Pt Medco Energi Internasional Tbk · IDX:MEDC
Pt Medco Energi Internasional Tbk — FY2024 Earnings Presentation
30 slides from Pt Medco Energi Internasional Tbk's earnings presentation, Mar 28, 2025
Slide 1: PT Medco Energi Internasional Tbk FY2024 Results
PT Medco Energi Internasional Tbk (IDX Ticker: MEDC) | Jakarta, 28 March 2025
Slide 2: Presenting management team
Roberto Lorato Anthony R. Mathias Ronald Gunawan Amri Siahaan 2 Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Administrative Officer
Slide 3: Agenda and disclaimer
Highlights 4 Operational Performance 7 Financial Performance 12 ESG Update 15 Outlook 21 Appendix 23 East Bali PV The following presentation has been prepared by PT Medco Energi Internasional Tbk. (“Company” or “MedcoEnergi”) and contains certain projections, plans, business strategies, policies of
Slide 4: Highlights
Roberto Lorato Chief Executive Officer 4 Bualuang Platform, Thailand – PPE extension successfully secured
Slide 5: 2024 key highlights
152 $ 436mn $367mn $3.3bn Oil & Gas : $365mn 7.7% 1.3% $ 1.3bn 1.3% Fitch S&P : BB- : BB- Moody’s : B1+ mboepd Power : $71mn 1.8x MSCI : AA 4,108 8.2 17% $ 2.7 bn10% 2024 US$78/boe 2.1x 10% Sustainalytics : 29.1 GWh US$/boe Mid-cycle Price US$65/boe CDP :B Sign check Icon | Small Flat Iconset | paom
Slide 6: Building long-term value with a portfolio of sustainable energy and natural resource businesses
Building long-term value with a portfolio of sustainable energy and natural resource businesses Oil & Gas Clean Power Copper & Gold Mining • Consistent strong safety performance • Strong safety performance despite • AMMN Net Income contribution at • Corridor gas production above target, recordable i
Slide 7: Operational Performance
Ronald Gunawan Chief Operating Officer 7 Marlin Natuna FPSO, Natuna, will be onstream in Q2 2025
Slide 8: ESG upgrades reflect underlying performance
ESG upgrades reflect underlying performance • On track to eliminate routine Scope 1&2 GHG and Methane Emissions1 Planted Trees beyond Compliance (‘000) flaring, with 2025 emissions 100% 46 88% 85% 80% targets met 2025 Interim Target 81% 78% 70% 34 100% 75% 27 • Consistent safety 5.4 84% 81% 82% 54%
Slide 9: Performed well above operational guidance
Performed well above operational guidance • Production 152 mboepd, exceeding Oil & Gas Production (mboepd) Oil & Gas Cash Cost (US$/boe) guidance driven by higher gas deliveries 163 160 152 150 150 from South Sumatra and Corridor assets 100 50% • Gas:Oil split remains roughly 70:30 with 94 129 128 1
Slide 10: Value delivery assets: Corridor and Block B Natuna
Value delivery assets Corridor • 3rd largest gas producer in Indonesia • 2024 work program focused on bringing Suban 27 onstream and optimization work in Dayung facilities • Completed 165km2 3D seismic survey in Rebonjaro in 2024. A further 237km2 Sumpal seismic survey will complete in Q2 2025. Bloc
Slide 11: Growth assets: Oman Block 60 and Bangkanai PSC
Growth assets Oman Block 60 • Full year production of 13 mboepd in 2024 • Accretive acquisition generating EBITDA of US$179mn and Net Income of US$67mn • Completed 67-well program for development, appraisal, and exploration • ABB North gas discovery, on stream in Q2 2024. 9 further wells planned in
Slide 12: Financial Performance
Anthony R. Mathias Chief Financial Officer 12
Slide 13: Growing cash generation and profitability
Growing cash generation and profitability • EBITDA US$1,272mn, and Net EBITDA (US$mn) RG Debt (US$ bn) and Net Debt to EBITDA1 4.3 income US$367mn above 2023 with 163 160 152 2.7 2.1 full-year contribution from Oman 60, 100 94 1.4 1.8 offsetting the Corridor working 2.3 2.6 2.7 2.1 2.8 2.5 2.7 2.2 2
Slide 14: Deleveraging and rewarding our shareholders
Deleveraging and rewarding our shareholders Equity MEDC vs Brent vs LQ 45 Jan 2018–Dec 2024 • Resilient and consistent US$ revenue growth supports IDR share price, outperforming Brent and IDX LQ45 +45% • Post Covid, Total Shareholder Return1 166% +12% -23% • 2024 paid dividends US$70mn, IDR46 per sh
Slide 15: ESG Update
Amri Siahaan Chief Administration Officer 15 Sarulla Geothermal Power Facilities, North Sumatra
Slide 16: ESG performance and ratings
