PT Medco Energi Internasional (MEDC) Q2 2024 earnings summary

Executive summary

• 1H 2024 revenue reached US$1.17 billion, up 4.4% year-over-year, with net income of US$201 million, a 68.9% increase, driven by AMMN contributions and asset divestments.

• EBITDA for 1H 2024 was US$650 million, up 2.5% year-over-year.

• Completed Vietnam and Libya divestments, generating US$120 million in cash proceeds.

• Acquired 20% interest in Oman Block 60, recognized as APAC "Deal of the Year" and booked a US$36.2 million bargain purchase gain.

• Paid US$44.9 million in cash dividends from 2023 profits in June 2024.

Financial highlights

• 1H 2024 revenue was US$1,165 million, up 4% year-over-year.

• Net profit attributable to owners was US$201 million, up from US$119 million year-over-year.

• EBITDA reached US$650 million, up from US$634 million year-over-year.

• Gross profit for 1H 2024 was US$451 million.

• Operating cash flow was US$593.5 million, up from US$179 million year-over-year.

Outlook and guidance

• 2024 oil & gas production guidance set at 145–150 mboepd; power sales guidance at 4,100 GWh.

• Full-year capex guidance is US$430 million; oil & gas cash cost expected below US$10/boe.

• Net debt to EBITDA targeted below 2.5x for 2024.

• Focus on new reserves, selective portfolio management, and continued dividend and debt repayments.

• Progressing major renewable projects: Ijen Geothermal (Q1 2025 commercial ops) and Bulan Island Solar PV.