Pt Medco Energi Internasional Tbk · IDX:MEDC
Pt Medco Energi Internasional Tbk — Q1 2021 Earnings Presentation
21 slides from Pt Medco Energi Internasional Tbk's earnings presentation, Jun 28, 2021
Slide 1: Q1-2021 Company Results
Q1-2021 COMPANY RESULTS PT Medco Energi Internasional Tbk (IDX Ticker: MEDC) Jakarta, 28 June 2021
Slide 2: Contents
CONTENTS Performance Summary COVID-19 Response 3 Executive Summary 4 Financial Summary 5 Operational Summary 6 ESG Statistics 7 Financial Highlights 8 Business Guidance 2021 Guidance 10 What to Expect in 2021 12 Appendix Portfolio Management 13 Portfolio Footprint 14 Business Statistics 15 Financial
Slide 3: COVID-19 MedcoEnergi Response
COVID-19 MEDCOENERGI RESPONSE Prioritizing Health and Safety of Workforce and Communities WORK FORCE SAFETY COMMUNITY SUPPORT • No operational disruption from COVID-19, US$7mn • Donations to hospitals, community health centers and spending in 2020 to maintain business continuity clinics with COVID-1
Slide 4: Executive Summary
EXECUTIVE SUMMARY Oil & Gas Production: 101mboepd; Power Sales: 666GWh, 32% Renewables Oil price recovering. Hedged 13.5% of 2021 Production Forecast gas demand remains weak in key markets Cash and Cash Equivalents US$695mn; Debt US$2.7bn Ratings Affirmed: B+ Fitch, B+ S&P revised to Stable, Pefindo
Slide 5: Financial Summary
FINANCIAL SUMMARY • Q1 2021 EBITDA US$159mn, double Q-o-Q with recovering prices. Oil price US$58.8/bbl, 37% up Q-o-Q (US$43/bbl), gas prices US$5.7/mmbtu • Consolidated Net Income US$5.1mn profit with higher commodity prices, lower opex and lower finance costs. Both Oil and Gas operations and Amman
Slide 6: Operational Summary
OPERATIONAL SUMMARY • Oil and gas production 101 mboepd. Production capacity is ~110 mboepd • Slow recovery in Indonesian gas demand in key markets • Oil & Gas cash costs US$8.7 per boe, in line with guidance to remain below $10 per boe • Natuna Block B has been granted improved economic terms upon
Slide 7: ESG Statistics
ESG STATISTICS E&P and MPI: Total Recordable Injury Rate3 (TRIR) 2017 - 2020 • Joined CDP and will report TCFD factors for 2020+ • TRIR improved for four consecutive years, ahead 1.26 0.99 1.08 of industry trend 0.7 0.59 0.58 • Higher hydrocarbon and Power sales but 0.5 0.35 0.44 0.31 0.33 0.33 0.26
Slide 8: Financial Highlights
FINANCIAL HIGHLIGHTS Consolidated EBITDA (US$mn) • EBITDA US$159 million, double Q-o-Q 68 from recovering prices; with EBITDA 49 52 63 59 margin 53% 42 40 • Oil price US$59/bbl, 37% higher Q-o-Q 585 627 (Q4-20 US$43/bbl); flat gas prices 433 502 225 265 US$5.7/mmbtu (Q1-21) from 159 US$5.2/mmbtu (Q4
Slide 9: Deleveraging
DELEVERAGING • Debt US$2.7 bn, down 19% Y-o-Y. Consolidated Debt and Production (US$ bn) Restricted Group Debt down 14% Y-o-Y 66 87 85 103 100 101 68 63 40 59 • Restricted Group1 Net Debt to EBITDA 42 52 3.2 3.0x. Will use excess cash to consistently 2.6 2.8 2.2 2.6 2.7 2.3 2.7 2.0 1.9 1.8 1.9 delev
Slide 10: 2021 Guidance: Production
2021 GUIDANCE: PRODUCTION 1Q-2021 Actual 2019-2020 (mboepd) 2021 Guidance (mboepd) 115 • Production 101 mboepd within revised 110 guidance 103 100 101 100% 95 • Gas demand below normal pre-COVID-19 levels 25% 70 2021 Guidance 70 64 60 63 57 • Q1-2021 Production 101 mboepd 35% • Revised 2021 guidance
Slide 11: 2021 Guidance: Expenditure
