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.

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Login | Monday, 22 July 2024 |

MedcoEnergi Announces First Quarter 2019 Results

Media Release


MedcoEnergi Announces First Quarter 2019 Results

Summary Results


  • Gross Profit US$172.3 million, 14.2% higher year-on-year.
  • EBITDA US$159.5 million, 8.2% higher year-on-year.
  • Net Income US$28.1 million, 29.7% higher year-on-year.
  • Annualized Net Debt to EBITDA1 3.1x
  • Strong liquidity with cash and cash equivalents above US$540 million.



  • Oil and gas production 90.5 MBOEPD and above guidance.
  • Medco Power Indonesia sales of 624 GWh, 5.2% higher year-on-year and in line with guidance.
  • Oil and gas unit costs US$7.9 per boe and in line with guidance

Jakarta, 18 May 2019-PT Medco Energi Internasional Tbk2 announced its financial results for the quarter ending 31 March 2019 (“1Q 2019”).

Roberto Lorato, CEO said “These are very strong first quarter results driven by the ramp up of production from our Block A, Aceh field and solid performance from our other assets. The vote of confidence from rating agencies was pleasing, as was almost hitting our Net Debt to EBITDA target despite subdued oil prices of $60/bbl for the quarter.”


Financial Highlights
  • Gross Profit was US$172.3 million, 14.2% higher year-on-year, with an improved 60.7% gross margin (52.8% in 1Q 2018).
  • EBITDA was US$159.5 million, 8.2% higher year-on-year, with an improved 56.2% EBITDA margin (51.6% in 1Q 2018) driven by higher gas volumes and higher gas and power prices.
  • Net Income was US$28.1 million 29.7% higher year-on-year. Oil, Gas and Power segments generated Net Income of US$61.0 million up 43.8% year-on-year, more than offsetting non-cash losses in AMNT.
  • Annualized Net debt to EBITDA1 was 3.1x, with realized oil prices of $60.8/bbl and continuing the progression to achieve the 3.0x target at mid-cycle prices.
  • Issued a seven-year tenor US$650 million bond with a 7.375% coupon.
  • Received a rating upgrade from B (Positive) to B+ from Fitch, a B (Positive) from Standard & Poor and Moodys affirmed a B2 (Positive outlook) rating.
  • Completed sale of assets in the USA, 51% interest in the Energy Building and conversion and monetization of the AMNT shareholder loan.  Sales agreement signed for disposition of the Tunisia oil and gas business.
  • Liquidity continues to be strong with cash and cash equivalents of US$544 million.

Operational Highlights

  • Oil and gas production 90.5 Mboepd, driven by new production from Aceh and Yemen production re-start.
  • Unit Cash costs were US$7.9 per boe, in line with guidance.
  • MPI generated power sales 624 GWh, 5% higher year on year and in line with 2019 guidance.
  • MPI signed project finance agreements with a consortium of international banks to fund the Riau CCPP.
  • AMNT production from stockpile was 33.9 Mlbs of copper and 16.8 Koz of gold and continues to progress the Phase 7 development.


1Excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)
2PT Medco Energi Internasional Tbk (“MedcoEnergi” or “Company”)