Pt Medco Energi Internasional Tbk · IDX:MEDC
Pt Medco Energi Internasional Tbk — FY2022 Earnings Presentation
26 slides from Pt Medco Energi Internasional Tbk's earnings presentation, March 2023
Slide 1: PT Medco Energi Internasional Tbk, Jakarta, March 2023
PT Medco Energi Internasional Tbk (IDX Ticker: MEDC) Jakarta, March 2023
Slide 2: Agenda and disclaimer
Performance Summary Reaching New Heights 3 Key Messages 4 Full Year Results 5 Business Strategy 6 Financial Performance 7 Capital Structure 8 ESG Ratings 9 Guidance Production & Power Sales 10 Capex & Opex 11 Focus on Consistent ESG Improvement 12 What To Expect 13 Appendix Core Business Statistics
Slide 3: Reaching New Heights
Oil and Gas Production Consolidated EBITDA Production Oil Gas 163 US$ 1,593 163 mboepd 103 100 1,593 mn 94 129 79% 87 85 64 60 620 667 52 52 60 Gas 523 495 433 21% 35 33 39 40 34 34 Oil 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Power Sales Improved ESG Rating Sales Renewable IPP Ga
Slide 4: Strong Operational and Financial Performance
Strong Operational and Financial Performance Corridor Acquisition Project Delivery Corridor – Grissik Plant New Projects Deleveraging ESG and Energy Transition Focus Natuna – Malong Belida Sumbawa PV 26 MWp 4
Slide 5: Key Messages
FINANCIAL & OPERATIONAL PERFORMANCE SUSTAINABILITY • Operations: • Continued ESG improvement: • Oil & Gas production 163 mboepd • MSCI from BBB to A • Power generation sales 3,993 GWh • Sustainalytics risk rating from 42.2 to 36.7 • Copper production 464 Mlbs & Gold 731 Koz • CDP score from C to B •
Slide 6: Building a Leading Southeast Asian Energy and Natural Resources Company
Building a Leading Southeast Asian Energy and Natural Resources Company CLIMATE CHANGE STRATEGY US$ BOND RESTRICTED GROUP Oil & Gas Clean Power Copper & Gold Mining • Extend reserve life and add value • Grow Clean and Renewable Portfolio • World class copper resource through low risk exploration on
Slide 7: EBITDA US$1,593mn, Net Income US$531mn and CFO US$1,116mn
• EBITDA US$1,593mn, Net Consolidated EBITDA (US$mn) 3,993 Income US$531mn and CFO 2,704 2,718 2,600 2,639 163 US$1,116mn 2,174 103 100 • Significant Net Income 87 85 94 contribution from AMNT 1,593 • Q4 EBITDA and CFO reduced by 433 523 620 495 667 held for sale adjustments 2017 2018 2019 Productio
Slide 8: Gross Debt US$3.2bn, Net Debt US$2.4bn
Consolidated Debt, Price, and Production (US$ bn) • Gross Debt US$3.2bn, Net Debt 3,993 US$2.4bn, both below 2019 leverage. IDR Bonds issued in July for US$95mn 2,174 2,704 2,600 2,639 2,718 163 2023 IDR maturities 103 100 94 87 85 • Tender offers and buybacks retired US$456mn of USD Notes, now 54%
Slide 9: ESG Ratings
We support 2021 PT Medco Energi Internasional Tbk CDP Score As of 2022, PT Medco Energi Internasional Tbk received an MSCI ESG Rating of A. MSCI DISCLAIMER STATEMENT REFER TO PAGE 2 2022 PT Medco Energi Internasional Tbk CDP Score 2019 2020 2021 2022 MEDC listed in IDX LQ45 LOW CARBON LEADERS (Annou
Slide 10: Production and Power Sales Guidance
2022 Actual (mboepd) Guidance • Oil & Gas production 163 mboepd 163 160 24% 21% • Production 79% gas and 21% liquids. 45% of total production exposed to current price 94 129 126 55% 58% environment, 55% at fixed price, US$6.8/mmbtu 60 in 2022 34 34 21% 34 21% • Power 3,993 GWh sales with additional
Slide 11: Capex and Opex Guidance
2022 Cash Cost/Unit (US$/boe) • Oil & Gas capex US$269mn, Power1 US$33mn. 68 63 68 96 Capex spending for new developments in 40 Natuna, Riau IPP, and Sumbawa PV • Oil & Gas cash costs2 US$6.9/boe 8.4 9.9 9.1 9.5 6.9 <10 2018 2019 2020 2021 2022 2023 2023 Guidance Cash Cost Realised Oil Price Guidanc
Slide 12: Focus on Consistent ESG Improvement
49.9 46.9 42.2 36.7 INTERIM TARGET 62% 28% 5.3 60% 28% 64% 38% 79% 23% 26% 2025: Disclose and 30% million set targets for tCO2e 158 Scope 3 emissions thousand tCO2e 13% 72% 72% 62% 17% 77% 74% 70% 14% 19% 17% 16% 20% 38% 40% 36% 21% 25% 30% 37% 2019 BB 2020 BB 2021 BBB 2022 A 2025 2030 Gas Productio
Slide 13: What To Expect
