Story perspectives

PXP Energy Secures New Contracts, Stock Surges 19%

10/11/2025

Summary

Story summary

PXP Energy Corp. expands in the Philippines with three new petroleum service contracts in the Sulu Sea and Northwest Palawan.
The contracts are part of eight recently signed by President Ferdinand Marcos Jr. to boost investment in the energy sector.
Manuel V. Pangilinan, chairman of PXP Energy Corp., cited the areas' potential, including gas discoveries and a history of exploration.
PXP's stock rose 19.01% after the announcement, despite recent losses.

History

Historical Context

The Philippine Oil Exploration Act of 1972, enacted during President Ferdinand Marcos' administration, aimed to attract foreign investment in the energy sector amid a global energy crisis. This legislation led to significant discoveries and the establishment of the Philippine National Oil Company (PNOC) in 1973. Today, PXP Energy Corp.'s expansion with new contracts continues this legacy, enhancing the Philippines' energy independence and economic stability.

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Story summary

PXP Energy Corp. expands in the Philippines with three new petroleum service contracts in the Sulu Sea and Northwest Palawan.
The contracts are part of eight recently signed by President Ferdinand Marcos Jr. to boost investment in the energy sector.
Manuel V. Pangilinan, chairman of PXP Energy Corp., cited the areas' potential, including gas discoveries and a history of exploration.
PXP's stock rose 19.01% after the announcement, despite recent losses.

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