PT Energi Mega Persada Tbk (ENRG) Q4 2023 earnings summary

Executive summary

• Operated 13 oil and gas working areas across Indonesia and Mozambique; average FY2023 production was 33,339 BOE/d, with 2P reserves of 146 MMBOE.

• Commercial production was active in 8 of 13 contract areas; stated reserve and contingent-resource life was 23 years at current production.

Financial highlights

• FY2023 net sales were $420,775,224, down 7% YoY; EBITDA was $265,708,823, down 10%.

• FY2023 operating profit was $122,041,301, down 27% YoY; net profit was $68,435,792, up 3%.

• Q4 net sales rose 19% QoQ to $124,379,220; EBITDA increased 52% to $91,005,159.

• Q4 operating profit was $32,255,693, up 1% QoQ; net profit was $22,740,554, up 19%.

Outlook and guidance

• 2024 plans include preparing seismic work and an exploration well at Sengkang; Tonga seismic acquisition and processing is carried forward, and a second exploration well is also deferred to 2024.

• Further PSC development includes ongoing geological and geophysical studies, seismic work, exploration drilling, well services, and Buzi appraisal-well preparation.