Pt Medco Energi Internasional Tbk · IDX:MEDC
Pt Medco Energi Internasional Tbk — FY2023 Earnings Presentation
29 slides from Pt Medco Energi Internasional Tbk's earnings presentation, Apr 4, 2024
Slide 1: PT Medco Energi Internasional Tbk FY2023 Results
PT Medco Energi Internasional Tbk (IDX Ticker: MEDC) Jakarta, 4 April 2024
Slide 2: Presenters
Amri Siahaan Roberto Lorato Anthony R. Mathias 2 Chief Administrative Officer Chief Executive Officer Chief Financial Officer
Slide 3: Agenda and disclaimer
Highlights 4 Operational Performance 7 Financial Performance 13 ESG Update 16 Outlook 19 Appendix 23 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 4: Highlights
Roberto Lorato Chief Executive Officer 4
Slide 5: Build long-term value with a portfolio of sustainable energy and natural resource businesses
Build long-term value with a portfolio of sustainable energy and natural resource businesses Oil & Gas Clean Power Copper & Gold Mining • Met all operational guidance • Singapore EMA awarded • Successful AMMN IPO conditional import permit for • Favorably amended the • Medco owns ~21% of AMMN, Pulau
Slide 6: 2023 key achievements
US$ US$ Sustainalytics 160 mboepd US$ US$ 1,255mn 3,295 mn 29.6 333 mn 8.3 /boe US$ US$ MSCI CDP 4,155 GWh 331mn Oil & Gas: US$261mn Power: US$72mn 65 mn A B Met all Operational Guidance Met Deleveraging Targets New GSAs & Corridor PSC Amendment Increased Returns to Shareholders Accretive Oman Acqui
Slide 7: Operational Performance
Roberto Lorato Chief Executive Officer 7
Slide 8: Achieved emissions reduction targets ahead of plan
Achieved emissions reduction targets ahead of plan • Scope 1&2 emissions Scope 1&2 and Methane Emissions Total Recordable Incident Rate 0.92 0.70 0.90 reduced by 22% and 100% 0.77 Methane emissions by 88% 0.58 2025 Interim Target 85% 0.44 40% 81% 78% 80% 0.33 0.33 0.39 0.24 0.16 • Continuous safety
Slide 9: Significant growth in scale since 2018
Significant growth in scale since 2018 • Met all 2023 Operational guidance Oil & Gas Production (mboepd) Oil & Gas Cash Cost (US$/boe) 163 160 145 • In 2024, increased exposure to liquid index prices, but lower 85 103 100 94 129 128 100 50% Singapore piped gas demand and 64 60 60 <10.0 52 20% 9.9 9.
Slide 10: Corridor PSC Amendment and GSAs Renewal
Improved economics to support further gas development Corridor PSC Amendment: • Corridor PSC converted to Cost Recovery with improved terms • New developments initiated in Suban, Letang, Tengah and Rawa fields plus a large seismic program Corridor & Natuna GSAs Renewal: • Corridor 2024 contract prod
Slide 11: Immediately accretive asset with long production plateau
Immediately accretive asset with long production plateau • December 2023 completed acquisition of 20% non-operating interest in the producing Block 60 and exploration Block 48 • Low-cost oil production with advantageous terms; oil split up to 35%, gas up to 40% and all Tax borne by government • US$7
Slide 12: Proven track record for extending reserves life
We have a proven track record for extending reserves life • Accretive acquisitions have added cost Extending Economic Life effective Reserves & Resources 5-yr 2P RRR : 233% 5-yr 2P FD&A : US$6.7/boe 160 mboepd 10.6 years ▪ 2023 5-year, 2P FD&A cost US$6.7/bbl 85 mboepd 240 199 216 539 10.7 years ▪ N
Slide 13: Financial Performance
Anthony R. Mathias Chief Financial Officer 13
Slide 14: Resilient profitability
