MARKET HEADLINE: SHORT SELLING BY OCTOBER

Petron Corporation
#11
hmmmm... makaligtas kaya ito sa selldown ng mga blue cheaps tom...? hehehe.
~In all your ways, acknowledge God.

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#12
Petron spent P8.66B for projects in H1


Petron Corp., the country’s largest oil refiner and retailer, said it had already rolled out P8.66 billion worth of capital expenditure projects in the first half of the year.
This amount represents only 38 percent of the P22.8-billion capital expenditure budget set for this year.
The budget covers “partial funding for the refinery expansion project, service station network expansion, consumer facilities, asphalt facilities, maintenance and other efficiency projects,” Petron said in a regulatory filing.
Earlier this year, San Miguel Corp., which owns 68 percent of Petron, estimated a higher capex budget for Petron of P31.3 billion. This amount would have been allocated as follows: 49.9 percent for the implementation of Refinery Master Plan (RMP)-2, 24 percent for the cogeneration power plant project and 8.6 percent for service station network expansion, the conglomerate said earlier.
Over the past few years, Petron has been aggressively investing in projects that would allow it to improve efficiencies and market share, as well as reduce operational costs. These projects included the continued expansion of its retail network and the $1.8-billion upgrading of its 180,000-barrel-a day oil refinery.
Petron chairman and CEO Ramon S. Ang earlier said the so-called Refinery Expansion Project (RMP-2) was a strategic project not only for the oil company but also for the whole country as it would help lessen the country’s dependence on fuel imports.
Expected to be completed by 2014, the RMP-2 will further enhance the country’s supply security, increase Petron’s capability to supply the increasing demand for white products (liquefied petroleum gas, gasoline, and diesel) and petrochemicals.

Source: business.inquirer.net

http://business.inquirer.net/14859/petro...ects-in-h1
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#13
Petron bags gold award for CSR program
Philippine Daily Inquirer
1:03 am | Saturday, September 10th, 2011

http://business.inquirer.net/17949/petro...sr-program
the key to trading success is to focus on how much money is at risk, not how much money you can make.

trading is simple, but it's not easy. if you want to stay in the business, leave hope at the door, focus on specific setups, and stick to your stops.
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#14
Petron depletes P10-B share sale gains


PETROLEUM FIRM Petron Corp. has depleted the P10-billion proceeds it raised from an earlier share sale, with funds funnelled towards upgrading its refinery, improving the retail network, and paying off debts, a disclosure to the local bourse on Friday showed.

Petron reported it had already fully disbursed as of July 31 the gains from the listing of over 600 million preferred shares, in March 2010.

“The preferred shares proceeds are being used to support the investment requirements of the company, particularly for its refinery and marketing operations, as well as for general corporate purposes,” Petron said.

Roughly half of the share sale proceeds or P4.94 billion were used to bankroll the P10-billion upgrade of the refinery’s 70-megawatt power generation system, Petron said in the disclosure.

“This will improve the reliability, sourcing flexibility and cost efficiency of the refinery’s system to meet its growing steam and power requirements,” Petron said of the project that is seen to be completed by 2012.

This comes alongside the ongoing expansion of Petron’s $1.8-billion Bataan refinery, which operates at a rated capacity of 180,000 barrels daily and is reportedly the country’s largest. Upgrades will enable the company to process different grades of crude oil, boosting the production of petroleum fuel as well as petrochemicals that are used to make plastic.

Petron went on to report it spent P1 billion to expand its service station network nationwide, “in order to protect its leadership in the domestic oil industry.” The company also disclosed it intends to spend P1 billion annually over the next five years for this.

The oil refiner also said it has already repaid P3.9 billion worth of short-term debts, with the goal of freeing up short-term credit lines for its working capital.

The company spent the remaining P160 million in payments relating to the issuance and listing of the preferred shares. Petron shares closed 1.29% lower to P15.30 apiece on Friday.