2021 GUIDANCE: EXPENDITURE 1Q-2021 Cash Cost/Unit 2, US$/boe 103 100 101 • Oil & Gas Capex US$6mn, expenditures 87 85 95 66 deferred due to low gas demand 56 56 • Power1 US$3mn, to progress Riau 15.4 12.3 Project commissioning 8.8 9.1 8.7 9.3 9.0 8.7 <10 • Oil and Gas cash costs US$8.7/boe 2014 2015
Slide 12: What to Expect in 2021
WHAT TO EXPECT IN 2021 Covid-19: Maintain and adapt Strict Protocols Disciplined capital investment and portfolio management Prudent liquidity and liability management Operating and focus Maintain cost procurement with Oil synergies, cashcosts and Gas cash costs< <US$10/boe US$10/boe Complete Place
Slide 13: Targeted Portfolio Management
TARGETED PORTFOLIO MANAGEMENT Closed and Integrated Value Adding Acquisitions Acquisitions have added value through enhanced scale, control and organizational competence. Acquisition targets are screened to ensure: • Improved MedcoEnergi credit status and profitability • Risks are manageable (knowle
Slide 14: Asset Portfolio
ASSET PORTFOLIO Sinphuhorm Tanzania Yemen Thailand Laos Bualuang Vietnam Cambodia Chim Sao and Dua Malaysia Bengara PM322 Bangkanai Block A South Natuna Sea Block B North Tarakan Sokang Simenggaris Mexico Libya Oman Geothermal Sarulla South Sokang Donggi Senoro West Bangkanai LNG Singapore Riau IPP
Slide 15: Oil and Gas Statistics
OIL AND GAS STATISTICS YoY Metrics Q1-20 Q1-21 ∆% Net 2P Reserves, MMBOE Net Contingent Resources, MMBOE Production2 1,125 Oil, MBOPD 40.6 38.1 (6.2) 938 Gas, MMSCFD 325.4 336.4 3.4 299 302 Lifting/Sales Oil Lifting2, MBOPD 38.8 36.7 (5.4) Gas Sales, BBTUPD 306.2 317.9 3.8 156 159 1,016 Oman Service
Slide 16: Medco Power Statistics
MEDCO POWER STATISTICS YoY Metricsº Q1-20 Q1-21 ∆% Gross Installed Capacity, MW IPP Sold and O&M Capacity IPP O&M IPP Sold, GWh 694 666 (4.0) 2,788 2,788 2,904 Renewables, GWh 236 217 (8.1) 638 638 Non Renewables, GWh 458 450 (1.7) 939 O&M Capacity, MW 2,150 2,150 1,965 Average Realized Price* IPP,
Slide 17: Amman Mineral Statistics
AMMAN MINERAL Amman STATISTICS Mineral Nusa Tenggara YoY Metrics Q1-20 Q1-21 ∆% Copper Gross Reserves & Resources (Mlbs) Gold Gross Reserves & Resources (koz) Production Copper, Mlbs 44.9 48.4 7.9 Batu Hijau Elang 15,140 Batu Hijau Elang Gold, koz 15.9 27.1 70.2 16,650 Sales Copper, Mlbs 32.9 34.5 4
Slide 18: Financial Statistics (1Q-2021 vs 1Q-2020)
FINANCIAL STATISTICS (1Q-2021 vs 1Q-2020) Average Revenue Gross Profit EBITDA Realized Price Oil Incl. Incl. Incl. Price US$58.8 14% MPI US$300 9% MPI US$120 9% MPI US$159 7% /bbl million million million Excl. Excl. Excl. Gas US$5.7 1% US$291 9% US$63 10% US$152 Price /MMBTU MPI million MPI million
Slide 19: Multi Year Program for Carbon Offset
MULTI YEAR PROGRAM FOR CARBON OFFSET Biodiversity programs Rimau, South Bukit Jambul, Tarakan, Matak, Sumbawa, Batam, Sumatra Lematang, North Kalimantan Riau Islands West Nusa Riau South Sumatra Tenggara Preservation of targeted Planted 32,167 Preservation of the Conducted Planted a million trees Tr
Slide 20: Best in Class Corporate Governance
BEST IN CLASS CORPORATE GOVERNANCE Certification and Business Ethics Compliance • ISO37001:2016 ABMS Certification • Anti-Corruption & Business Ethics PHASE 5 Compliance Program Medco Bualuang • Statement of Adherence 5 • Conflict of Interest Declaration • Ethics Liaison Officer Program PHASE 3 PHAS
Slide 21: PT Medco Energi Internasional Tbk
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 Website : www.medcoenergi.com
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