Resilient profitability • Net Income and EBITDA below EBITDA (US$mn) Oil & Gas Cash Cost (US$/boe) 96 2022 due to commodity prices 78 68 • AMMN Net Income lower due to severe rainfall and export permit 1,593 9.5 delay 1,255 6.9 8.3 667 • Oil & Gas economics supported by 2021 2022 2023 2021 2022 2023
Slide 15: Deleveraging and rewarding our shareholders
Deleveraging and rewarding our shareholders • Natuna (2016), Ophir (2019) and Consolidated Debt (US$ bn), Production and Power Sales 3,993 Corridor (2022) acquisition debt 2,704 2,639 2,718 4,155 2,600 repaid within 24 months 163 160 85 103 100 94 • Completed 2023 US$429mn tender 2.8 3.2 2.6 2.7 3.0
Slide 16: ESG Update
Anthony R. Mathias Chief Financial Officer 16
Slide 17: ESG regional leadership
ESG regional leadership • Our core business is to supply affordable and sustainable energy and natural resources • Continue to pursue value-focus energy transition by decarbonizing operations, expanding gas portfolio as transition fuel, and increasing renewables portfolio • Medco has demonstrated 1s
Slide 18: Continuous ESG improvement
Continuous ESG improvement We support Average Performance Oil & Gas Global Your CDP Score Extraction & Asia Average Production As of 2023, PT Medco Energi Internasional 2022 B C C C Tbk received an MSCI ESG Rating of A. MSCI DISCLAIMER STATEMENT REFER TO CONTENT SLIDE 2023 B B C C A A- Two categorie
Slide 19: Outlook
Roberto Lorato Chief Executive Officer 19
Slide 20: 2024 guidance and priorities
US$ US$ 145 mboepd 4,100 GWh 430 mn <10/boe <2.5 x Gas IPP: 3,400 GWh Oil & Gas: US$350mn Mid-cycle price at Renewable IPP: 700 GWh Power: US$80mn 321 US$65/bbl New reserves from Natuna, Corridor, Senoro, Complete Natuna projects; progress Corridor, Tanzania and Oman Block 60 Senoro and Tanzania dev
Slide 21: Strategy by business: 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: Questions and answers
Amri Siahaan Roberto Lorato Anthony R. Mathias 22 Chief Administrative Officer Chief Executive Officer Chief Financial Officer
Slide 23: Appendix
23
Slide 24: Asset portfolio map
Tanzania Yemen Thailand Laos Vietnam Bualuang Cambodia Chim Sao 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 Suma
Slide 25: Oil and gas metrics
FY FY YoY Net 2P Reserves, MMBOE Metrics ∆% 2023 2022 FY 2023 Production1 5-yr 2P RRR : 233% 8.4 years 10.6 years 5-yr 2P FD&A : US$6.7/boe Oil, MBOPD 32.1 33.5 (4.2) 55 539 Gas, MMSCFD 697.4 704.1 (1.0) 125 20 481 51 53 Lifting/Sales 389 52 Oil Lifting, MBOPD 30.8 32.6 (5.5) Gas Sales, BBTUPD 659.2
Slide 26: Power metrics
FY FY YoY Gross Operating Installed Capacity, MW Metrics ∆% 2023 2022 IPP O&M IPP Sold and O&M Capacity1 2,788 2,788 2,864 2,844 IPP Sold, GWh 4,155 3,993 4.1 638 638 2,288 939 919 Renewables, GWh 801 855 (6.3) 638 Gas IPP, GWh 3,353 3,138 6.9 2,150 2,150 1,925 1,925 O&M Capacity, MW 1,925 1,925 0.0
Slide 27: Amman Mineral Nusa Tenggara
Amman Mineral Nusa Tenggara Copper Gross Reserves & Resources (Mlbs) Gold Gross Reserves & Resources (Koz) FY FY YoY 31/12/2023 Metrics 31/12/2023 2023 2022 ∆% Production 13,400 15,368 Copper, Mlbs 312.0 463.9 (32.7) Gold, Kozs 463.5 730.7 (36.6) 7,500 34,400 6,213 24,555 Sales 10,396 15,000 Copper,
Slide 28: Key financial data: consolidated and restricted group
AVERAGE REVENUE GROSS PROFIT EBITDA REALIZED PRICE Oil US$78 US$2,249 US$1,034 US$1,255 19% Consolidated 3% Consolidated 17% Consolidated 21% Price /bbl million million million Gas US$7.0 Restricted US$1,974 Restricted US$957 Restricted US$1,206 Price /MMBTU 15% Group million 10% Group million 19% G
Slide 29: 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
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