New GSAs on Corridor, Natuna and Senoro Additional reserves from Corridor, Natuna, Senoro and Tanzania Consistent Dividend payments and RG debt repayments Continue selective portfolio management Place into service Natuna projects; Investment decision on Bali PV Progress new Corridor developments, Se
Slide 14: Appendix
= APPENDIX
Slide 15: Core Business Statistics
Build long-term value with a portfolio of sustainable energy and natural resource businesses CLIMATE CHANGE STRATEGY US$ BOND RESTRICTED GROUP Oil & Gas Clean Power Copper & Gold Mining Production 163 mboepd Installed Capacity 939 1,925 Production 464 731 MW IPP MW O&M Mlbs Copper Koz Gold 79/21 45/
Slide 16: MedcoEnergi Portfolio and Key Assets
Tanzania Yemen Thailand Laos Bualuang Vietnam Cambodia Chim Sao and Dua 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 Corridor & Batam IPP TGI Pipeline Kalimantan Sulaw
Slide 17: Closed and Integrated Value Adding Acquisitions
Acquisitions have added value through enhanced scale, control and organizational Closed and Integrated Value Adding Acquisitions competence. Acquisition targets are screened to ensure: • Improved MedcoEnergi credit status and profitability • Manageable risk (knowledge of asset, organization capabili
Slide 18: Completed Corridor integration
Completed Corridor integration • Sumatra based PSC with 7 producing gas fields, and 2 producing oil fields • Indirect ownership of gas pipelines to Duri and Singapore • PSC extended to December 2043 • Energy Council “Asia Pacific Deal of The Year” Integration and Adding Value • Immediately accretive
Slide 19: Senoro integrated gas development
Integrated phased gas development 1 Mtpa 1 Mtpa JERA • Joint Operated onshore license, first PEP (Japan) production Q3 2015 (Donggi & Matindok) 250 + 20 0.3 Mtpa Kyushu Electric (Japan) • 20 Year PSC Extension effective from 105 85 DSLNG Korea Gas December 2027, monetizing ~2.1 TCF 1 Mtpa 0.7 Mtpa (
Slide 20: World-class offshore operational capabilities
World-class offshore operational capabilities • Operated offshore PSC in the South Natuna Sea, world class facilities, large hydrocarbon base, license expires October 2028 • Operated West Natuna Transportation System (WNTS), a 656 km 28’’ gas trunk line to Singapore • Commodity linked priced gas sal
Slide 21: Riau IPP and Sumbawa PV placed into service
Project place into service in 1H-22 Riau IPP 275 MW • Combined Cycle 275MW Gas Power Plant, commercial operation in February 2022 • Total project cost ~US$290 million, supported by a consortium of international banks and a 20 year PPA with PLN • 8.6 million safe man hours and overcame numerous Covid
Slide 22: Oil and Gas Business Metrics
FY FY YoY Net 2P Reserves, MMBOE Metrics 2022 2021 ∆% Production1 FY-22 Oil, MBOPD 33.5 34.4 (2.6) 2P RLI : 8.4x 5-yr 2P RRR :1.9x 125 20 481 Gas, MMSCFD 704.1 319.7 120.3 5-yr 2P FD&A : US$7.4/boe 108 389 52 Lifting/Sales 310 Oil Lifting, MBOPD 32.6 33.6 (3.0) 29 Gas Sales, BBTUPD 667.1 299.8 122.5
Slide 23: Power Business Metrics
FY FY YoY Gross Operating Installed Capacity, MW Metrics 2022 2021 ∆% IPP O&M IPP Sold and O&M Capacity1 2,788 2,788 2,864 IPP Sold, GWh 3,993 2,718 46.9 638 638 2,288 939 Renewables, GWh 855 871 (1.8) 638 Non Renewables, GWh 3,138 1,847 69.9 2,150 2,150 1,925 O&M Capacity, MW 1,925 1,650 16.7 1,650
Slide 24: Amman Mineral Nusa Tenggara
Amman Mineral Nusa Tenggara Copper Gross Reserves & Resources (Mlbs) Gold Gross Reserves & Resources (Koz) FY FY YoY 31/12/2021 31/12/2021 Metrics 2022 2021 ∆% Production 14,800 16,040 Copper, Mlbs 463.9 233.7 98.5 Gold, Kozs 730.7 156.5 367.0 8,900 7,040 33,700 Sales 24,000 10,500 15,000 Copper, Ml
Slide 25: Financial Statistics
AVERAGE REVENUE GROSS PROFIT EBITDA REALIZED PRICE Oil US$96.2 US$2,312 US$1,246 US$1,593 42% Consolidated 85% Consolidated 126% Consolidated 139% Price /bbl million million million Gas US$8.2 Restricted US$2,195 Restricted US$1,181 Restricted US$1,556 Price /MMBTU 26% Group million 94% Group millio
Slide 26: 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 Website : www.medcoenergi.com
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