Corporate Profile
PERC is one of the most profitable non-government Philippine upstream oil companies.
Vision:
To grow into one of the most profitable publicly-listed energy companies in the Philippines through judicious investments in convential and renewable energy exploration and production.
Mission:
We engage in strategic initiatives that contribute to meeting people’s energy needs by using our technical capabilities and industry expertise.
We provide optimum value for our shareholders, develop and retain highly motivated employees, and uplift the communities where we operate.
PetroEnergy Resources Corporation (PERC) is a publicly-listed upstream oil exploration and development company founded in 1994. Its two biggest shareholders are pillars of Philippine business and industry – the Yuchengco Group of Companies and Philex Petroleum Corporation. Governing PERC is a Board of Directors whose esteemed members are known for their experience, professionalism, and probity. The Chairman of the Board is Ms. Helen Y. Dee (RCBC Chair), and members include Cesar A. Buenaventura (former Chair of Shell Philippines), Basil T. Ong (All City Management Corp), Yvonne Y. Yuchengco (Malayan Insurance President), Carlo S. Pablo (Philex Petroleum Corporation, CEO), Mr. Raul Leopando ( former President & CEO of RCBC Capital Corporation) and Milagros V. Reyes (PERC President).
The Company is among the most profitable non-government Philippine upstream oil companies. Net income rose steadily from US$ 1.03 Million in 2005 to US$ 3.5 Million in 2010. Its market capitalization as of June 30, 2011 stood US$42.28 Million. For the last four years, PERC has maintained its strong cash position due in part to increasing oil prices. Since being classified by the Bureau of Internal Revenue (BIR) as a large taxpayer, PERC has paid P 191.396 Million in taxes from 2007 to 1Q 2011.
Revenue is derived largely from PERC’s 2.52% share of producing offshore oil fields in Gabon, West Africa. Due to recent additional discoveries in this block, PERC’s income is expected to rise over time and will continue to fund the company’s stake in other upstream oil projects such as Octon (16.67%), West Linapacan (4.13%), East Visayas (4.01%) and offshore Mindoro (2.00%).
Recognizing the opportunities posed by renewable energy and the threat of the inevitable, if long-term, depletion of fossil fuels, PERC has expanded into renewable energy by establishing a wholly-owned subsidiary, PetroGreen Energy Corporation. Focusing mainly on Philippine geothermal and wind energy, this new business venture is also guided by PERC’s long-held philosophy: careful selection of projects through rigorous technical analysis, partnership with credible industry players, and risk reduction through limited capital exposure. This operational ethos, championed by President Milagros V. Reyes and practiced by PERC staff, has paid off for PERC’s shareholders in terms of annual cash and stock dividends of 40-50% since 2004.