I.

INDUSTRY BACKGROUND

a. Description

The oil and gas business is one of the most profitable in the world, with an estimated
annual revenue of $3.3 trillion. The world's biggest oil producers include the United States,
Saudi Arabia, Russia, Canada, and China. Oil and natural gas are major industries in the energy
industry and have a big impact on the global economy as the world's principal fuel sources. Oil
and gas production and distribution networks are highly complex, capital-intensive, and
technologically advanced.

Upstream, midstream, and downstream are the three segments of the oil and gas industry.
Exploration and production (E&P) businesses discover reservoirs and drill oil and gas wells in
the upstream sector. Transportation from wells to refineries is the responsibility of midstream
corporations, while refining and selling finished goods is the responsibility of downstream
companies. Petron belongs in the downstream sector. The Philippine downstream oil industry has
been deregulated since 1998. Petron and Pilipinas Shell are the two largest oil refining and
marketing firms in the country.

b. Key players

Only three oil corporations operated in the Philippines prior to the enactment of the oil
deregulation law: Pilipinas Shell Petroleum Corporation, Caltex Philippines, and Petron
Corporation. Caltex first opened its doors in the country in 1954, with a capacity of 13,000
barrels per day.

Pilipinas Shell established the country's second refinery seven years later, with an initial
capacity of 25,000 barrels per day. Since the industry's initial deregulation, a large number of
new firms have entered the market.

More than 50 companies (refiners and direct importers) now operate in the downstream
oil business, 22 years after the oil deregulation law was enacted. In terms of volume, the three
main oil companies, Petron, Shell, and Caltex, controlled 50.65% of the overall petroleum
products market in 2021.
 End-users who directly imported petroleum products accounted for the remaining 6.37
percent (see figure below). Phoenix Petroleum (7.06 percent), Seaoil (5.13 percent), and Unioil
(5.13 percent) had the three greatest market shares among the Other Players (4.85 percent ).

The following are brief profiles of some of the players of the industry. The information is
mostly culled from the websites of the companies:

Petron Corporation

Petron Corporation is considered the largest oil refining and marketing company in the
Philippines, and is a leading player in the Malaysian market. It is part of the San Miguel
Corporation group – one of the largest and most diversified conglomerates in the Philippines.
(More information on page 9)

Pilipinas Shell Petroleum Corporation

Pilipinas Shell Petroleum Corporation is part of the Shell Global company that operates
various businesses in the Philippines. Pilipinas Shell traces its roots to Asiatic Petroleum
Company (Philippine Islands, Ltd), which started as an importer and seller of motor gasoline and
kerosene in 1914.

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Chevron/Caltex Philippines

Caltex Philippines was formed in 1936 and opened depots and service stations
nationwide. Their webpage lists the storage capacity at 2.7 million barrels. The company opened
its first convenience store in its service stations, Star Mart, in 1995. In 2009, 7-Eleven
convenience stores began replacing Star Mart outlets in its service stations. Caltex introduced its
Techron line of fuel products in 2006.

TOTAL Philippines

TOTAL Philippines is the local subsidiary of the French global energy company TOTAL
S.A., operating in 130 countries and headquartered in Paris, France. TOTAL reports that they
have almost 500 retail stations nationwide, while their map lists only two sites in Mindanao.

Phoenix Petroleum

Established in 2002, Phoenix Petroleum’s core business includes refined petroleum products,
lubricants for automotive and industrial use, and bitumen (a joint venture with Thailand-based
TIPCO Asphalt Public Co. Ltd and PhilAsphalt Development Corporation). They are also into
LPG, selling their brands Phoenix Super LPG, and Autogas.

SEAOIL Philippines Incorporated

SEAOIL is a Filipino-owned independent oil company that entered the industry in 1978.
SEAOIL started as a service station franchise purchasing its products locally from other players
like Unioil, PTT, Shell, and Petron.

Unioil Petroleum Philippines, Inc.

Unioil is in fuel retailing, lubricants blending and marketing, fuel and specialty oils
trading, and bitumen distribution. Unioil started in 1966 as a lubricants blending facility in
Valenzuela. In 1994, in partnership with Idemitsu of Japan, they became the exclusive and
licensed distributor and blender of Idemitsu products in the Philippines.