Source: bworldonline.com

http://www.bworldonline.com/content.php?...s&id=38083
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#15
Petron transfer from Pandacan ahead of schedule

MANILA, Philippines—Petron Corp., the country’s biggest oil retailer and refiner, has spent P5 billion for the initial transfer of its petroleum product storage operations to various locations.
Ramon S. Ang, chairman and chief executive of Petron, said the spending allowed the oil company to transfer about 30 percent of its operations from the Pandacan oil depot in Manila to several logistics tank farms.
Ang added that Petron “is confident of finishing the transfer before 2015,” effectively ceasing the operations of its petroleum product storage facilities in Pandacan much earlier than the timeframe it originally committed.
Based on a filing before the Supreme Court, Petron committed to cease its Pandacan operations within five years or not later than 2016. San Miguel Corp., which owns 68 percent of Petron, filed the manifestation in November last year.
The oil company is expected to spend as much as $500 million (roughly P21.5 billion) to complete its relocation to five different sites in Luzon, including Batangas and Cavite. Petron was earlier reported to be looking at several other areas in Metro Manila for possible depot locations, including the Manila North Harbor.
Petron earlier said that it acquired a 35-percent stake in Manila North Harbor Port Inc., operator of the Manila North Harbor. Ang had said that parent firm San Miguel planned to initially earmark P20 billion for the facilities that it would put up within North Harbor, which included fuel tanks, grains terminal and bulk cement silo.
Ang also had assured the public that the relocation of its depot operations would not increase the prices of its fuel products. He explained that by transferring out of Pandacan, Petron’s costs would even decline because it would be able to source products in bulk.
Ang explained that in the area where Petron planned to transfer, cargo ships with capacities of about 20,000 tons could dock, unlike in the Pandacan area, which could accommodate ships with a capacity of 1,000 tons.
Petron and oil firm Pilipinas Shell and Chevron have been under pressure to move their depot operations out of Pandacan due to safety concerns raised by various cause-oriented groups and the Church since the area has now been surrounded by largely populated communities.


Source: business.inquirer.net

http://business.inquirer.net/18469/petro...f-schedule
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#16
SMC’s $1.2B investment in Esso Malaysia ‘strategic’ for Petron


MANILA, Philippines—The planned $1.2 billion investment of conglomerate San Miguel Corp. in Esso Malaysia Bhd., a subsidiary of Exxon Mobil Corp., is expected to benefit local oil giant Petron Corp. in terms of “supply synergy.”
Petron president Eric O. Recto told reporters on Tuesday that the acquisition was significant in terms of securing crude supply. The supply synergy, according to Recto, will be evident when San Miguel starts buying crude for both the Philippine and Malaysian refineries.
“When we’re buying crude to feed two refineries, we are going to be a bigger purchaser of crude, and obviously that will mean stronger purchasing power,” Recto said. “That synergy can be enjoyed later on. But for now we are looking at upgrading the Malaysian refinery and expanding the service station network—a duplicate of what San Miguel did in Petron,” Recto noted. However, he did not say if this could help lower prices of fuel in the Philippine market.
“I think the way to look at it, we see the potential in Malaysia and we want to develop that potential the way we saw the potential in Petron. Three years ago, we took over Petron and we’ve seen how successful we have been in turning the company around and we want to do the same in Malaysia,” he said.
About $1 billion will be used to upgrade the Malaysian refinery while the remaining $200 million will be used to increase the number of retail gas stations from the current 550.
According to Recto, San Miguel is looking at a combination of financing alternatives including some of its internally generated funds, borrowings and equity to finance the expansion.
“Well, we have offers from both Malaysian and international financial institutions. Malaysian banks will be more adept at providing financing for Malaysian opportunities, as Filipino banks will not be as competitive to providing ringgit financing,” Recto said.
“For now we are considering a number of financing structures. What I can tell you is that the availability of the funding is not a problem, as we have already gotten offers from quite a number of financial institutions. If we can, there will be an optimal financing structure that we’d eventually decide on,” he added.
Last month, San Miguel announced the acquisition of the downstream petroleum businesses of American multinational oil and gas company Exxon Mobil Corp. for about $600 million as it targets to expand its footprint in the regional oil industry.
Exxon, through subsidiary Esso Malaysia Berhad, has a refinery in Port Dickson that processes an average of 45,000 barrels of crude oil per day. It also manages a major portion of ExxonMobil’s network of 560 Esso and Mobil service stations in Malaysia.
ExxonMobil is the parent company of Esso and Mobil Malaysia and also owns a 65-percent stake in Esso Malaysia Bhd, which is listed on the Bursa Malaysia.


