Aug 31, 2021
PNOC EC Holds Virtual Annual Stockholders Meeting
PNOC EC held its Annual Stockholders Meeting via online facility at its Company Headquarters in the Bonifacio Global City in Taguig, led by PNOC EC President and CEO, Lt Gen Rozzano D Briguez (Ret), (seated at head of conference table in blue shirt).
Bonifacio Global City, Taguig (27 August 2021) – PNOC Exploration Corporation, the upstream oil, gas, and coal exploration and development arm of the National Government, successfully held their Annual Stockholders Meeting via online facility at the Company Headquarters in the Bonifacio Global City.
This marked the second consecutive year that a virtual Annual Stockholders Meeting was held by the Company, to ensure a safe, effective and productive meeting environment with the ongoing COVID 19 pandemic, and the new variants of the virus that have been identified by health authorities. Energy Secretary Alfonso G Cusi, Chairman of the PNOC EC Board of Directors, presided over the meeting.
PNOC EC reported revenues of PhP3.40 billion according to its 2020 Operational and Financial Highlights, presented during the meeting. Service Contract 38 (SC 38) continued to be the flagship project for the Company, with natural gas deliveries at 135 billion cubic feet (BCF), while condensate liftings totaled 3.32 million barrels.
Net income was reported at PhP598 million, with Return on Revenues (ROR) at 17.6%. Total assets decreased to PhP15.204 billion.
PNOC EC’s total equity is PhP12.13 billion in 2020. Earnings per share is at 30 Centavos.
While the number may be slightly lower compared to the previous fiscal reporting year, PNOC EC proved to be resilient despite the challenges of the pandemic. Exercising smart fiscal prudence allowed the Company to be one of the major contributors in the ongoing fight versus COVID 19.
Dividends declared in April and December of 2020 amounted to PhP3.01 Billion, a 329% increase as compared to PhP700.70 Million in 2019. This is in response to the National Government’s efforts to fight the effects of the pandemic thru Bayanihan 1 and Bayanihan 2 Acts.
In 2020, PNOC EC has been recertified for the maintenance of our ISO 9001:2015 with TUV Rheinland Philippines, Inc. after two rounds of Remote Audits. The first was conducted in July 2020 and the second last December 2020. This covered our Petroleum and Coal Exploration Reporting Systems, our core business.
PNOC EC also earned a rating of “Highly Satisfactory” on its annual Stakeholders Satisfaction Survey. This marked a Grand Slam for the Company for stakeholder satisfaction, as this was the third consecutive year that the Company was able to earn the top rating of 5 out of 5. The Survey is a key compliance for the Governance Commission for GOCC’s (GCG).