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Industry associations

There are two main industry associations in the Philippines. The Petroleum Institute of
the Philippines counts as its members Petron, Shell, and Caltex. The independents' association,
IPPCA, accounts for Seaoil, Unioil, Eastern Petroleum, Flying V, and other independents. Both
associations advocate their members’ interests and views in various fora, including legislative
venues.

c. Recent changes

COVID-19

COVID-19 has caused havoc in the oil and gas business. With drastic drops in price,
imbalances of supply and demand, and increased stock, typical recovery strategies will be
insufficient. Bankruptcies, consolidation, and diversification are therefore unavoidable. The
timing of COVID-19 could not have been worse for the oil and gas industry. Even as restrictions
are lifted and countries begin to reopen, a return to 2019 levels is not expected anytime soon.
The COVID-19 crisis has demonstrated that operators must be robust in the face of uncertainty
in all areas of their business, not just their budgets. This will necessitate oil and gas companies
optimizing their operations in such a way that they can continue to earn profits even when supply
and demand fluctuate.

Within the next few months, a wave of consolidation is unavoidable. Asset portfolios will
be examined and rationalized during this time, with some assets simply disappearing and others
becoming appealing purchase prospects. The leading forces will be regionalization,
standardization, and hyper-specialization. Many businesses will adopt a revenue diversification
plan as they evolve. Relying primarily on oil and gas earnings may not be feasible, given the
uncertainty surrounding future demand and price levels. As a result, these businesses will need to
embrace alternative energy sources.

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Russia and Ukraine Conflict

The invasion of Russia has exacerbated an already precarious scenario for oil markets.
Oil and gas businesses must work together with governments to limit the risk of Russian oil and
gas supply being disrupted. In the long run, the industry must improve its resilience and
relevance in an ever-changing energy landscape. Pre-war does not imply pre-crisis in the oil and
gas industry. Global energy consumption was beginning to surpass supply prior to the invasion.
With the recovery of demand following the COVID-19 pandemic, the supply-demand imbalance
was predicted to rise to 2% in 2022.

Russia contributes approximately a sixth of the worldwide oil and gas supply as the
world's third-biggest oil producer (and second-largest exporter of crude oil) and second-largest
natural gas producer (and largest exporter). Any supply disruptions resulting from the invasion in
Ukraine will certainly affect Europe and, to a lesser extent, the rest of the world. A reduction in
Russian oil and gas exports to Europe will almost certainly necessitate governmental measures
and might result in energy rationing across all energy-dependent industries.

Downscaling dependency on fossil fuels will be difficult. Alternative energy sources will
require technological, financial, and geopolitical skills, investment, and collaboration. Countries
will need to collaborate with oil and gas firms to envision the future of energy in a post-carbon
world.

II. COMPANY BACKGROUND

a. Company profile

Petron Corporation (Petron) is a corporation based in the Philippines that specializes in

crude oil refining, as well as the marketing and distribution of refined petroleum products. Petron
Corporation is the largest independent oil company in the Philippines, founded to provide an
alternative source of fuel for the country.

Gasoline, liquefied petroleum gas (LPG), diesel, jet fuel, kerosene, asphalts, and
petrochemicals such as benzene, toluene, mixed xylene, propylene, and polypropylene are
among the items sold by the company.

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 The company began as a Standard Vacuum Oil Company in the Philippines on
September 7,1933 and has since grown to become the country's largest oil refining company and
a major player in the Malaysian market. Petron began as a government-owned enterprise with the
goal of competing with foreign oil companies such as Pilipinas Shell and Caltex, which began
operations in the Philippines in 1914 and 1921, respectively. However, it was privatized through
an initial public offering (IPO).

The company is headquartered in Makati City, Metro Manila and has subsidiaries in
Malaysia, China and the United States. Petron Corporation was incorporated in September 1940
by a group of Filipino businessmen led by Luis Paez from his family’s grocery store business.

As the business progressed it became a member of the Philippine Oil and Gas Group,
which is made up of five companies: Petron, Pilipinas Shell Petroleum Corporation, Reliance
Global Ventures Philippines Inc., PNOC Exploration and Production Philippines Inc., and PNOC
Gas Pipeline Corporation.

