Medco's H1 sales up on increasing oil production

JSX listed PT Medco Energi Internasional's net revenue rose 14 percent on year to $207.7 million in the first half of 2002 on increased oil and methanol sales and improved rig utillization, the energy company said Tuesday.

Net income, as reported last week, rose 50 percent on year to $58 million during the six months ended June 30. The company didn't issue a statement last week when its preliminary results were released.

The cost of sales and direct expenses rose 45 percent to $83.7 million as a result of increased production and services, the company said in a statement Tuesday.

Daily oil production climbed 15,000 barrels a day or 20 percent to average 89,900 BPD in the first half of 2002, offsetting lower crude values and boosting sales and operating revenue 11 percent from last year.

Production growth was concentrated at the Kaji-Semoga field in the Rimau block in South Sumatra, which contributed 76,700 BPD during the six-month period, almost 86 percent of Medco's total production.

A 74 percent jump in methanol sales volume also offset 30 percent price declines, boosting methanol sales and operating revenues by 24 percent to $16.4 million, Medco said.

Net sales and operating revenue from Medco's drilling service units increased 25 percent on year to $33.5 million on increased onshore and offshore rig utilization rates.(*)