AAA We support AA AA CDP Score Report - A A A Climate Change BBB BBB As of 2024, PT Medco Energi Internasional Tbk received BB BB an MSCI ESG Rating of AA. 2021* 2022 2023 2024 MedcoEnergi’s Score C B B B Dec-20 Nov-21 Dec-22 Nov-23 Nov-24 Oil & Gas Extraction & C C B Performance Production Average
Slide 17: Met 2025 GHG emission reduction targets
E&P Scope 1&2 GHG Emissions1,3, million tCO2e • Met the 2025 scope 1 & 2 GHG 29.9% reduction from Base Year 2019 emission reduction targets and the 2030 methane reduction target 5.4 ACHIEVED . 4.8 4.6 4.4 4.2 3.8 20% 30% • Implementing multiple GHG GHG emissions reduction projects Emissions 2019 202
Slide 18: Ijen geothermal
First geothermal IPP in East Java • Ijen Banyuwangi, Bondowoso, East Java • PPA Contract 110MW, sold to PLN • Phase 1 capacity 35MW • Mechanical completion Q4 2024, COD Q1 2025 • Project cost: US$140mn • Medco 51%, Ormat 49% • Phase 2 expanding capacity to 55MW with FID Q1 2026 Q2 2024 Q3 2024 Q4 20
Slide 19: Supplying clean energy to Bali
Supplying clean energy to Bali • Kubu, Karangasem, East Bali • Providing green electricity to the Java-Bali grid • 25MWp, sold to PLN • Construction complete, COD Q2 2025 • Project cost: US$22mn • Medco 51%, Solar Philippines 49% Q1 2022 Q4 2023 Q1 2025 Q2 2025 PPA Signing Financial Close Mechanical
Slide 20: Export to a premium market with attractive returns
Export to a premium market with attractive returns Conditional License to import 600 MW to Singapore • One of the largest solar power projects in Southeast Asia • Building Indonesia’s capacity in PV and BESS • Pacific Medco Solar Energy consortium1 secured Conditional Approval in September 2023; Con
Slide 21: Outlook
Roberto Lorato Chief Executive Officer 21
Slide 22: 2024 Financial Results and 2025 Guidance
2024 Financial Results 1.8x 152 4,108 $436mn 435 Oil & Gas : $365mn 8.2 2024 US$78/boe 2.1x 17% mboepd GWh Power : $71mn US$/boe Mid-cycle Price US$65/boe 2025 Guidance 4,500 $430mn <10 <2.5 >15% Oil & Gas : 370 145 - 150 Power : 65 mboepd GWh Oil & Gas : $400mn Power : $30mn US$/boe Mid-cycle price
Slide 23: Appendix
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Slide 24: Diverse energy mix of Oil & Gas, Clean Power, and Copper & Gold Mining
Diverse energy mix of Oil & Gas, Clean Power, and Copper & Gold Mining Thailand Laos Tanzania Yemen Vietnam Bualuang Cambodia West Bangkanai Simenggaris South Natuna North Sea Block B Sokang Tarakan Block A Donggi Senoro Geothermal LNG Sarulla Geothermal Beluga Bangkanai Mexico Oman Samosir Riau IPP
Slide 25: Oil & Gas metrics
FY FY YoY Metrics Net 2P Reserves, MMBOE 2024 2023 ∆% Production1 FY 2024 5-yr 2P RRR : 187% Oil, MBOPD 41.3 32.1 28.7 5-yr 2P FD&A : US$5.1/boe 10.6 years Gas, MMSCFD 603.4 697.4 (13.5) 8.4 years 10.4 years 55 539 48 Lifting/Sales 481 51 53 74 76 493 Oil Lifting, MBOPD 40.6 30.8 31.9 Gas Sales, BBT
Slide 26: Power metrics
FY FY YoY Gross Operating Installed Capacity, MW Metrics 2024 2023 ∆% 2,788 2,864 2,844 2,894 IPP Sold and O&M Capacity1 638 2,288 939 919 919 IPP Sold, GWh 4,108 4,155 (1.1) 638 Renewables, GWh 831 801 3.8 Gas, GWh 3,277 3,353 (2.3) 2,150 1,925 1,925 1,975 1,650 O&M Capacity, MW 1,975 1,925 2.6 Ave
Slide 27: Copper and gold metrics
Copper Gross Reserves & Resources (Blbs) Gold Gross Reserves & Resources (Moz) YoY 31/12/2024 31/12/2024 Metrics FY 2024 FY 2023 ∆% 25.1 35.1 Production 17.8 26.4 Copper, Mlbs 395 312 26.60 16.5 13.0 5.6 6.3 Gold, Kozs 803 463 73.25 Reserves Reserves & Resources Reserves Reserves & Resources Elang B
Slide 28: FY 2024 financial summary
AVERAGE REVENUE GROSS PROFIT EBITDA REALIZED PRICES Oil US$78 US$2,399 US$933 US$1,272 0% Consolidated 7% Consolidated 10% Consolidated 1% Price /boe million million million Gas US$7.0 Restricted US$2,191 Restricted US$862 Restricted US$1,230 Price /MMBTU 0% Group million 11% Group million 10% Group
Slide 29: 4Q 2024 financial summary
AVERAGE REVENUE GROSS PROFIT EBITDA REALIZED PRICES Oil US$72.0 US$616 US$254 US$293 8% Consolidated 0% Consolidated 11% Consolidated 11% Price /boe million million million Gas US$7.1 Restricted US$574 Restricted US$235 Restricted US$284 Price /MMBTU 1% Group million 1% Group million 11% Group milli
Slide 30: 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 E. investor.relations@medcoenergi.com investor.relations@medcoenergi.com Website : www.medcoenergi.com
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