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Brix Lelis - The Philippine Star
May 14, 2026 | 12:00am
For the quarter, the listed oil firm raked in a net income of P1.62 billion, marking a 117.5-percent jump versus the previous year’s P743.6 million.
Andy Zapata
MANILA, Philippines — Shell Pilipinas Corp. saw its earnings more than double in the first three months, cashing in on high pump prices spurred by the ongoing Middle East war.
For the quarter, the listed oil firm raked in a net income of P1.62 billion, marking a 117.5-percent jump versus the previous year’s P743.6 million.
This resulted from a 9.1-percent rise in net sales to P63.29 billion from P57.99 billion, driven by geopolitical tensions that pushed fuel prices higher, along with a slight increase in overall volume.
Core earnings, however, plunged by 87.6 percent to P107.8 million from P871.4 million following the drop in fuel marketing margins in March caused by price lag losses worsened by the crisis.
“The first quarter was uneven. Our underlying performance was stronger in January and February, but conditions changed sharply in March as market volatility intensified,” Shell president and CEO Lorelie Quiambao Osial said.
Shell posted a two-percent uptick in sales volume to 970.6 million liters during the quarter from 952.1 million liters previously, although volatility in March softened the strong momentum seen early this year.
As for the non-fuel business, the country’s second largest oil player delivered a 27-percent growth in lubricants, while bitumen volumes fell by six percent amid high fuel prices.
This year, Shell has set aside up to P3 billion for capital spending, with the bulk earmarked for the maintenance and improvement of its import terminal. It also intends to further expand its mobility network nationwide.
Despite challenging market conditions, Osial said the company remains focused on maintaining business continuity and ensuring a steady fuel supply for the country amid heightened volatility.
“We remain adaptive in how we respond as conditions continue to evolve,” she added.
