Monday, February 5, 2018

Petron Corporation (PCOR)

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For the updated or exact information, you should check edge.pse.com.ph or their official website.

1. Company Information
Company Name
Petron Corporation (PCOR)
Sector
Industrial
Incorporation Date
22-Dec-1966
Subsector
Electricity, Energy, Power & Water
Number of employees
3,025(Group Total)
Board of Directors
Chairman: Eduardo M. Cojuangco, Jr.,  Director/CEO: Ramon S. Ang
Website / E-mail
http://www.petron.com / contactus@petron.com
2. Stock Information
Total Assets
324,074,000,000
Market Capitalization
87,657,227,046.95
Total Liabilities
226,694,000,000
Outstanding Shares
9,375,104,497
Retained Earnings
47,166,000,000
Listed Shares
9,375,104,497
Listing Date
Sep 07, 1994
Issued Shares
9,375,104,497
Board Lot
100
Free Float Level (%)
23.84%
Par Value
1.00
Foreign Ownership Limit
100%
3. Major Stock Holders (common shares)
SEA REFINERY CORPORATION
SAN MIGUEL CORPORATION
PCD MOMINEE CORP. (FILIPINO)
PETRON CORPORATION EMPLOYEES RETIREMENT PLAN
PCD MOMINEE CORP. (NON-FILIPINO)
50.10%
18.16%
15.23$
07.79%
3.95%
4. Company Descriptions and Business Development
Notes
1. Related companies: TFHI, SMC, PCOR and PF
2. SEA REFINERY CORPORATION is wholly owned by SMC.
3. It has a dispute with PNOC over land lease contract in Limay refinery complex.
4. It will sells 34.8% interest in Manila North Harbour Port Inc.(MNHPI) to ICT for focus on main business.
Overview
Petron was incorporated on December 22, 1966 as “Esso Philippines Inc.” Petron was
renamed “Petrophil Corporation” in 1974 when the Philippine National Oil Company (“PNOC”) acquired it. In 1985, Petrophil and Bataan Refinery Corporation were merged with Petrophil Corporation as the surviving corporation. The Company changed its corporate name to “Petron Corporation” in 1988.
It has more than 2,800 service stations in the Philippines and Malaysia and 268,000 barrel-per day refining capacity as of 2016. (Malasia refinery’s capacity is 88,000 bpd.)

Business
Petron’s principal business involves the refining of crude oil and the marketing and distribution of refined petroleum products. It sells a full range of refined petroleum products.

Sales Contribution per market in 2016
Retail Service
LPG
Industrial
Lubricants
44%
13%
41%
2%
In 2016, domestic sales accounted for 60% of the total sales amount (341,979 million pesos).

Business Development
2016: Petron Bataan Refinery’s upgrade to full conversion was completed.
2016: The Petron Malaysia Companies have completed the upgrading of the product terminals to comply with the B7 biodiesel and U97 E4M requirements.
2017: Petron reacquired the Refinery Solid Fuel Fired Power Plant (140MW) from SMC PowerGen Inc.

Subsidiaries / Associates / Affiliates / Joint Ventures
New Ventures Realty Corporation (“NVRC”) is authorized to acquire and develop land but it does not engage in the subdivision business. Land suitable for use as service station sites, bulk plants or sales offices are purchased by NVRC, which are then leased to Petron.
Petrogen Insurance Corporation (“Petrogen”) serves the insurance requirements of Petron and its allied business partners such as contractors, suppliers and dealers.
Petron Freeport Corporation (“PFC”) is registered with the Subic Bay Metropolitan Authority
(“SBMA”) as a Subic Bay Freeport (“SBF”) enterprise. PFC is engaged in the business of importing, transporting, trading and retailing petroleum products and related products.
Limay Energen Corporation (“LEC”) provides power to refinery facilities.
Petron Oil & Gas Mauritius Ltd. (“POGM”) is a holding company incorporated under the laws of
Mauritius acquired by PCOR February 8, 2012.  Petron Oil & Gas International Sdn. Bhd. (“POGI”), a subsidiary of POGM incorporated under the laws of Malaysia, acquired 65% of Esso Malaysia Berhad (“EMB”), a publicly-listed company in Malaysia, and 100% of ExxonMobil Malaysia Sdn. Bhd. and ExxonMobil Borneo Sdn. Bhd. Change of name of ExxonMobil Malaysia Sdn. Bhd. to “Petron Fuel International Sdn. Bhd.” (“PFISB”) and of ExxonMobil Borneo
Sdn Bhd. to “Petron Oil (M) Sdn. Bhd.” (“POMSB”) were approved in 2012.
PMRMB, PFISB and POMSB (collectively, the “Petron Malaysia Companies”) are engaged in the ownstream oil business in Malaysia. The Petron Malaysia Companies’ distribution network includes nine (9) product terminals and one depot. The Petron Malaysia Companies has a network of approximately 580 retail service stations in the country.
Petron Singapore Trading Pte., Ltd. (PSTPL) is in charge of crude oil procurements.

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MARKET ISSUES

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