Medco reports increased oil, gas output in Q1

Publicly listed energy firm PT Medco Energi Internasional Tbk reported Monday its oil production increased to 67,122 barrels per day (BPD) in the first quarter of 2005 from 55,637 BPD in the same quarter last year as a result of the acquisition of Novus Petroleum's assets.

MedcoEnergi said in a statement that its natural gas sales also increased to 166.5 million cubic feet per day (MMCFD) in the period from 116.7 MMCFD the same period of last year.

The company also reported a significant increase in average crude oil price to US$46.67 per barrel in the first quarter of 2005 from $31.00 per barrel a year ago. Meanwhile average realized gas price improved to $1.73 per million British thermal unit (MMBTU) from $1.55 per MMBTU, respectively.

With regards the drilling services of its subsidiary PT Apexindo Pratama Duta Tbk, MedcoEnergi said that Apexindo's offshore drilling utilization rate was steady at 100 percent in the first quarter of 2005, while its onshore rig utilization declined to 44 percent from 54 percent. Apexindo operates 5 offshore and 11 onshore rigs.

With regards its methanol business, Medco said its subsidiary PT Medco Methanol Bunyu had successfully increased quarterly production to 60,000 metric tons of methanol from 45,000 metric tons a year-ago period.

MedcoEnergi booked a net revenue of $130.5 million in the first quarter of 2005, compared to $110.6 million in last year's corresponding period.

Despite the higher revenue, net income slightly decreased to US$19.9 million from $20.1 million, mainly due to higher interest expense and taxes paid for the acquisition of new subsidiaries. (maya/godang)

OPERATION HIGHLIGHTS	1Q 2005	1Q 2004	Change %
Oil / BOPD	67,122	55,637	-9.0
Gas Sales /MMCFD	166.5	116.7	42.7
Offshore Rig Utilization / %	100	100	0.0
Offshore Rig Utilization / %	44	55	-20.0
Methanol Production / MT	60,000	45,000	33.3
Methanol Sales / MT	52,000	48,000	8.3
Crude Price, USD/barrel	46.67	31.00	50.5
Methanol Price, USD/MT	248	212	17.0
FINANCIAL HIGHLIGHTS (in million USD)	2003	2002	Change %
Revenue	130.5	110.6	18.0
Gross Profit	69.8	53.9	29.5
Total Assets	1,376.6	1,035.1	33.0
Equity	518.4	464.9	11.5
Net Income	19.98	20.11	-0.6