Pt Medco Energi Internasional Tbk · IDX:MEDC
Pt Medco Energi Internasional Tbk — Q1 2023 Earnings Presentation
25 slides from Pt Medco Energi Internasional Tbk's earnings presentation, May 2023
Slide 1: Q1 2023 Company Results
Q1 2023 Company Results PT Medco Energi Internasional Tbk (IDX Ticker: MEDC) Jakarta, May 2023
Slide 2: Contents
CONTENTS Performance Summary Q1 2023 Key Messages 3 Q1 2023 Results 4 Business Strategy 5 Financial Performance 6 Capital Structure 7 ESG Ratings 8 Guidance Production & Power Sales 9 Capex & Opex 10 Focus on Consistent ESG Improvement 11 What To Expect 12 Appendix Core Business Statistics 14 MedcoE
Slide 3: Q1 2023 Key Messages
Q1 2023 KEY MESSAGES Solid Operational Performance Volatile Oil Price Environment Deleveraging Natuna – Malong Belida Project Delivery Dividend ESG and Energy Transition Focus Senoro-Toili Sumbawa PV 26 MWp 3
Slide 4: Q1 2023 Results
Q1 2023 RESULTS FINANCIAL & OPERATIONAL PERFORMANCE SUSTAINABILITY • Operations: • Continued ESG improvement: • Oil & Gas production 165 mboepd, 2023 guidance 160 mboepd • MSCI from BBB to A • Power generation sales 1,053 GWh, 2023 guidance 4,000 GWh • Sustainalytics risk rating from 42.2 to 36.7 •
Slide 5: Business Strategy Is Delivering
BUSINESS STRATEGY IS DELIVERING 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
Slide 6: Financial Performance
FINANCIAL PERFORMANCE Consolidated EBITDA (US$mn) • EBITDA US$327mn, Net 163 165 Income US$82mn and CFO 87 85 103 100 94 96 US$147mn 52 68 63 40 68 77 • Oil & gas production 165 1,593 mboepd up 30% Y-o-Y 523 620 495 667 433 327 • Oil & gas prices down 23% 2017 2018 2019 2020 2021 20221 Q1 2023 Produ
Slide 7: Capital Structure
CAPITAL STRUCTURE Consolidated Debt and Production (US$ bn) • Gross Debt US$3.1bn, Net Debt 165 US$2.4bn, both below 2019 leverage 163 • New IDR Bond Shelf Registration in progress 87 103 100 94 85 • Continue to deleverage through buyback of USD Notes, early and 2.6 1.9 2.8 2.2 3.2 2.6 2.7 2.4 3.0 2
Slide 8: ESG Ratings
ESG RATINGS We support 2021 MSCI DISCLAIMER STATEMENT REFER TO SLIDE 2 2022 49.9 Severe Risk -2.3 46.9 Momentum Severe Risk Updated Dec 9, 2019 -3.0 42.2 Momentum Updated Dec 21, 2020 Severe Risk Severe Risk -4.7 36.7 Ranking Momentum Updated Nov 27, 2021 High Risk Oil & Gas Producers -5.5 MEDC list
Slide 9: Production & Power Sales
PRODUCTION & POWER SALES Q1 2023 Actual (mboepd) Guidance • Oil & Gas production 165 mboepd 163 165 160 21% • Production 80% gas and 20% liquids, 41% of 21% total production exposed to current price 129 132 126 59% 58% environment, 59% at fixed price • Power 1,053 GWh sales with additional sales 34
Slide 10: Capex & Opex
CAPEX & OPEX Q1 2023 Cash Cost/Unit (US$/boe) • Oil & Gas capex US$47mn, Power1 US$11mn. 68 63 68 96 Capex spending for developments in Natuna, 40 Corridor and Ijen Geothermal IPP • Oil & gas cash costs2 US$6.2/boe, down from 8.4 9.9 9.1 9.5 6.9 <10 US$7.6/boe in Q1 2022, supported by synergies and
Slide 11: Focus on Consistent ESG Improvement
