MedcoEnergi Records Net Profit of US$101 Million in 2025
Jakarta (ANTARA) - PT Medco Energi Internasional Tbk (MEDC) recorded a net profit of US$101 million in 2025, down 72.4 per cent from US$367 million in 2024.
MEDC CEO Roberto Lato, in a statement in Jakarta on Thursday, explained that the profit decline was influenced by lower contributions from Amman Mineral Internasional, a decrease in non-cash asset values, dry hole drilling costs in the Beluga PSC, and weakening commodity prices.
“In 2025, we delivered strong performance for the company and shareholders. Total annual shareholder return reached a record 27 per cent, with US$110 million returned to shareholders alongside achieving our oil and gas production target of 156 mboepd and electricity sales target of 4,371 GWh,” he stated.
From an operational perspective, Medco recorded an EBITDA of US$1.264 billion, relatively stable compared to 2024. This was achieved despite an average oil price drop of 15 per cent from US$78 per barrel to US$67 per barrel.
The company’s capital expenditure was recorded at US$437 million, with oil and gas production costs at US$8.6 per barrel of oil equivalent (boe).
Meanwhile, consolidated debt increased to US$3.646 billion, mainly for the purchase of the FPSO Marlin Natuna to sustain production in the Forel Field (South Natuna Sea Block B), as well as financing renewable energy power plant projects and gas-fired power plants.
The net debt to EBITDA ratio for the oil and gas segment stood at 2.0 times, up from 1.8 times in 2024. However, this debt ratio remains within the company’s target range.
Roberto assured that the company’s liquidity remains solid, with a cash position of US$633 million at the end of 2025, down from US$697 million the previous year.
MedcoEnergi also distributed dividends of US$80 million in 2025, or approximately Rp53.4 per share, a 19 per cent increase from 2024.
On the production side, Medco recorded an increase to 156 thousand barrels of oil equivalent per day (mboepd), driven by first production from the Terubuk and Forel Fields in South Natuna Sea Block B, strong performance in Oman Block 60, and an increased participating interest in the Corridor PSC. The company even closed the year with production levels above 170 mboepd.
Capital expenditure of US$402 million was used to support this achievement, including record production in Oman Block 60, starting production in the Terubuk and Forel Fields, and developing the Corridor Suban-28 well and the Suban compressor capacity enhancement project.
Furthermore, Medco Energi President Director Hilmi Panigoro explained that Medco also expanded its portfolio in Sumatra by increasing its participating interest in Corridor to 70 per cent and its effective participating interest in PT Transportasi Gas Indonesia to 40 per cent, as well as acquiring a 45 per cent participating interest in operations in the Sakakemang PSC.
On 31 March 2026, the company also signed the Cendramas PSC, marking Medco’s return to Malaysia as the operator of that offshore oil block.
In the power generation segment, electricity sales reached 4,371 GWh, with about 25 per cent from renewable energy sources.
Capital expenditure of US$35 million was used, among others, for the commissioning of the Ijen Geothermal Power Plant, the East Bali Solar Power Plant, and the Batam ELB expansion.
Hilmi expressed optimism about the company’s future performance.
“I am very pleased with the 2025 performance. Entering 2026, we remain committed to delivering added value for stakeholders, with oil and gas production and electricity sales targets set to record new highs for Medco,” he stated.