The current president of Petron Corporation is Ms. Alicia Duquette, who became its
president in 2009. Initially, Petron only sold gasoline products such as car fuels, various uses and
kerosine for household use. It was on October 28, 1962 when Petron launched their Piso Patron
One Peso Card) in response to the government’s sari-sari store policy of selling petroleum
products at a maximum profit margin of one peso per liter. Petron’s Piso Patro became the most
successful pricing strategy for petroleum products in the Philippines and the world.

III. COST ACCOUNTING ISSUES OF THE COMPANY BEING STUDIED

Petron Corp. reported a net loss as sales declined due to the pandemic. Full-year
consolidated sales volume dropped by 27% that is equal to 78.6 million barrels in 2020 from 107
million barrels in its preceding year amidst a sharp decline in fuel demand because of COVID-
19’s impact. Consolidated revenues fell by 44% to P286 billion from P514.4 billion in the
previous year.

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 Philippine sales volume dropped 27 percent due to reduced consumption, particularly in
aviation and retail, with the implementation of stricter quarantine protocols in the country.
The lockdowns caused by the pandemic resulted in an unprecedented demand destruction which
led to a sustained drop in oil prices. Consumption of oil continued to decline and as a result
refining margins also remained weak in regions affected by the crisis.

The combined collapse in demand, poor refining margins, and drop in prices resulted in
Petron’s consolidated net loss of P14.2 billion for the first six months of 2020 compared to the
P2.3 billion net income in 2019. As prices continue to fall because of the demand contraction in
both the local and international markets, Petron Corp. has incurred and suffered significant
inventory losses in its operations. As the pandemic crisis continues to strike, Petron Corp. has
incurred nearly 15 billion losses in its inventory. Petron Corp. sustains its recovery as it
anticipates higher demand and a more stable industry situation from the crisis and continues to
implement various cost saving strategies and cash conservation measures.

The weak output and technical issues in Petron’s Bataan Refinery pulled down its
consolidated net income from P7.1 billion in 2018 to P2.3 billion in 2019 which declined by 67
percent.

Aside from its low production, the refining business of Petron Corporation incurred
losses due to its startup and stabilization activities during 2019. The political tensions in the
Middle East and the uncertainties in the global economy caused the oil market to remain volatile
in 2019 that resulted in weak refining markets which also pulled down the net income of the
company. It led to temporary suspension on the operations of the Bataan refinery.

The refinery has a production capacity of 180,000 barrels per day (bpd), this processes
crude oil (raw material) to produce a full range of petroleum products, including liquefied
petroleum gas, kerosene, diesel, jet fuel, industrial fuel oil and gasoline.

Petron's refinery operations suspended to minimize losses resulting from weak refining
margins and alongside the fall in output volumes. Company guaranteed that it has sufficient
inventory to supply the domestic market that will be replenished through importation of finished
products.

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 Low oil demand during the COVID-19 lockdown reduced the impact of low fuel
demand. The company guaranteed that it has sufficient inventory to supply the domestic market
that will be replenished through importation of finished products.

The price volatility of crude oil products which is the main raw material for these refined
petroleum products also affect the company’s financial results. Several factors affect the price of
crude oil, these include the international economic conditions, global conflicts, weather
conditions, domestic and foreign governmental regulation and others over which the company
has no control. The company holds about two months and about three weeks of crude oil and
finished petroleum products inventory, respectively. A collapse in crude oil prices could
negatively affect the company as it may sell its refined petroleum products at lower prices which
could decrease its profitability. In 2008, Petron Corporation recorded net loss due to extreme
volatility in crude prices.

IV. COST MANAGEMENT ISSUES OF THE COMPANY BEING STUDIED

Budgeting In Dynamic Situations

Oil and Gas products are some of the most volatile commodities in the market. This is
because raw materials from oil and gas products are usually imported in the case of companies
that are part of the oil and gas industry here in the Philippines like Petron.

As such it is exposed to multiple risks that affect the costs of raw materials. Firstly, it is
exposed to foreign exchange risk. Since the company imports its raw materials from another
country, it is exposed to foreign exchange rates. And it is also exposed to geopolitical risk as
Petron currently purchases its raw materials from the Middle East, a region prone to political
conflict. And a rise in gas prices would mean other costs like operating and administrative costs
would also increase.

