PT Medco Energi Internasional Tbk (MedcoEnergi) announced its audited 2024 annual financial report. The company recorded significant achievements in oil and gas production, electricity sales, cost efficiency, and capital management.

MedcoEnergi CEO, Roberto Lorato, stated that 2024 was a strong year for the company. "We exceeded our targets for oil and gas production, electricity sales, cost efficiency, and capital expenditure. We also recorded growth in net profit, cash flow, and EBITDA, while accelerating debt repayment and increasing dividends by 16% to shareholders," said Lorato in the disclosure information quoted on Friday, March 28, 2025.

Financial Performance 2024

• Net profit was recorded at US$367 million, an increase compared to the previous year, driven by better performance from Amman Mineral Internasional Tbk and full contribution from Block 60 Oman
• Average oil and gas prices were stable at around US$78 per barrel (bbl) and US$7 per mmbtu
• Capex reached US$438 million, with US$369 million allocated for the oil and gas sector, including drilling in Oman, facility development in West Belut-Natuna, and field optimization in Corridor and Meliwis-3, East Java
• Net debt to EBITDA improved to 1.8x, supported by debt repayment and increased operational cash flow.
• Dividends paid reached US$70 million, with the proposed final dividend to be discussed at the June 2025 GMS
• Credit rating upgrade from Fitch and S&P to BB-, while Moody's raised the outlook from stable to positive
• MSCI ESG rating improved to AA, placing MedcoEnergi in the “Leaders" category

Oil & Gas Sector

• Oil and gas production reached 152 thousand barrels of oil equivalent per day (mboepd), exceeding the target thanks to increased gas supply from South Sumatra and Corridor
• First gas from West Belut was delivered to Block B Natuna Sea through the GSA-3 contract
• New reserve discoveries occurred in Rimau PSC (West Kalabau-1 well) and in Block 60 Oman (ABB field)
• The Thai government approved Bualuang license extension until 2035
• Phase II development proposal for Bangkanai PSC Block submitted to the Upstream oil and gas regulatory task force (SKK Migas) with a potential of 450 Bcf of gas for the domestic market.

Electricity Sector

• Electricity sales reached 4,108 GWh, exceeding the target, with 20 percent coming from renewable energy
• Power sector capital expenditure of US$69 million, used for development of Ijen geothermal power plant, East Bali PV solar project, and Batam IPP combined cycle expansion
• Medco Power and its partners obtained conditional import license from Singapore for 600 MW of solar power through the Bulan Solar PV project
• Medco Power also obtained new geothermal exploration permit in Samosir, North Sumatra, near the Sarulla geothermal power plant operation

Amman Mineral Internasional

• Copper production reached 395 million pounds (Mlbs) and gold 803 thousand ounces (Koz), setting a new record thanks to higher ore grades from Phase 7
• JORC copper and gold reserves at Elang increased significantly.
• A 900 thousand ton copper smelter and Precious Metal Refinery have been completed and are in the trial phase

2025 Projection, MedcoEnergi targets:

• Oil and gas production: 145-150 mboepd
• Electricity sales: 4,500 GWh
• Oil and gas production costs: below US$10/boe
• Capital expenditure: US$400 million for oil and gas, US$30 million for electricity

President Director of MedcoEnergi, Hilmi Panigoro, expressed his satisfaction with the 2024 performance. "This success demonstrates MedcoEnergi's agility and operational discipline. We are confident in the value of MedcoEnergi shares and have initiated a large-scale share buyback program,” said Hilmi.