negligible returns to shareholders over past three years. Duyuru • Feb 16
Petron Corporation Appoints Mr. Freddie P. Yumang as Senior Vice President-Chief Risk Officer Petron Corporation announced that at its board of directors during its special board meeting held on February 15, 2023, approved the appointment of Mr. Freddie p. Yumang as Senior Vice President-Chief Risk Officer effective January 1, 2023. Reported Earnings • Nov 18
Third quarter 2022 earnings released: ₱0.10 loss per share (vs ₱0.03 loss in 3Q 2021) Third quarter 2022 results: ₱0.10 loss per share (further deteriorated from ₱0.03 loss in 3Q 2021). Revenue: ₱232.6b (up 98% from 3Q 2021). Net income: ₱378.0m (down 38% from 3Q 2021). Profit margin: 0.2% (down from 0.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ₱0.24 (vs ₱0.073 in 2Q 2021) Second quarter 2022 results: EPS: ₱0.24 (up from ₱0.073 in 2Q 2021). Revenue: ₱226.2b (up 149% from 2Q 2021). Net income: ₱3.51b (up 378% from 2Q 2021). Profit margin: 1.6% (up from 0.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: ₱0.25 (vs ₱0.006 in 1Q 2021) First quarter 2022 results: EPS: ₱0.25 (up from ₱0.006 in 1Q 2021). Revenue: ₱172.3b (up 107% from 1Q 2021). Net income: ₱3.25b (up ₱3.20b from 1Q 2021). Profit margin: 1.9% (up from 0.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 12
Full year 2021 earnings released: EPS: ₱0.05 (vs ₱1.58 loss in FY 2020) Full year 2021 results: EPS: ₱0.05 (up from ₱1.58 loss in FY 2020). Revenue: ₱438.1b (up 53% from FY 2020). Net income: ₱5.37b (up ₱20.1b from FY 2020). Profit margin: 1.2% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 16% share price gain to ₱3.94, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 14x in the Oil and Gas industry in Philippines. Total loss to shareholders of 38% over the past three years. Reported Earnings • Nov 22
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: ₱0.03 loss per share (down from ₱0.099 profit in 3Q 2020). Revenue: ₱117.4b (up 83% from 3Q 2020). Net income: ₱609.0m (down 34% from 3Q 2020). Profit margin: 0.5% (down from 1.4% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 26%, compared to a 18% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ₱0.01 (vs ₱0.60 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₱83.3b (down 20% from 1Q 2020). Net income: ₱1.40b (up ₱7.25b from 1Q 2020). Profit margin: 1.7% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 14
Full year 2020 earnings released: ₱1.58 loss per share (vs ₱0.17 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ₱286.0b (down 44% from FY 2019). Net loss: ₱11.4b (loss widened ₱9.81b from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Price Target Changed • Jan 07
Price target raised to ₱3.10 Up from ₱2.00, the current price target is provided by 1 analyst. The new target price is 18% below the current share price of ₱3.78. As of last close, the stock is down 6.4% over the past year. Is New 90 Day High Low • Nov 19
New 90-day high: ₱3.31 The company is up 7.0% from its price of ₱3.10 on 20 August 2020. The Filipino market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱9.89 per share. Is New 90 Day High Low • Oct 21
New 90-day high: ₱3.16 The company is up 2.0% from its price of ₱3.11 on 23 July 2020. The Filipino market is also up 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Oil and Gas industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱6.15 per share. Is New 90 Day High Low • Oct 01
New 90-day low: ₱3.00 The company is down 3.0% from its price of ₱3.09 on 03 July 2020. The Filipino market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₱6.15 per share.