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Strength
Despite 14.7% YoY decline in gas sales to 567.9 bbtud, MEDC posted positive top-line growth in 3Q24, driven by robust oil lifting of 41.3 mboepd (+35% YoY); oil ASP rose to USD 79.9/bbl (+3.7% YoY), while gas ASP stayed at USD 7/mmbtu
Weakness
Significant drop in 3Q24 earnings due to high base effect from USD 73.7mn one-off gain (3Q23), one-off dividend income of USD 19 million (2Q24), and sharp decrease in share of net profit from associates to USD 24 million (-63% QoQ)
Opportunity
Management has raised its 2025 O&G production guidance to 145-150 mboepd, indicating solid growth prospects; MEDC is expected to extend PSC in several key blocks and continue deleveraging efforts, which should help to improve sentiment on MEDC
Threat
Oil & gas prices may remain volatile as US & Libya are likely to raise production efforts next year, weak financial performance may lead to prolonged market underperformance and declining investor confidence
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
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