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Effects of the Covid-19 Pandemic on Company Profits

Petron Corporation reported consolidated revenues of P152.4 billion for the first half of
2020, down 40 percent from P254.8 billion in the same period last year. Consolidated sales
volume from its Philippine and Malaysian operations also went down 19 percent to 41.9 million
barrels from 51.9 million barrels a year ago amidst a sharp decline in fuel demand because of
COVID-19’s impact.

Philippine sales volume dropped 28 percent due to reduced consumption, particularly in

aviation and retail, with the implementation of stricter quarantine protocols in the country. The
worldwide lockdowns resulted in an unprecedented demand destruction which led to a sustained
drop in oil prices, reaching record low levels in 26 years. Dubai crude collapsed by almost 70
percent or US$44/bbl from January to April where oil price fell to as low as US$13/bbl in the
daily trading.

As oil consumption declined, refining margins also remained weak in the region. The
combined slump in demand, poor refining margins, and collapse in prices resulted in Petron’s
consolidated net loss of P14.2 billion for the first six months of 2020 versus its P2.6 billion net
income in 2019. During the said period, the company suffered inventory losses of nearly P15
billion.

Dealing with the Long Term Effects of the Russian- Ukraine Conflict

One of the most significant events that is currently affecting the Oil and Gas Industry is
the ongoing Russian- Ukraine conflict. The resulting conflict has caused the supply of oil around
the world to be tightened since Russia is considered as one of the major suppliers of oil around
the world and the sanctions placed on Russia and particularly on its oil as a consequence of the
on-going war has resulted in 2 to 3 million barrels per day (b/d) of Russian crude oil and
products being knocked off even before this week’s closure of an export pipeline carrying crude
from Kazakhstan and Russia.

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 The ongoing conflict has also resulted in high demand for crude oil elsewhere
particularly in the Middle East which would mean that in the long run, oil prices would continue
to rise. And there is the possibility of supply shortage as more countries in the European Union
(EU) purchase oil from the Middle east to compensate for the shortfalls they are currently
experiencing from the sanctions placed on Russia. With all these factors, it is highly certain that
prices of crude oil will dramatically increase whether a company has an existing supply contract
with Russia or not.

In a Business World article, Petron Corp. has claimed that in the short- term, there would
be no shortage of supply as a result of the ongoing conflict between Russia and Ukraine. In a
statement released by the company during their annual reports, they said that “In relation to the
ongoing conflict between Russia and Ukraine…, Petron currently does not foresee issues on its
oil supply on a short or medium-term basis,”. They further explained that this is because they do
not have any oil supply contracts with Russia and that it primarily sources its crude requirement
from the Middle East. Although its sources for its crude requirements primarily come from the
Middle East, they warned that oil prices will be expected to be high during the crisis and in the
event of a protracted conflict, oil supply could become tight. They further added that
Geopolitical factors such as the current Russia-Ukraine conflict can affect its financial
performance. Given these statements, we can say that although Petron does not have any supply
contracts with Russia, the fact that oil prices are rising as a result of increased demand of oil
everywhere else and that supply might be tight as a result of the conflict escalating might mean
that Petron Corp. could suffer loses as a result of increased demand with a potential tightening of
supply.

TRAIN Law
Locally, the implementation of TRAIN Law, which raised excise taxes on several
petroleum products, hit Petron the hardest. TRAIN resulted in a steep rise in the country’s
inflation rate. With the addition of much stricter environmental regulations and the global
tensions, Petron is having a hard time in complying to high demand since oil importation was
also greatly affected.

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V. COST STRATEGIES OF THE COMPANY
In the current business environment characterized by intense competition, business
organizations need to implement strategies to manage and reduce the costs in short-term and
long-term periods. Cost management strategies can be used to analyze cost information and
achieve sustainable competitive advantage through developing various measures. The following
are the cost management strategies of Petron Corporation:

I. Total Quality Management Program

The company faces intense competition from a number of multinational, national,

regional, and local companies in the sale of petroleum and other related products in Philippine
markets. Petron's competitiveness will depend on its ability to manage costs, increase and
maintain efficiency at its refineries, effectively hedge against fluctuations in crude oil prices, and
maximize utilization of its assets and operations. In lieu, Petron has made significant
investments in upgrading its facilities like the Refinery Master Plan 2 (RPM-2) whereby helped
transform them into the most advanced facilities in the region in terms of processing energy
efficiency, operational availability, and complexity in which directed to enhancing the country’s
supply security and lessen its dependence on higher-costing imported fuel products. In addition,
Petron is in the direction of increasing the production of higher-margin of white petroleum
products such as LPG, naphtha, gasoline, kerosene, jet fuel, and diesel while minimizing the
production of low-margin fuel products. Petron’s refinery also implemented an adoption of a
continuous improvement in culture initiative which improved operational availability and plant
efficiency thus, lowering maintenance and repair costs which resulted in better white product
recovery and higher production of diesel and LPG.

