PT Energi Mega Persada Tbk (ENRG) Q2 2024 earnings summary

Executive summary

• Net sales for H1 2024 reached $201.9 million, up from $191.5 million year-over-year.

• Net profit rose 26% to $33.5 million from $26.2 million in H1 2023.

• Upstream oil and gas producer with 13 working areas in Indonesia and Mozambique, averaging 46,332 BOEPD gross production from Jan–Jul 2024.

• Holds 46.7 million barrels of oil and 1,051 BCF of gas in 2P reserves, supporting a 26-year reserve and resource life at current production rates.

• Commercial production ongoing in 8 of 13 contract areas, with recent acquisitions expanding operational footprint.

Financial highlights

• EBITDA increased 10% to $125.7 million; net profit up 26% to $33.5 million compared to H1 2023.

• Gross oil production grew 19% to 7,686 BOPD; gross gas production slightly decreased by 1% to 232 MMSCFD.

• Average realized oil price increased 9% to $83.68/bbl; average gas price up 2% to $6.32/mcf.

• Gross profit for H1 2024 was $64.6 million, slightly down from $67.8 million year-over-year.

• Operating income reached $54.1 million, compared to $58.0 million in the prior year.

Outlook and guidance

• Ongoing development and exploration activities across multiple PSCs, with several wells and seismic programs in 2024.

• Management is focused on reducing liabilities, seeking refinancing, accelerating commercialization, and expanding into midstream, downstream, and renewables.

• The Group is exploring new asset acquisitions and partnership strategies to enhance value and resilience.