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20231103_MEDC_Laporan Informasi dan Fakta Material_31485014_lamp1.pdf
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PT Medco Energi Internasional Tbk Tel +62-21 2995 3000
The Energy 53rd Fl., SCBD Area Lot 11 A Fax +62-21 2995 3001
Jl. Jend. Sudirman, Jakarta 12190 www.medcoenergi.com
Indonesia
MedcoEnergi Announces Nine Months 2023 Results
Summary Result
Financial
EBITDA US$941 million
Net Income US$242 million
Net Debt to EBITDA1 1.6x
Cash and cash equivalents US$666 million
Operational
Oil & Gas production 161 mboepd
Power generated sales 3,079 GWh
Oil & Gas cash production cost US$7.5 per boe
Capital expenditures US$210 million
Jakarta, November 1, 2023 – PT Medco Energi Internasional Tbk announces its 2023 nine months financial
results.
Roberto Lorato, Chief Executive Officer, stated, "I am pleased to report another quarter of solid operational
and good financial results. The recent reserve reports showing increased Natuna and Corridor reserves are
the result of MedcoEnergi’s capabilities and continued investment in our high quality assets. In order to add
value we will continue to focus on cost leadership and first class project delivery."
Financial Highlights
The Company will pay an interim dividend for 2023 of IDR15/share.
Net Profit for the first nine months was US$242 million, and EBITDA US$941 million reflecting lower oil
and gas prices and reduced contribution from AMMN.
Oil & gas production however was flat year-on-year at 161 mboepd. Prices averaged US$77/bbl for
the first nine months of 2023, down by US$24.1/bbl from the US$101.1/bbl in the same period in
2022. Prices in Q3 2023 recovered to US$80/bbl.
MedcoEnergi share of AMMN net profit was US$13 million, down by US$159 million year-on-year.
New reserve reports on Natuna and Corridor extended MedcoEnergi proved and probable reserve life
to 9.7 years.
Capital expenditures were US$210 million, spent mainly progressing Natuna, Corridor and Ijen
developments.
Consolidated debt was US$2.9 billion down by 12% year-on-year, Restricted Group debt was US$2.5
billion or down by 14% year-on-year.
Cash and cash equivalents were US$666 million with Net Debt US$2.2 billion and Net Debt to EBITDA1
at 1.6x.
In Q4 2023 a tender offer bought back US$425mn of USD Notes 2025 – 2028 and a new US$500mn
2029 USD Note was issued for refinance.
1 Annualized and excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)
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PT Medco Energi Internasional Tbk Tel +62-21 2995 3000
The Energy 53rd Fl., SCBD Area Lot 11 A Fax +62-21 2995 3001
Jl. Jend. Sudirman, Jakarta 12190 www.medcoenergi.com
Indonesia
Operational Highlights
Oil & Gas
Oil & gas production was 161 mboepd flat year-on-year, cash costs US$7.5 per boe.
Oil & gas capital expenditure was US$155 million, mainly to progress several development projects in
Natuna and Corridor.
Corridor domestic GSA renewal is in progress and expected to be signed before year end.
Power
Medco Power generated sales of 3,079 GWh, with 20% from renewable sources. Sales improved 5%,
year-on-year from the contribution of Riau 275MW gas-fired IPP and Sumbawa 26 MWp solar PV
facilities.
Average realized electricity price were US¢ 3.7/kwh net of fuel costs, up by 2.8% year-on-year.
Power capital expenditure was US$55 million, mainly to progress the development of Ijen Geothermal
34MW which is on track for completion by December 2024.
Signed a new partnership with MOECO to evaluate the Bonjol Geothermal asset.
Amman Mineral Internasional
AMMN incurred higher compliance costs due to the delayed issue of the export permit, an export duty
increase and began accruing the Non-Tax Government Revenue.
Copper production was 199Mlbs, and gold production 259Koz.
Average realized copper prices were US$4.0/lbs.
Smelter construction is on schedule to achieve >70% by year-end.
2023 Full Year Guidance
2023 Full Year Guidance:
Oil & gas production 160 mboepd
Power sales 4,000 GWh
Oil & gas unit cash costs below US$10/boe
Capital expenditures Oil & Gas US$250 million and Power US$80 million
President Director Hilmi Panigoro stated, "I am very pleased with our operational and financial performance.
The recent bond issuance and strong bond investors support confirms the Company’s record of consistent
delivery on our commitments and deleveraging plans. With the improving commodity prices and energy
demand we look forward to continuing on our path of sustainable growth.”
PT Medco Energi Internasional Tbk (“MedcoEnergi”) is a leading Southeast Asian energy and natural resources company listed on the Indonesia Stock Exchange
(MEDC-IDX). MedcoEnergi has three key business segments, Oil & Gas, Power and Copper Mining. MedcoEnergi explores for and produces oil and gas primarily
in Indonesia. The Group operates gas, PV, geothermal and hydro power plants in Indonesia through Medco Power and has a non-consolidated interest in PT
Amman Mineral Internasional Tbk which operates a large copper and gold mine.
This document may contain projections, plans, strategies, policies and objectives of MedcoEnergi which should be treated as forward looking statements within
the meaning of applicable law. Forward looking statements, by their nature, involve risks and uncertainties that could cause actual results to differ materially
from those expressed or implied in these statements. The Company does not guarantee that any action taken in reliance on this document will bring specific
results.
For further information please call:
Corporate Secretary | Investor Relations | Tel: (62-21) 2995 3000, Fax: (62-21) 2995 3001
Email: corporate.secretary@medcoenergi.com | investor.relations@medcoenergi.com
Website: www.medcoenergi.com
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