II. Benchmarking

Comparing best industry practices against other organizations’ processes to identify

performance gaps in the way benchmarking can help businesses in achieving a competitive
advantage over other businesses. Benchmarking can be applied against any process, approach,
function, or product in business..

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 In the case of Petron, it continues to benchmark its environmental performance to that of
other participants in the oil business in order to enhance its own.

To maintain optimum operations and continual development, the facilities will continue
to monitor air pollutant emission footprints and benchmark performance within and outside the
company. Also, with benchmarking it bested its main competitor, Shell, and other companies in
the industry in terms of growth rate. Also, Petron’s quick and current ratios are also above the
industry benchmark. This entails that compared to other companies in the petroleum industry,
Petron is likely to pay its short-term obligations (using its liquid assets, in the case of quick
ratio). As of the first half of 2021, Petron was the leading petroleum company in the Philippines
with a market share of about 18.6%. The 2020 financial performance of the Company was
adversely affected by the COVID-19 pandemic. The unprecedented destruction in global fuel
demand crashed oil prices to record-low levels for as low as US$13/ bbl in daily trading in the
second quarter. This resulted in significant inventory holding losses amidst the weak refining
margins. Despite the lingering impact of the COVID-19 pandemic, Petron managed to bounce
back from its unprecedented loss in 2020.

III. Process Costing

Petron costs petroleum products (except lubes, greases, and solvents), crude oil, and other
products in its financial statements using the first-in, first-out method (FIFO) of inventory
valuation because this method more closely approximates the physical movement of cost and
inventories in the company’s operations. In respect of lubes and greases, solvents, polypropylene
materials and supplies inventories, cost is determined using the moving-average method. Given
the volatile nature of the oil industry, cost of all inventories is determined using the moving-
average method for income tax reporting purposes to mitigate the potential volatility of Petron’s
taxable income and tax payments. Because the utilization of assets remains relatively constant
over the economic useful life of such assets, Petron uses the straight-line method to depreciate its
property, plant, and equipment other than those used in production, such as refinery and plant
equipment, and for investment property.

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 Depreciation of refinery and plant equipment used in production is calculated using the
unit of production method (UPM), which considers expected capacity over the estimated useful
lives of these assets because it closely reflects the expected pattern of consumption of the future
economic benefits embodied in these assets, beginning January 1, 2020. Depreciation and
amortization are calculated using the double declining balance approach, which is allowed under
Philippine tax regulations.

IV. Process Re-engineering

On information technology, Petron is dedicated to continue to work on a five-point

program that complement each other with business process re-engineering and automation as the
encompassing basic strategy. Along with Microsoft Coporation’s partnership, they implemented
the firm’s RMS point-of-sale (POS) system in their service stations. The POS system is expected
to be a big aid in providing consistent and efficient service; especially in standardizing products,
prices, and promotions. Also, in building a database of information that may be used for market
sales analysis and rebates computations. Moreover, the establishment of the POS system can
help cut costs of many unnecessary activities or redundant functions that will enable Petron to
move through the process more effectively and efficiently.

VI. RECOMMENDATIONS BASED ON WHAT YOU HAVE LEARNED IN THE

COURSE

The profitability of oil and gas firms are significantly influenced by price variations in
crude oil, natural gas, and refined products, prompting corporations like Petron to seek measures
to reduce price risk exposure. Because of Petron’s high resource dependency, which exposes
them to severe market volatility and climatic risks, as well as their existing socioeconomic and
political fragilities, they will be impacted especially hard by the present crisis. The following are
some recommendations:

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 I. Accelerate clean energy, demand-side efficiency and decarbonization

Oil firms are becoming more involved in the electrical and renewable energy sectors
although at varying levels of engagement, as a strategic response to the development potential in
the renewable energy industry and the rising cost of hydrocarbon extraction. Furthermore, oil
and gas companies are now required to consider environmentally friendly strategies, as this is
one of the critical competitive advantages proven to have a positive impact on firm performance
and profitability. Petron can carry out its green energy pivot by investing capital in a variety of
external and internal green energy projects. Internally, Petron should form a team with
renewables expertise to help them launch their green projects in solar, wind, hydrogen, and
energy storage. Externally, they must invest in or acquire green companies that will lead the
transition to a decarbonized economy. This will allow Petron to gain long-term renewable energy
competencies while immediately offsetting some of their carbon emissions.