Source: businessinquirer.net

http://business.inquirer.net/20301/smc%E...for-petron
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#17
Petron calls for cap on excise, value-added taxes on oil imports

MANILA, Philippines—Petron Corp., the country’s largest refiner and retailer, is urging the government to put a cap on the existing excise and value added taxes levied on oil imports, so as to prevent the unwarranted spikes in local pump prices.
“I hope we can request the Department of Finance to review the taxes because the government is earning around P15 to P16 in excise and value added taxes combined, from every liter. That’s a windfall for them. Kawawa naman mga drivers natin (The drivers are in a pitiful situation),” said Ramon S. Ang, chairman and CEO of Petron.
Ang told reporters on Tuesday that the value of these local taxes would rise along with any increases in the prices of oil in the global market. At present, oil is hovering at about $100 to $120 a barrel, translating to roughly P15 to P16 in local taxes.
“Those (local) taxes should not increase that much,” he stressed.
But if the government capped the prices based on the “normal world oil prices” of about $50 a barrel to $60 a barrel, the local taxes slapped on fuel products would be halved to about P8 a liter—a big help for motorists and public utility drivers, he explained.
“We have to request the DoF to review and put a cap on VAT and excise taxes so that the prices of fuel products will not shoot up as much,” Ang said.
He noted that such a proposal—which was already submitted earlier to the DoF— would address the complaints by motorists, particularly the ailing transport sector, which has been bearing the brunt of all these fuel price increases amid a regulated transport fare system.
“The public utility drivers are complaining, saying that oil companies are raking in profits, and that is why the prices of fuel are high. But no, our profit averages only to a maximum of P2 a liter. What they need to understand is that when the prices of oil in the global market rise, so do the excise taxes and VAT,” Ang stressed.
Not putting a cap on these taxes will not only allow jeepney drivers to continue suffering from high fuel prices, but may even encourage fuel smuggling, Ang warned.
Two years ago, Ang cited a study that found that as much as 30 to 35 percent of the gasoline and diesel being sold in the market came from oil smuggling. This, according to him, was equivalent to tax losses for the government of about P30-P35 billion back then.
Ang also said that Petron’s books have always been open for audit, to show proof that the oil company has not been earning more than P2 a liter from the sale of petroleum products.
“We’re open for anybody to come and audit our books… The transport groups could hire their own auditors… Our books are open for everybody,” he added.

Source: business.inquirer.net

http://business.inquirer.net/20275/petro...il-imports
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#18
Petron pledges P200M in rehab of Marikina River
By Marianne V. Go (The Philippine Star) Updated September 21, 2011 12:00 AM

http://www.philstar.com/Article.aspx?pub...eId=729204
the key to trading success is to focus on how much money is at risk, not how much money you can make.

trading is simple, but it's not easy. if you want to stay in the business, leave hope at the door, focus on specific setups, and stick to your stops.
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#19
Petron maintains highest mark by PhilRatings
By Zinnia B. Dela Peña (The Philippine Star) Updated October 12, 2011 12:00 AM Comments (0)

MANILA, Philippines - Top oil refiner Petron Corp. maintained its corporate credit of PRS Aaa the highest on Philippine Rating Services Corp.’s scale – for its overall capacity to service its maturing obligations within a period of one year.

http://www.philstar.com/Article.aspx?pub...eId=736357
the key to trading success is to focus on how much money is at risk, not how much money you can make.

trading is simple, but it's not easy. if you want to stay in the business, leave hope at the door, focus on specific setups, and stick to your stops.
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#20
Petron profits drop 14% in Q3

PETRON CORP. posted on Friday a 14% drop in third quarter profits from yearago levels, saying higher fuel prices dampened demand while competition cut into their margins.

Petron’s net income for July to September stood at P1.56 billion versus the P1.81 billion recorded in the same period last year, the oil refiner said in a statement.

http://www.bworld.com.ph/content.php?sec...3&id=40342
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