Medco Q1 net profit rises 17 percent

JSX-listed oil and gas firm PT.Medco Energi Internasional Tbk. said net profit in the first quarter of the year rose 17 percent as the company spent less on exploration.

 

Unaudited net income in the three months ended March 31 gained to $15.8 million, from $13.6 million, a year earlier, Medco said on Tuesday. Sales declined 8 percent to $180 million as the company sold less crude at a lower price in the period.

 

Oil production in the quarter fell to 50,630 barrels a day from 57,000 barrels a day in the earlier period, Medco said. Company’s gas sales also decreased 26 percent to 99.05 BBTUTPD in the first quarter compared with last year’s production of 133.8 BBTUTPD.

 

Medco sold crude oil at $57.4 a barrel on average in the first quarter compared with $61.66 a barrel a year earlier. The gas price increased 4.5 percent to 2.99 per MMBTU from 2.88 per MMBTU.

 

Exploration spending declined to $5.9 million in the period, from $18.9 million a year earlier, Medco said.

 

“Moving forward, we expect to be able to monetize our oil and gas reserves in Senoro, Sulawesi, Block A in Aceh and Area 47 in Libya in order to improve our performance in the future,” Medco added. (denny)