PT Medco Energi Internasional (MEDC) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2024, exceeding guidance for production and profitability.

• Revenue reached US$2.40 billion, up 6.7% year-over-year, driven by higher oil and gas sales and power segment growth.

• Net income attributable to owners was US$367.4 million, an 11.1% increase from 2023, with basic EPS of US$0.01466.

• Completed strategic asset disposals in Libya and Vietnam, and secured key license extensions.

• Major acquisitions included consolidation of Transasia Pipeline Company and divestments in Libya and Vietnam.

Financial highlights

• Consolidated revenue reached US$2.40 billion, up 7% year-over-year; EBITDA at US$1,272 million, up 1%.

• Net income rose to US$367 million, a 10% increase from 2023.

• Cash and equivalents at year-end totaled US$637 million; total debt at US$3.3 billion.

• Paid US$70 million in dividends, a 16% increase, and expanded share buyback program.

• Net debt to EBITDA improved to 1.8x; ROE at 17%.

Outlook and guidance

• 2025 oil & gas production guidance set at 145–150 mboepd; power sales target 4,500 GWh.

• Capex planned at US$400 million for oil & gas and US$30 million for power.

• Focus on completing Natuna Forel and Corridor seismic, progressing Ijen and Batam IPP expansions.

• Ongoing focus on deleveraging, cost control, and capital discipline.

• New bond issuances and refinancing to support future investments.