PT Medco Energi Internasional Tbk : MedcoEnergi Announces First Half 2022 Results
August 22, 2022 at 06:36 am EDT
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2022-08-22
MedcoEnergi Announces First Half 2022 Results
Summary Results
Financial
EBITDA US$806 million
Net Income US$270 million
Net Debt to EBITDA1 1.6x
Strong liquidity with cash and cash equivalents US$521 million
Operational
Oil & gas production 153 mboepd
Medco Power generated sales of 1,962 GWh
Oil & gas cash production costs US$6.5 per boe
Capital expenditures US$117 million
Jakarta, August 22, 2022 - PT Medco Energi Internasional Tbk announces its first half 2022 financial results ("1H-2022").
Roberto Lorato, CEO, said "I am pleased to report yet another quarter of strong operational and financial performance. This quarter we also placed into service the first of our current Natuna projects and our first PV project in Sumbawa, both will contribute to second half performance."
Financial Highlights
Medco will pay a final 2021 dividend of US$35 million in August and a US$25 million 2022 interim dividend in September. These are Medco's first dividends since 2017 and the Company has provided future dividend guidance of IDR 15-20 per share per financial year.
Net Profit was US$270 million, up 480% year-on-year and EBITDA was US$806 million, both due to strong oil, gas and copper volumes and improved commodity prices. EBITDA in the second quarter was US$492 million, above first quarter as a result of higher commodity prices and a full quarter contribution from Corridor.
The average oil price for the first half was US$104.4/bbl, and weighted average gas sales prices were US$7.7/mmbtu.
Capital expenditures were US$117 million spent mainly on delivering our Natuna projects program and completing the Riau 275MW IPP in February. Cash and cash equivalents were US$521 million.
Consolidated debt was US$3.2 billion, Restricted Group2 debt was US$2.8 billion with US$208 million repaid since the Corridor acquisition. Net debt2 was US$2.4 billion and Restricted Group Net Debt to EBITDA1 improved to 1.6x.
Operational Highlights
Oil & Gas
Oil & gas production was 153 mboepd, up 63% year-on-year including Corridor's contribution since March. Production cost was US$6.5 per boe and pro forma3production 181 mboepd.
Capital expenditure US$102 million, mainly to progress several development projects in the South Natuna Sea Block B PSC. Hiu field was placed into service in June 2022, first gas on Belida Extension Project is expected in 4Q-2022 and first oil on Forel field and gas on Bronang field expected in 4Q-2023.
Medco Power
Medco Power generated sales of 1,962 GWh, with 22% from renewable sources. Power sales improved 45% year-on-year with the contribution from the 275MW Riau IPP placed into service in February 2022, and 26MWp Sumbawa PV placed into service in June 2022.
Medco Power continued to progress the development of its renewable projects in Ijen, a 30MW geothermal development, and the Bali Solar PV 2x25MWp project.
AMNT
Copper production was 209 Mlbs, up 103% year-on-year and gold production was 351 Kozs, up 538% year-on-year, following the ramp up of Phase 7. Copper prices were US$4.46/lb.
2022 Full Year Guidance
Company 2022 guidance:
Oil & gas production 155 mboepd
Power sales 3,500 GWh
Oil & gas unit cash costs below US$10/boe
Capital expenditures Oil & Gas US$250 million and Power US$25 million
Hilmi Panigoro, President Director, said "The recently announced dividends reward the continued support of our shareholders. We will continue to build a strong company for the benefit of all our stakeholders."
1Annualized and excluding PT Medco Power Indonesia ("MPI" or "Medco Power")
2Excluding Medco Power
3Pro forma assumed Corridor consolidated from 1 January 2022
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PT Medco Energi Internasional Tbk published this content on 22 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2022 10:35:06 UTC.
PT Medco Energi Internasional Tbk is an Indonesia-based holding company. The Company provides management consulting services and trading. The main activities of its subsidiaries include mining and quarrying, industry, trade, construction services, transportation, contract services, distribution, industry and technical services, including electricity power supply and other supporting electricity services. Its segments include Exploration and production of oil and gas, Services, Power, Chemicals, Trading, and Holding and related operations. It explores for and produces oil and gas primarily in Indonesia. It operates gas, geothermal and hydropower plants in Indonesia through Medco Power Indonesia and a non-consolidated interest in Amman Mineral Nusa Tenggara, which operates an Indonesian copper and gold mine. The Company also owns 20% interest in the Block 60 and Block 48 exploration producing Exploration and Production Sharing Agreements (EPSA), both located onshore in western Oman.