Pt Medco Energi Internasional Tbk · IDX:MEDC
Pt Medco Energi Internasional Tbk — Q1 2024 Earnings Presentation
27 slides from Pt Medco Energi Internasional Tbk's earnings presentation, Apr 30, 2024
Slide 1: PT Medco Energi Internasional Tbk Q1 2024 Results
PT Medco Energi Internasional Tbk (IDX Ticker: MEDC) Jakarta, 30 April 2024
Slide 2: Contents and disclaimer
Highlights 3 Operational Performance 5 Financial Performance 11 ESG Update 13 Outlook 15 Appendix 17 The following presentation has been prepared by PT Medco Energi Internasional Tbk. (“Company” or “MedcoEnergi”) and contains certain projections, plans, business strategies, policies of the Company a
Slide 3: Highlights
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Slide 4: Q1 2024 highlights
Production Power Sales Increased Production Guidance mboepd GWh Q1 2024 : 157 Q1 2024 : 1,062 2024 Guidance : 145 - 150 2024 Guidance : 4,100 Improving Oil Price Environment Capex Cash Cost US$ mn US$/boe Q1 2024 : 99 Q1 2024 : 6.3 2024 Guidance : 430 2024 Guidance : <10 Vietnam Divestment Closed EB
Slide 5: MedcoEnergi: Operational Performance
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Slide 6: Increased Oil and Gas guidance
Increased Oil and Gas guidance Q1 2024 Actual (mboepd) Guidance • Production 157 mboepd above guidance, flat with 163 160 157 145 145 -150 Q4-23, but 7 mboepd below Q1-23 as a result of: Lower gas volumes due to reduced Corridor interest 94 129 128 113 100 103 50% post PSC extension and lower Singap
Slide 7: Oman 60 acquisition immediately accretive with long production plateau
Immediately accretive with long production plateau • Q1 2024 EBITDA US$45mn and Net Income US$10mn, after financing costs • 2024 Production guidance 13 mboepd, Q1 2024 12.5 mboepd • Signed US$200mn crude oil advance payment agreement • Completed 18 producing wells, 69 wells planned full year • Assig
Slide 8: Effective capital program with active rigs in 2024
Effective capital program with 11 active rigs in 2024 Oil & Gas Capex Capex (US$mn) • Q1 2024 US$83mn. Full year guidance US$350mn, ~54% for drilling capex on 9 430 rigs 100 • 2024 active rigs on Bualuang (1 Rig), Corridor (2 Rigs), Natuna (1 Rig), 302 300 Senoro (1 Rig), Oman 60 (4 Rigs) 33 80 45 •
Slide 9: 2024 Capital Projects across the portfolio
2024 Capital Projects across the portfolio Q1 2024 Q1 2024 Thailand 2024 Capex PIS Natuna 2024 Capex PIS Capex Capex Bualuang US$20mn US$32mn Q4 25 Terubuk US$2mn US$70mn Q3 25 West Belut US$15mn US$49mn Q3 24 Forel US$3mn US$8mn Q3 24 Q1 2024 Oman 2024 Capex PIS Q1 2024 2024 Capex Corridor PIS Cape
Slide 10: Active rigs and drilling capex in 2024
11 active rigs with US$191mn drilling capex spend in 2024 Drilling Activity Q1 2024 Q2 2024 Q3 2024 Q4 2024 Bualuang BB-19ST1 Bualuang/Rig Hakuryu & BB-20ST1 & BB-16ST1 Corridor Suban/Rig Apexindo-10 Suban 27 Suban 25 Rawa/Rig Dreco Rawa 53 Dayung/Rig Dreco Dayung 2B & 5B Sumpal Sumpal Shallow-1 Sum
Slide 11: MedcoEnergi: Financial Performance
MEDCOENERGI
Slide 12: Improving oil price environment
Improving oil price environment • EBITDA US$328mn above Q4-23 US$314mn, Brent Price & Forward Curve (US$/bbl) despite flat volumes and flat prices Averaged Realized Price: • Q1 2023: US$76/bbl • Q1 2024: US$79/bbl • EBITDA also above Q1-23, US$326mn, with Brent 2024 Forward Curve ~US$84/bbl 93 88 89
Slide 13: MedcoEnergi: ESG Update
MEDCOENERGI].
