Medco books higher profit in 2011
Tuesday, March 27 2012 - 10:02 AM WIB
By Godang Sitompul
Indonesia-listed PT Medco Energi Internasional posted a slight increase in net profit last year compared to 2010, thanks mainly to higher selling prices of oil and gas.
In 2011, the company sold around 14.68 million boed, roughly the same with the year before, and 59.154 bbtu from 56.628 bbtu in 2010. The price however, was higher for both crude oil and gas.
Selling price of crude oil averaged US$113.68 a barrel as compared to $81.41 a year earlier, while gas $3.80 per mmbtu from $3.62 mmbtu.
In total, the company managed to book $89.22 million in net profits, slightly higher than $88.16 million in 2010.
Editing by Dadan Wijaksana