FOCUS ON CONSISTENT ESG IMPROVEMENT 49.9 46.9 42.2 36.7 INTERIM TARGET 62% 28% 5.4 60% 28% 64% 38% 79% 23% 26% 2025: Disclose and 30% million set targets for tCO2e 164 Scope 3 emissions thousand tCO2e 12% 72% 72% 62% 15% 77% 74% 70% 16% 19% 19% 18% 20% 38% 40% 36% 21% 25% 30% 37% 2019 BB 2020 BB 202
Slide 12: What To Expect
WHAT TO EXPECT New GSAs on Corridor, Natuna and Senoro Additional reserves from Corridor, Natuna, Senoro and Tanzania Consistent Dividend payments and RG debt repayments Continue selective portfolio management Place into service Natuna projects; Investment decision on Bali PV Progress new Corridor d
Slide 13: Appendix
APPENDIX 13
Slide 14: Core Business Statistics
CORE BUSINESS STATISTICS Build long-term value with a portfolio of sustainable energy and natural resource businesses CLIMATE CHANGE STRATEGY US$ BOND RESTRICTED GROUP Oil & Gas Clean Power Copper & Gold Mining Production 165 mboepd Installed Capacity 939 1,925 Production 91 150 MW IPP MW O&M Mlbs C
Slide 15: MedcoEnergi Portfolio
MEDCOENERGI PORTFOLIO 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 Pip
Slide 16: Targeted Portfolio Management
TARGETED PORTFOLIO MANAGEMENT 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 o
Slide 17: Corridor Block, Indonesia
CORRIDOR BLOCK, INDONESIA 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 Val
Slide 18: Senoro-Toili, Indonesia
SENORO-TOILI, INDONESIA 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
Slide 19: South Natuna Sea Block B, Indonesia
SOUTH NATUNA SEA BLOCK B, INDONESIA 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 Singapo
Slide 20: Riau IPP 275 MW and Sumbawa PV 26 MWp
RIAU IPP 275 MW AND SUMBAWA PV 26 MWp 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
Slide 21: Oil and Gas Statistics
OIL AND GAS STATISTICS Q1 Q1 YoY FY FY YoY Net 2P Reserves, MMBOE Metrics 2023 2022 ∆% 2022 2021 ∆% Q1-23 Production1 2P RLI : 9.0x Oil, MBOPD 32.5 32.7 (0.6) 33.5 34.4 (2.6) 5-yr 2P RRR :1.7x 5-yr 2P FD&A : US$6.2/boe Gas, MMSCFD 722.9 510.4 41.6 704.1 319.7 120.3 125 20 481 13 13 456 Lifting/Sales
Slide 22: Medco Power Statistics
MEDCO POWER STATISTICS Q1 Q1 YoY FY FY YoY Gross Operating Installed Capacity, MW Metrics 2023 2022 ∆% 2022 2021 ∆% IPP O&M IPP Sold and O&M Capacity1 2,788 2,788 2,864 IPP Sold, GWh 1,053 837 25.8 3,993 2,718 46.9 638 638 2,288 939 Renewables, GWh 212 212 0.0 855 871 (1.8) 638 Non Renewables, GWh 8
Slide 23: Amman Mineral Statistics
AMMAN MINERAL Amman STATISTICS Mineral Nusa Tenggara Copper Gross Reserves & Resources (Mlbs) Gold Gross Reserves & Resources (Koz) Q1 Q1 YoY FY FY YoY 31/12/2022 Metrics 31/12/2022 2023 2022 ∆% 2022 2021 ∆% Production 14,000 15,575 Copper, Mlbs 91.4 93.4 (2.2) 463.9 233.7 98.5 Gold, Kozs 150.0 168.
Slide 24: Financial Statistics (Q1 2023 vs Q1 2022)
FINANCIAL STATISTICS (Q1 2023 vs Q1 2022) AVERAGE REVENUE GROSS PROFIT EBITDA REALIZED PRICE Oil US$77.1 US$558 US$232 US$327 23% Consolidated 18% Consolidated 3% Consolidated 8% Price /bbl million million million Gas US$7.4 Restricted US$446 Restricted US$210 Restricted US$311 Price /MMBTU 9% Group
Slide 25: 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
PT Medco Energi Internasional — Q1 2023 Earnings Presentation on 6ix