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 Its Audited Full Year 2021 Results

Media Release


MedcoEnergi Announces Its Audited Full Year 2021 Results

Summary Results


  • EBITDA US$714 million
  • Net Income US$47 million
  • Net Debt to EBITDA1 2.7x
  • Strong liquidity with cash and cash equivalents US$933 million


  • Oil and gas production 94 mboepd
  • Power generated sales of 2,718 GWh
  • Oil and gas cash production costs US$9.8 per boe
  • Capital expenditures US$114 million

Jakarta, 9 June 2022 – PT Medco Energi Internasional Tbk announces its audited 2021 Full Year financial result.

Roberto Lorato, CEO said “I am pleased to report strong financial performance as both price and demand recovers towards pre-COVID levels. The Company’s performance has allowed us to issue both new dividend guidance and a lower debt target.”

Financial Highlights

  • New annual dividend guidance IDR15-20 per share and a lower leverage target of Net Debt/EBITDA1 2.5x.
  • EBITDA US$714 million, a 44% increase year-on-year. Average oil price was US$68/bbl, 69% higher year-on-year (US$40/bbl) and weighted average gas prices were US$6.5/mmbtu, 26% higher year-on-year (US$5.2/mmbtu).
  • EBITDA in the fourth quarter was US$205 million, improved from the third quarter as both prices and gas demand recovered.
  • Net Profit was US$47 million, recovering from COVID-19 related low energy demand in 2020. All three business segments oil & gas, power and copper mining reported profit.
  • Net Profit was impacted by a dry hole and impairment of Mexico Block 10 & 12, US$28 million, an impairment of AMG US$15 million, offset with fair value gains to Sarulla US$47 million and DSLNG US$25 million.
  • Capital expenditures US$114 million, ramping up in fourth quarter as gas demand recovered.
  • Consolidated debt was US$3.0 billion and Restricted Group1 debt US$2.6 billion, up by US$294 million year-on-year, but including US$400 million raised for the Q1-2022 Corridor acquisition. Net Debt1 was US$1.8 billion and Net Debt to EBITDA1 2.7x.
  • Financial charges were 20% lower year-on-year as a result of consistent deleveraging.

Operational Highlights

Oil and Gas

  • Oil and gas production was 94 mboepd, down by 6% year-on-year. Fourth quarter production improved by 7% from the third quarter as domestic gas demand recovered post Covid-19 lockdowns. Oil & gas production costs were US$9.8 per boe, within guidance.
  • Oil and gas capital expenditure was US$83 million, mainly to progress several oil and gas development projects in the South Natuna Sea Block B PSC. Work on these developments will continue into 2022 with first gas on the Hiu field expected in 2Q-2022, first gas on Belida Extension Project in 4Q-2022 and first oil on the Forel field and gas on Bronang field expected in 4Q-2023.
  • Secured a 20 year PSC extension for the Senoro-Toili Block effective from December 2027 and progressed engineering for the Senoro Phase II development. 

 Medco Power

  • Medco Power generated sales of 2,718 GWh, approximately 32% from renewable sources. Power sales improved 8% in the fourth quarter due to better steam performance at Sarulla and the recovery of electricity demand in Batam.
  • Power capital expenditure was spent finalizing commissioning the 275MW IPP in Riau, construction of the 26MWp PV facility in Sumbawa and the 30MW Phase-1 geothermal development at Ijen, East Java.
  • Engineering design progressed on the Solar Power Export Project, Pulau Bulan Island, Kepulauan Riau Province following the award of an in-principle import license from Singapore’s Energy Market Authority (EMA). The project will have an installed capacity of 670 MWp in the initial phase, which will provide 100 MW equivalent of non-intermittent electricity to Singapore.


  • AMNT produced 234 Mlbs of copper and 156 Koz of gold. Phase 7 waste removal was completed and currently producing high-grade ore from Phase 7, work is progressing on the development on Phase 8 and a 900,000 mtpa copper concentrate capacity Smelter.

2022 Full Year Guidance

 Company 2022 guidance*:

  • Oil & Gas production 160 mboepd
  • Power sales 3,500 GWh
  • Oil & gas unit cash costs below US$10/boe
  • Capital expenditures Oil & Gas US$275 million and Power US$50 million

* 2022 includes Corridor


Hilmi Panigoro, President Director, said “I am pleased to see our much improved full year results and the support of our stakeholders for the extension of Senoro-Toili PSC. The completion of the ConocoPhillips Indonesian acquisition in March, has strengthened MedcoEnergi’s position in South East Asia and supported our Climate Change Strategy.”

1Excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)