PT Medco Energi Internasional (MEDC) Q3 2024 earnings summary

Executive summary

• 9M 2024 revenue reached US$1.78 billion, up 6.8% YoY, driven by higher oil and gas sales and construction contracts.

• Net income rose to US$273 million, a 12.8% increase YoY, with strong AMMN contributions and higher EPS.

• EBITDA for 9M 2024 was US$979 million, surpassing the prior year's US$941 million.

• Portfolio management included divestments in Vietnam and Libya and the acquisition of Oman Block 60.

• Cash flow from operations was US$891.3 million, up 62% YoY, supporting liquidity and capital expenditures.

Financial highlights

• Gross profit reached US$680 million, a 7% increase from 2023, with a gross margin of 38.1%.

• Cash and cash equivalents stood at US$672 million; total debt at US$3,321 million.

• Net debt to EBITDA improved to 2.0x consolidated and 1.7x for the restricted group.

• Total assets as of September 30, 2024 were US$7.68 billion, up from US$7.47 billion at year-end 2023.

• Operating income before tax from continuing operations was US$506.9 million, up 1.3% YoY.

Outlook and guidance

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

• 2025 guidance targets 145–150 mboepd production and 4,500 GWh power sales.

• Oil & gas cash cost expected to remain below US$10/boe.

• Continued focus on portfolio management, dividend payments, and debt reduction.

• Major projects include Natuna Forel and Terubuk onstream, Bali Solar PV, and Ijen Geothermal completion.