SHELL Pilipinas Corp. said Tuesday that it would be allocating some P2 billion to P3 billion for this year's capital expenditures (capex).

Shell Pilipinas Treasurer Rey Abilio, also the company's vice president for finance and chief risk officer, said the amount would be used to improve their import terminal facilities and the continued deployment of mobility stations in the Philippines.

"For this year, we are planning to spend capex of between P2 billion and P3 billion, and about 50 percent of that will be dedicated to improving the asset integrity and efficiency of our terminals across the country, particularly our main one, which is the Tabangao import facility [in Batangas]," Abilo said.

"The other 50 percent will be dedicated towards enhancing the mobility footprint we have in the country, as we ended 2023 with a total of 1,179 mobility stations. And we are planning to increase our mobility sites by about 20 to 25 stations this year," he added.

Officials said that construction of new import terminals for petroleum products was on track, with its fourth terminal in Davao set to start operations in the second half of this year, while the fifth facility in Cebu is scheduled to commence operations sometime next year.

The oil firm reported a net income of P1.2 billion for 2023, down from the P4.1 billion booked a year before, which it attributed to various factors, including elevated interest rates, a decline in global fuel prices, and market uncertainty amid escalating geopolitical conflict.

Shell Pilipinas shares fell 32 centavos, or 2.97 percent, to P10.44 each on Tuesday.