1948 - 2024

Raisis Arifin Panigoro

Advisor of MedcoEnergi

It is with heavy heart that we announce the passing of Ibu Raisis Arifin Panigoro, MedcoEnergi's Advisor (2022 - 2024). Her service and contribution made her a role model for all of us.

Continue to website
Login | Friday, 14 June 2024 |

MedcoEnergi Announces its Audited 9M 2017 Results

Media Release


MedcoEnergi Announces its Audited 9M 2017 Results



  • Oil and gas production volumes increased 38.3% year-on-year
  • Average production was 88.3 MBOEPD (63.9 MBOEPD in 9M 2016)
    • Oil Production – 35.5 MBOPD
    • Gas Production – 283.6 MMSCFD
    • Unit costs of $8.1/BOE below the commitment to sustain cash costs sub $10/BOE


  • EBITDA of US$310.9 million (US$180.11 million for 9M 2016)
  • Net profit of US$164.3 million (US$149.61 million loss for 9M 2016)
  • Net debt reduced 5% from year end 2016
  • Strong liquidity with cash, cash equivalents and restricted cash of US$450 million with a further US$180 million of trade receivables.


1 Restated figures from unaudited 9M 2016 financial result

Jakarta, 5 January 2018 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) announces net profit of US$164.3 million and a 38.3% increase oil and gas production volumes for the period ending 30 September 2017 (“9M 2017”). 

Roberto Lorato, CEO, said “We continue to show strong operating results which, together with our  successful cost efficiency efforts, are now allowing us to see the full benefit of the recently improved commodity prices.” 

Operational Highlights in 2017

  • Oil and Gas production was 88.3 MBOEPD or 38.3% higher year-on-year driven by strong performance from the South Natuna Sea Block B after its acquisition in Q4 2016 and continued high gas sales from Senoro. 
  • The Development in Block A, Aceh is progressing well with overall construction 66.7% complete as of November 2017 with the Central Processing Plant now almost 90% complete. 
  • The Company recently expanded its effective ownership in its power affiliate Medco Power Indonesia ("MPI”), from 49.0% to 88.6%.  MPI is a mid-sized Independent Power Producer (IPP) which currently operates over 526MW of gross installed capacity following the commercial operation of the Sarulla geothermal plant Unit 1 in March 2017 and Unit 2 in October 2017.  MPI results will be consolidated from Q4 2017 onwards. 
  • PT Amman Mineral Nusa Tenggara (“AMNT”), the Company’s mining affiliate, continues to make good progress on the smelter by completing the feasibility studies and is rapidly closing on the completion of its re-financing plans.

Financial Highlights in 9M 2017

  • Total revenue was US$597.5 million, an increase of 52.6% year-on-year due to both higher production and higher commodity prices.  Average realized prices were US$49.5/BBLS (+25.2% year on year) for oil and US$5.5/MMBTU (+31.9% year on year) for gas.
  • The Company recorded a gross profit of US$300.2 million with a 50.2% gross margin. The Company continues to focus on cash costs, with 9M 2017 unit cash costs recorded at US$8.1/BOE, well below the Company’s commitment to remain below US$10/BOE until 2020.  
  • EBITDA increased by 72.6% year on year to US$310.9 million, with an improved EBITDA margin of 52.0% compared to 46.0% in 9M 2016. 
  • The Company booked a net profit of US$164.3 million, compared to last year’s net loss of US$149.6 million.  
  • Annualized net debt to EBITDA was 4.1x (not including restricted cash of US$85mio), well below the 6.3x in 2016 and the lowest level since 2014.

Hilmi Panigoro, President Director, said “I am pleased with our nine-month results as we continue to deliver what we promised to our investors. With the recent successful completion of the rights issue, we have been able to strengthen our capital structure going forward and provide additional value to shareholders.”