Medco's Q1 income up by about 23%
Tuesday, June 19 2012 - 11:50 AM WIB
The company said in a press statement on Tuesday that the increase was mainly due to a stability of its oil production and gas sales volume and higher prices.
During the first quarter this year the production amounted to 66.1 mboepd, up by 3.9 percent compared with that of last year.
Its weighted-average realized oil price in the first quarter of 2012 was US$125/barrel compared to US$106.6/barrel in 2011. The average realized gas price increased to US$3.9/mmbtu in the first quarter of 2012, from US$3.7/mmbtu in the same period last year.
The stability of oil production and gas sales volume, in addition to the realized HSD sales volume resulted in the increase of MedcoEnergi?s revenue in the first quarter of 2012 to US$282.2 million, from US$255.1 million in the same period last year, which increased by 10.6%.
Therefore, MedcoEnergi was able to book its income from operations for the first quarter of 2012 in the amount of US$6$.million, an increase of 7.1% compared to the same period last year in the amount of US$53.1 million.
MedcoEnergi has also been able to improve its balance sheet, whereas its cash and cash equivalents increased by 110.7% to US$632 million in the first quarter of 2012 from US$300.3 million in the same period last year.
The increase was primarily due to an increase in cash flow from operating activity; and an increase in cash flow from a financing activity.
MedcoEnergi?s total liabilities in the first quarter of 2012 increased to US$1,667 billion from US$1420 billion in the same period last year.
?So far the Company has demonstrated a stable performance in terms of financial and operations and we are still on track to achieve our target by year end," MedcoEnergi President Director and CEO Lukman Mahfoedz stated.
Editing by Benget Besalicto Tnb