Oil giant Petron Corp. said Wednesday its net income for the first three months of the year dropped 31 percent to P658 million from P953 million in the same months last year due to lower refining margins. Despite high local prices, the company reported that its total sales volume went up 10 percent to P12.92 million barrels in the first quarter, compared to P11.75 million barrels in 2007. Sales revenue also rose 37.5 percent to P59.60 billion from P43.35 billion. "In spite of the drop in our income, we are confident that we will be able to meet our financial and operating targets for the year as we begin to see the positive impact of our new petrochemical feedstock units," said company public affairs manager Virginia Ruivivar. Petron had begun production of petrochemical feedstock propylene at its 180,000 barrel-per-day refinery in Bataan. The company earlier commissioned a petro fluidized catalytic cracker that converts fuel oil to more high-value products like gasoline and diesel, and extracts the petrochemical feedstock propylene.
Petron
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