II. Build operational excellence

Oil and gas corporations were preparing to increase output to record levels in order to
satisfy growing post-pandemic energy consumption. Petron may concentrate on the following
items to boost recovery: adopting a production systems approach of their operations, developing
analytical capabilities that will allow for faster response to production setbacks, upskilling their
manpower to specialized roles, and improving their well restoration planning capability. Petron
should consider spending extensively in cultivating a cadre of experienced specialists, knowing
that one of the most critical elements in constructing productive and accountable firms was
ensuring they were managed by experts. Beyond hiring and training, Petron must create and
implement merit based processes for internal advancement and performance rewards to
guarantee that performance, instead of a desire to gain from favoritism, is the primary motivation
of worker conduct. Lastly, rules prohibiting potential conflicts among high-level managers are a
crucial step toward ensuring that the corporation is governed in accordance with long-term
national and commercial goals, rather than narrow self-interest.

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III. Implement effective management strategies for improving compliance with safety rules
and procedures

Petron’s production of oil and gas leads employees vulnerable to safety risks. Petron
being involved in an oil and gas industry is already a danger to its workforce, hence Petron has
devised programs and safety strategies implemented within their organization to lower and avoid
safety risks. However, a change in cultural environments coupled with healthy working
conditions does not necessarily bring these strategies to fruition, unless the workers themselves
as well as management adhere to such rules and regulations. To create good working grounds
and improve compliance to safety standards and procedures, top management should be role
models themselves, showcasing how important it is for the workers to strictly follow protocols
and safety regulations. Management should also have open communication with its employees to
assess what is needed for a better working environment and modify existing regulations
accordingly. Moreover, management should make themselves visible to and take an interest in
employees. For employee involvement, all employees should be encouraged to participate in
programs and feel comfortable providing input and reporting safety or health concerns.
Furthermore, employees should have access to information needed in order to participate
effectively in Petron’s programs. Lastly, it is best to avoid retaliation when employees raise
safety and health concerns; report injuries, illnesses, and hazards; participate in the program; or
exercise safety and health rights.

IV. Re-imagine risk assessment model

To minimize and mitigate their existing risks, the Company should implement a well-
structured qualifying and selection strategy in order to partner with dependable vendors and
subcontractors. As a result, Petron should examine its exposure to the political, social, and
economic risks of the regions where it operates or seeks to invest on a regular basis using a
specialized risk assessment approach. When supply chains are challenged, Petron may establish a
mitigation plan in a clear knowledge of what is achievable and necessary.

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 They may also consider performing supply chain stress testing and creating joint
procurement operations to maximize sourcing across regions and use a larger scale of purchasing
to perhaps decrease supply risks. Petron should consider implementing an articulate security
model with the purpose of lowering risks resulting from the activities of physical or legal
individuals that expose the Company's assets, people, goods image, and reputation to possible
damage. They may implement strategic operating model adjustments to maximize profits across
the integrated value chain, as well as begin investing in value chain optimization technology and
other modern technologies to increase the accuracy and efficiency of critical activities across the
trade life cycle. Finally, in order to strengthen its presence in the territories and mitigate the
impact of poor relations with other organizations, Petron could implement an engagement system
with its local stakeholders with the goal of maintaining dialogue, consolidating relations, and
establishing mutual benefits, particularly through active engagement in the economic growth of
the regions in which it conducts.

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 shortage-in-short-term-amid-ukraine-war/

Petron Corporation THE SECURITIES AND EXCHANGE COMMISSION HAS NOT

APPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS
ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE AND SHOULD BE REPORTED IMMEDIATELY TO THE
SECURITIES AND EXCHANGE COMMISSION. (n.d.). https://www.petron.com/wp-
content/uploads/2021/07/SEC-1-Prospectus_signed.pdf

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