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Pilipinas Shell posts 'significant' recovery in first 9 months with P3.4 billion net income

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ABS-CBN News

<p>MANILA - Pilipinas Shell Petroleum Corp on Friday posted a net income of P3.4 billion in the first 9 months of the year from the P13.9 billion loss in the same period last year.</p><p>This despite the strict mobility restrictions imposed in the third quarter, Shell said in a disclosure to the stock exchange.</p><p>&quot;Our renewed strategy has been proven effective for our business to thrive amidst the resurgence of selected lockdowns in the country,&quot; Pilipinas Shell President and CEO Cesar Romero said.</p><p>&quot;We are continuously growing our capacity for the remainder of 2021, to prepare for the near and medium-term demand pick-up as active new COVID cases decline, vaccination programs accelerate and travel restrictions ease,&quot; Romero added.</p><p>Pilipinas Shell said it launched its new &quot;site of the future&quot; mobility station to future-proof its business.</p><p>It said it is also leading the energy transition and is working on efforts to boost its low-carbon future.</p><p>Shell earlier announced the closure of its refinery in Batangas and the sale of its stake in the Malampaya gas field to the Dennis Uy-led Udenna Corp. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/03/21/pilipinas-shell-traditional-gas-low-carbon-operations">Pilipinas Shell says pursuing low carbon operations while continuing oil and gas</a></li>	<li><a href="https://news.abs-cbn.com/business/10/25/21/pcc-says-not-notified-of-udenna-shell-malampaya-deal">Antitrust body says not notified of Udenna-Shell Malampaya deal due to Bayanihan 2</a></li>	<li><a href="https://news.abs-cbn.com/business/10/25/21/pcc-says-not-notified-of-udenna-shell-malampaya-deal">Antitrust body says not notified of Udenna-Shell Malampaya deal due to Bayanihan 2</a></li></ul><div><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1698618" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Pilipinas Shell Petroleum Corp on Friday said its net income recovered to P3.4 billion in the first 9 months of the year from the P13.9 billion loss in the same period last year.