Medco books increased Q1 net earnings

JSX-listed oil and gas firm PT. Medco Energi Internasional Tbk. announced on Tuesday that the company booked first quarter 2006 net income of US$ 25.92 million or an increase of 29% compared to the same period in 2005.

The company said the increase came from increased of average oil and gas prices the company received from $46.78 per barrel and $2.51 per MMBTU to $61.77 per barrel and $2.55 per MMBTU, increased average oil and gas lifting from 47.91 MBOPD and 132.91 MMCFD to 53.37 MBOPD and 133.80 MMCFD.

The company also booked gain in the swap transactions due to the strengthening of the Indonesian currency

Revenues came in at $177.26 million or an increase of 35.8% compare to the same period last year of $130.54 million.

Operating Expenses increased to $ 27.48 million for the 3M06 period from $17.93 million for the same period in 2005, mainly due to the increases in salaries, other employee benefits, depreciation and export expenses mostly from the Rimau block.

Operating Profit for 3M06 came in at $59.39 million or an increase of 14.6% compared to the same period last year of $51.84 million. (alex)

Operation Highlights	3M06	3M05	∆%
Oil Lifting / MBOPD	53.37	47.91	11.39
Gas Sales /MMCFD	133.8	132.91	0.67
TOTAL Oil and Gas Production (MBOEPD)	76.24	70.63	7.94
Rig Utilization ? Onshore / %	60	44	36.36
Rig Utilization ? Offshore, Swambarges / %	100	100	0
Rig Utilization ? Offshore, Jackup / %	100	-	0
Methanol Production / ?000 MT	46.21	60.44	-23.54
Methanol Sales / ?000 MT	47	52	-9.62
Weighted Crude Price, USD/Barrel	61.77	46.78	32.05
Weighted Gas Price, USD/MMBTU	2.55	2.51	1.64
Methanol Price, USD/MT	223	248	-10.08
Financial Highlights (in million USD)	3M06	3M05	∆%
Revenue	177.26	130.54	35.79
Gross Profit	86.87	69.77	24.51
Total Assets	1,618.30	1,376.58	17.56
Equity	561.66	519.65	8.08
Income from Operations	59.39	51.84	14.57
Net Income	25.92	19.98	29.73
EPS (USD/share)	0.0083	0.0064	29.63