The Board of Directors of Oriental Petroleum and Minerals Corporation (OPMC) declared a cash dividend of P0.0005 per share during the company’s annual stockholder’s meeting, noting its positive growth outlook and steady rise in net income.
OPMC President Robert Coyiuto Jr. made this announcement as he reminded stockholders about the company’s 50th Year Anniversary this year.
“This year, we are celebrating five decades of being one of the country’s pioneers in oil and gas exploration and production. More importantly, we have been a significant participant in all the numerous offshore commercial oil discoveries in the country,” he said.
Coyiuto noted that 2018 saw an improvement in the prices of the company’s Galoc oilfield in Palawan. Overall, OPMC continued to generate modest levels of oil revenues and net income from its petroleum operations, closing at US$7.7 million and US$855,000, respectively.
In 2018, the average price per barrel reached US$71 per barrel, compared to US$55 per barrel the year before.
Apart from being a leading player in upstream petroleum energy exploration and production in the Philippines, OPMC is likewise exploring opportunities in renewable energy projects, as well as upstream and downstream natural gas projects of the government through the Department of Energy (DOE).
Its principal stockholders are Coyiuto, Consolidated Robina Capital Corporation, and JG Summit Holdings, Inc., the latter two belonging to the Gokongwei group. The two business tycoons have had a long-standing business partnership, which involves their other enterprises.