Pt Medco Energi Internasional Tbk · IDX:MEDC
Pt Medco Energi Internasional Tbk — H1 2020 Earnings Presentation
16 slides from Pt Medco Energi Internasional Tbk's earnings presentation, 2020
Slide 1: 1H 2020 Company Results
1H 2020 Company Results PT Medco Energi Internasional Tbk (IDX Ticker: MEDC)
Slide 2: Contents
Contents Performance Summary COVID 19 - MedcoEnergi Response 3 1H 2020 Executive Summary 4 1H 2020 Financial Summary 5 1H 2020 Operational Summary 6 Financial Highlights 7 Business Guidance 2020 Guidance 8 What to Expect 2020-2021 11 Appendix Active Portfolio Management 12 Asset Portfolio 13 Oil and
Slide 3: COVID 19 - MedcoEnergi Response
COVID 19 - MedcoEnergi Response Prioritizing Health and Safety of Workforce and Communities WORK FORCE SAFETY COMMUNITY SUPPORT • No direct impact from Covid 19 and US$8 mn spending • Donations to hospitals, community health centers to maintain business continuity and health clinics of medical & tes
Slide 4: 1H 2020 Executive Summary
1H 2020 Executive Summary Consolidated EBITDA US$305 mn, down by 5% year-on year Oil & Gas: Production 101 mboepd, up by 5% year-on-year Meliwis project delivered first gas and approval to develop Paus Biru gas field Successful exploration drilling in Natuna Block B and Ijen Geothermal Capex US$178
Slide 5: 1H 2020 Financial Summary
1H 2020 Financial Summary • Consolidated EBITDA US$305 mn, down 5% y-o-y, cost efficiencies and synergies from the integration of Ophir Energy, supporting EBITDA despite lower demand, and 39% drop in oil price (1H 2020 US$38.7/bbl, 1H 2019 US$63.6/bbl); Q2 2020 realized oil price US$26.5/bbl • Net I
Slide 6: 1H 2020 Operational Summary
1H 2020 Operational Summary • Production 101 mboepd, up 5% from 1H 2019, following the Ophir acquisition. Q2 gas demand is essentially at TOPQ, significantly below capacity to deliver and below normal pre Covid-19 levels • Cash costs US$7.8/boe, within guidance and below 1H 2019 despite US$8 mn spen
Slide 7: Financial Highlights
Financial Highlights Consolidated EBITDA Growth (US$ mn) • Consistent EBITDA growth 68 throughout the commodity price 52 63 63 49 cycle 42 39 • Flat EBITDA y-o-y despite lower 859 249 energy demand and a 39% drop 585 660 610 in realized oil prices (1H 2020 225 265 433 US$38.7/bbl, 1H 2019 US$63.6/bb
Slide 8: 2020 Guidance: Production
2020 Guidance: Production Liquids Gas Fixed Priced Gas Indexed Priced Gas 1H 2020 Actual • Production 101 mboepd within revised 115 guidance, up 5% year-on-year following 100 - 105 100% the Ophir acquisition 101 96 • Q2 gas demand at TOPQ, significantly 30% below capacity to deliver and below 74 nor
Slide 9: 2020 Guidance: Expenditure
2020 Guidance: Expenditure 1H20 Actual Cash Cost/Unit 1, US$/boe • 1H capex US$178 mn, US$120 mn in Oil & G&A Lifting Cost Gas and US$58 mn in Power; full year in line <10 with 2020 guidance 8.7 9.3 8.1 8.6 7.8 • Unit cash costs US$7.8/boe, within guidance, 2.7 3.9 2.9 2.2 1.7 below y-o-y despite lo
Slide 10: Commitment to deleverage
Commitment to deleverage Gross Debt (US$ mn) • Retired 2022 US$400 mn Notes via 1H Tender Offer and Q3 Call Exercise • Restricted Group Gross Debt US$2.7 bn, down 8% y-o-y, with improved Net Debt1 of US$2 bn, 3,508 2,885 3,195 3,041 2,657 down 5% y-o-y. 2021 maturities secured in 2,471 escrow 1H19 F
Slide 11: What To Expect 2020-2021
What To Expect 2020-2021 Covid-19 Focus: Prioritizing Health and Safety and minimize business disruption Prudent liquidity and liability management Disciplined capital investment and portfolio management Operating and procurement synergies, cash costs < US$10/boe Complete Riau IPP, Bali & Sumbawa PV
Slide 12: Active Portfolio Management
Active 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 (knowledg
Slide 13: 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 14: Oil and Gas Statistics
Oil and Gas Statistics YoY Metrics 1H19 1H20 ∆% Net 2P Reserves, MMBOE Net Contingent Resources, MMBOE Productionº 1,104 332 949 Oil, MBOPD 35.6 41.0 15.2 294 Gas, MMSCFD 336.7 325.8 (1.2) Lifting/Sales 160 Oil Liftingº, MBOPD 35.1 39.3 11.8 153 1,004 Gas Sales, BBTUPD 309.9 306.8 (1.0) 845 Oman Ser
Slide 15: Financial Statistics (1H19 vs 1H20)
Financial Statistics (1H19 vs 1H20) Average Revenue Gross Profit EBITDA Realized Price Oil Incl. Incl. Incl. Price US$38.7 39% MPI US$552 8% MPI US$203 38% MPI US$305 5% /bbl million million million Excl. Excl. Excl. Gas US$5.5 US$473 US$168 US$280 Price /MMBTU 20% MPI million 11% MPI million 43% MP
Slide 16: Executive Summary
Executive Summary 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 Email: investor.relations@medcoenergi.com Website : www.medcoenergi.com
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