Slide 14: Achieved emissions reduction targets ahead of plan
Achieved emissions reduction targets ahead of plan Implemented Achieved Reduced Oil & Gas Scope 1 & 2 2025 Interim Targets emissions1 41 GHG reduction Initiatives throughout 2023 22% 147,963 tCO2e 2 years emission reductions ahead 2024 Ongoing Initiatives of plan Reduced methane (CH4) • Flare avoida
Slide 15: Outlook
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Slide 16: 2024 guidance and outlook
US$ US$ 145 - 150 mboepd 4,100 GWh 430 mn <10/boe <2.5 x Mid-cycle price at US$65/bbl Q1 2024: 157 mboepd Q1 2024: 1,062 GWh Q1 2024: US$99mn 321 Q1 2024: US$6.3/boe Q1 2024: 2.4x New reserves from Natuna, Corridor, Senoro, Complete Natuna projects; progress Corridor, Tanzania and Oman Block 60 Seno
Slide 17: Appendix
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Slide 18: Asset locations map
Tanzania Yemen Thailand Laos Vietnam Bualuang Cambodia West Bangkanai Simenggaris South Natuna Block A Sea Block B North Sokang Tarakan Beluga Geothermal Sarulla Donggi Senoro LNG Mexico Libya Oman Bangkanai Singapore Riau IPP Corridor & TGI Pipeline Batam IPP Kalimantan Sulawesi South Sumatra Regio
Slide 19: ESG regional leadership
ESG regional leadership • Our core business is to supply affordable and sustainable energy and natural resources • Continue to pursue value-focus energy transition by decarbonizing operations, expanding gas portfolio as transition fuel, and increasing renewables portfolio • Medco has demonstrated 1s
Slide 20: Continuous ESG improvement
Continuous ESG improvement We support Average Performance Oil & Gas Global Your CDP Score Extraction & Asia Average Production As of 2023, PT Medco Energi Internasional 2022 B C C C Tbk received an MSCI ESG Rating of A. MSCI DISCLAIMER STATEMENT REFER TO CONTENT SLIDE 2023 B B C C A A- Two categorie
Slide 21: Business strategy: Oil & Gas, Clean Power, Copper & Gold Mining
Oil & Gas • Aggregating large, high-margin, producing assets • Add value & extend reserve life through low-risk exploration in producing assets • Increase efficiency, abating emissions, growing gas portfolio as a transition fuel Clean Power • Expand clean and renewable portfolio with larger scale pr
Slide 22: Oil and gas metrics
Q1 Q1 YoY FY FY YoY Net 2P Reserves, MMBOE Metrics 2024 2023 ∆% 2023 2022 ∆% Q1 2024 Production1 5-yr 2P RRR : 184% Oil, MBOPD 44.2 32.5 35.9 32.1 33.5 (4.2) 5-yr 2P FD&A : US$5.2/boe Gas, MMSCFD 617.8 722.9 (14.5) 697.4 704.1 (1.0) 8.4 years 10.6 years 10.7 years Lifting/Sales 55 539 12 527 481 51
Slide 23: Power metrics
Q1 Q1 YoY FY FY YoY Gross Operating Installed Capacity, MW Metrics 2024 2023 ∆% 2023 2022 ∆% IPP O&M IPP Sold and O&M Capacity1 2,864 2,844 2,844 IPP Sold, GWh 1,062 1,053 0.9 4,155 3,993 4.1 2,288 939 919 919 Renewables, GWh 204 212 (3.8) 801 855 (6.3) 638 Non Renewables, GWh 857 841 1.9 3,353 3,13
Slide 24: Copper and gold mining metrics
Copper Gross Reserves & Resources (Mlbs) Gold Gross Reserves & Resources (Koz) Q1 Q1 YoY FY FY YoY 31/12/2023 Metrics 31/12/2023 2024 2023 ∆% 2023 2022 ∆% Production 13,400 15,368 Copper, Mlbs 97.5 80.3 21.4 312.0 463.9 (32.7) Gold, Kozs 166.5 124.3 34.0 463.5 730.7 (36.6) 7,500 34,400 6,213 24,555
Slide 25: Financial summary vs Q4 2023
AVERAGE REVENUE GROSS PROFIT EBITDA REALIZED PRICE Oil US$79 US$556 US$233 US$328 3% Consolidated 0% Consolidated 0% Consolidated 0% Price /bbl million million million Gas US$7.0 Restricted US$502 Restricted US$215 Restricted US$317 Price /MMBTU 5% Group million 13% Group million 2% Group million 2%
Slide 26: Financial summary vs Q1 2023
AVERAGE REVENUE GROSS PROFIT EBITDA REALIZED PRICE Oil US$79 US$556 US$233 US$328 2% Consolidated 4% Consolidated 23% Consolidated 4% Price /bbl million million million Gas US$7.0 Restricted US$502 Restricted US$215 Restricted US$317 Price /MMBTU 3% Group million 5% Group million 23% Group million 2
Slide 27: PT Medco Energi Internasional Tbk contact details
PT Medco Energi Internasional Tbk The Energy Building 53rd Floor SCBD Lot 11A Jl. Jend. Sudirman, Jakarta 12190 Indonesia P. +62-21 2995 3000 F. +62-21 2995 3001 E. investor.relations@medcoenergi.com Website : www.medcoenergi.com
PT Medco Energi Internasional — Q1 2024 Earnings Presentation on 6ix