Energi Mega 9-months sales edged up on higher oil production, price

JAKARTA (Rambu Energy) – PT Energi Mega Persada Tbk posted sales of US$603.07 million in the nine months to September 2014, up 4.5 percent from the same period last year of US$576.96 million, driven by higher oil production and price.

In the period, Energi Mega’s oil production of 12,928 barrels of oil per day (bopd), compared to 12,526 bopd a year earlier, gas prdocution reached 224.5 million cubic feet per day (MMCFD), compared to 217 MMCFD.

The company’s average oil price in the nine-months period stood at US$93.42 per barrel, compared to US$92.445 per barrel. Its gas price was at US$5.95 per million cubic feet (MCF) compared to US$5.8 per MCF a year ago.

As per 30 September 2014, the company operates proved and probable reserves of 16.4 million barrels of oil and 895 billion cubic feet of gas.

The company posted EBITDA (earnings before interest, tax, depreciation and amortization) of US$359.74 million, up 10.1 percent from US$326.64 million a year earlier.

Its net profit (after minority interest) reached US$40.08 million, dropped from US$202.91 million a year ago on the absence of one-time gain. Last year, the net profit was high due to one-time gain from the sale of 10-percent interest in Masela Block.

Excluding gain from minority interest in Masela Block, the company’s net profit in 9-months last year was only at US$39.23 million.

”Without such gain (from Masela block interest sale), Energi Mega actually recorded a 2-percent increase in net profit from last year to US$40 million this year,” Energi Mega’s President Director Imam Agustino said.

”Last year, we managed to repay and refinance some of our outstanding loans to reduce our interest costs. Consequently, Energi Mega’s financing charges was down by almost 17.5 percent in the first 9 months 2014 from the same period of last year,” Didit Ratam, Energi Mega’s director said.

The company’s debt to equity ratio also improved from 0.82x (last year) to 0.70x this year. (*)

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