Jakarta, 23 May 2023 – PT Medco Energi Internasional Tbk announces its First Quarter 2023 results.

Roberto Lorato, CEO, said, “We have made a great start to 2023, with robust operational results supported by increased regional demand for energy, leading to new GSAs and investment decisions. Our continuous focus on cost efficiencies has delivered excellent Oil & Gas unit costs.”

Financial Highlights

• Net Profit US$82 million and EBITDA US$327 million, both reflecting higher production compared to Q1-2022, offsetting lower than 2022 oil prices.
• Average Oil & Gas prices for Q1-2023 were US$77.1/bbl and US$7.4/mmbtu respectively.
• Capital expenditures in the quarter were US$58 million, spent mainly on delivering Natuna and Corridor new Oil & Gas developments, and the Ijen geothermal IPP. 
• Consolidated debt was US$3.1 billion, Restricted Group² debt US$2.6 billion. 
• On track to fully repay Corridor US$850 million acquisition debt by mid-2024. US$472 million has already been paid since March 2022.
• Cash and cash equivalents were US$683 million with Net Debt US$2.4 billion, and Net Debt to EBITDA¹ 1.7x.
• Oil & Gas cash costs fell to US$6.2 per boe from US$7.6 per boe in Q1-2022, supported by synergies and lower costs at Corridor.

Oil and Gas

• Oil & Gas production was 165 mboepd, up 30% year-on-year. Full-year production guidance for 2023 is 160 mboepd.
• Oil & Gas capital expenditure was US$47 million; spent progress new development projects in Corridor and the South Natuna Sea Block B PSC. 

Medco Power

• Power sales were 1,053 GWh, a 26% increase year-on-year, with additional sales from full contribution of Riau 275MW gas-fired IPP and Sumbawa 26 MWp solar PV facilities.
• Final investment decisions were made to develop the 34MW Phase 1 geothermal facility in Ijen, East Java. Development drilling is ongoing, the facility will be placed into service in 2024.  
• Medco Power and other Indonesia energy companies signed a Memorandum of Understanding (MoU) to collaborate with several Original Equipment Manufacturers towards the development of renewable energy and supply chain opportunities between Indonesia and Singapore.

 AMNT

• AMNT Copper production 91 Mlbs and Gold production 150 Koz, following the ramp-up of Phase 7 production. Copper prices rose by 11% to US$5.0/lbs.