Pt Medco Energi Internasional Tbk · IDX:MEDC
Pt Medco Energi Internasional Tbk — Q1 2019 Earnings Presentation
17 slides from Pt Medco Energi Internasional Tbk's earnings presentation, May 2019
Slide 1: 1Q 2019 Results
1Q 2019 RESULTS PT Medco Energi Internasional Tbk. (IDX Ticker: MEDC) SUSTAINABLE GROWTH
Slide 2: Contents
Contents 2 Business Update Summary 3 Financial Performance 4 Operational Performance 5 Management Discussion Portfolio Overview 7 2019 Guidance 8 What to Expect 11 Appendix Oil & Gas 12 Medco Power Indonesia 13 Amman Mineral Nusa Tenggara 14 Financial Tables 15 The following presentation has been pr
Slide 3: 1Q 2019 Executive Summary
1Q 2019 Executive Summary 3 Ophir Acquisition: Successfully completed on 21 May 2019 EBITDA US$160 million up by 8% year-on-year Production 90.5 mboepd above guidance MPI: Generated power sales 624 GWh up by 6% year-on-year Completed sale of 51% interest in the Energy Building, Tunisia SPA signed, c
Slide 4: 1Q 2019 Financial Summary
1Q 2019 Financial Summary 4 • Successful completion of Ophir acquisition on 21 May 2019 • Gross Profit US$172 million, 14% higher y-o-y with an improved 61% gross margin. • EBITDA US$160 million, 8% higher y-o-y from improved margins, due to increased in gas sales from Block A. MPI contributed 13% t
Slide 5: 1Q 2019 Operational Summary
1Q 2019 Operational Summary 5 • Oil and gas production 90.5 mboepd and above guidance • Unit cash costs US$7.9 per boe and within guidance • Block A fully commissioned and passed Government’s ‘Place in Service’ test, GSA capacity test • Yemen resumed production • MPI gross operating installed capaci
Slide 6: Financial Highlights
Financial Highlights 6 Underlying EBITDA (US$ mn) Categorized by Segments 160 147 1Q18 147 Oil and Gas 14 Power 1 1Q19 160 1Q18 1Q19 Underlying Net Income (US$ mn) Categorized by Segments 28 1Q18 22 22 Oil and Gas 21 Power 0 1 AMNT 9 Non-recurring 1 6 1Q18 1Q19 1Q19 28 1) Non-cash items
Slide 7: Leading E&P player in Southeast Asia
Leading E&P player in Southeast Asia 7 Sinphuhorm Tanzania Yemen Tunisia Bangladesh Thailand Laos Block 12W Bualuang Tarakan Vietnam Cambodia Simenggaris Bengara Malaysia Riau CCPP Bangkanai Block A • MEB • DEB • TM2500 South Sokang • ELB Libya Mexico Oman Geothermal Sarulla South Natuna Sea Block B
Slide 8: 2019 Proforma Guidance
2019 Proforma Guidance 8 150 Gas Gas Daily Maximum Rate Indexed Priced Gas Ophir • 1Q19 production 90.5 Liquids Gas TOPQ Fixed Priced Gas mboepd; due to Block A at 125 125 full production 125 110 15 • 2019 guidance 110 mboepd 26% including Ophir. Daily 100 90.5 25 Production Capacity 125 > 85 mboepd
Slide 9: 2019 Proforma Guidance
2019 Proforma Guidance 9 Capex, US$ mn Cash Cost/Unit*, US$/boe • 2019 pro-forma capex Power Oil & Gas US$400 million including 400 G&A Lifting Cost Ophir 329 12.3 110 60 8.8 9.1 8.7 <10 • 1Q19 oil and gas unit cash 4.3 costs US$7.9/boe. Oil and 2.7 4.0 2.9 2~3 268 290 gas unit cash costs, 8.0 6.1 5
Slide 10: Debt position
Debt position 10 Debt (US$ mn) • May 2019 USD bond extended average debt maturity to 4 years from 3 years. • 2020 and 2021 debt bullet maturities secured in escrow 2,693 2,781 2,183 2,196 • Gross debt flat y-o-y, repayments off-set by addition of Block A new debt 1Q18 1Q19 • Net Debt to EBITDA1 3.1x
Slide 11: What To Expect
What To Expect 11 • Continued deleveraging and delivery on commitments • Warrants exercised and place pre-emptive rights • Disciplined capital investment proforma capex US$400 million • Monetise gas discoveries; Senoro phase 2 POD approval • Extend reserve life with economic near field exploration •
Slide 12: Oil and Gas (excluding Ophir)
Oil and Gas (excluding Ophir) 12 YoY Net 2P Reserves, MMBOE Metrics 1Q18 1Q19 ∆% Life Index: 10 Years Net Contingent Resources, MMBOE Productionº Gas Oil 490.6 Oil, MBOPD 33.9 33.4 (1.4) Gas, MMSCFD 274.1 314.4 14.7 Lifting/Sales 308.6 266.5 Oil Lifting, MBOPD 25.7 23.8 (7.2) 263.4 405.9 Gas Sales,
Slide 13: Medco Power Indonesia
Medco Power Indonesia 13 YoY Metricsº 1Q18 1Q19 ∆% Gross Installed Capacity, MW Pipeline Projects, MW IPP Sold and O&M Capacity IPP O&M IPP O&M IPP Sold, GWh 590 624 5.7 2,676 2,819 2,835 O&M Capacity, MW 2,150 2,174 1.1 Average Realized Price* 1,730 526 645 645 IPP, Cent/kwh 3.63 3.92 8.0 °Gross 10
Slide 14: Amman Mineral Nusa Tenggara
Amman Mineral Nusa Tenggara 14 YoY Copper Gross Reserves & Resources – Gold Gross Reserves & Metricsº 1Q18 1Q19 ∆% 2018 (Mlbs) Resources – 2018 (koz) Production Batu Hijau 24,380 33,592 Batu Hijau Copper, Mlbs 40.4 33.9 (16.0) 3,030 3,470 Elang Elang Gold, koz 19.2 16.8 (12.4) 2P & Stockpiles 2P & S
Slide 15: Consolidated Financial performance
Consolidated Financial performance 15 Profit & Loss (US$ mn) 1Q18 1Q19 YoY ∆% Balance Sheet (US$ mn) 1Q18 1Q19 YoY ∆% Revenue 285.6 283.9 (0.6) Cash and cash equivalents° 639.6 544.3 (14.9) - Oil and gas 228.4 239.5 4.9 Investments 1,059.2 1,126.7 6.4 - Power 57.0 43.7 (23.3) Fixed Assets 1,313.7 1,
Slide 16: Financial performance: excluding Medco Power
Financial performance: excluding Medco Power 16 Profit & Loss (US$ mn) 1Q18 1Q19 YoY ∆% Balance Sheet (US$ mn) 1Q18 1Q19 YoY ∆% Revenue 228.6 240.2 5.1 Cash and cash equivalents° 546.1 447.5 (18.0) Investments 1,059.2 1,126.7 6.4 - Oil and gas 228.4 239.5 4.9 - Others 0.3 0.7 161.3 Fixed Assets 1,25
Slide 17: PT Medco Energi Internasional Tbk. Investor Relations
Company Address : 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 Investor Relations: Email. investor.relations@medcoenergi.com Website : www.medcoenergi.com
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