EMP reported $811 million Sales, $476 million EBITDA, and $37 million Profit in Year 2014

PT Energi Mega Persada Tbk. (“EMP” or “the Company”) today reported US$811 million Sales, US$476 million EBITDA, and US$37 million Net Profit in its consolidated year 2014 financial results.

Mr. Imam Agustino, EMP’s CEO, said, “On a year to year basis, we are doing fine. Our Company’s Sales and EBITDA grew by 0.5% and 3.1% respectively. This is due to higher production volume and increased gas price. The deteriorating oil price experienced toward the end of last year did impact our quarterly profit achievement. Nevertheless, we manage to still book a relatively healthy bottom line.”

Mr. Agustino added, “Please note that we booked a one-time gain only from the sale of the Masela block in 2013. Without such gain, EMP’s Net Profit actually grew by almost 6x from the previous year to US$37 million in year 2014.”

Mr. Didit Ratam, EMP’s Director, further explained, “In the past 24 months, we managed to repay and refinance some of our outstanding loans. This has reduced our financing charges and interest costs significantly from US$ 97 million in 2013 to US$ 79 million in 2014. Such financial ratios as Debt to EBITDA and EBITDA to Financing Charges ratios also improved dramatically.”

EMP is an upstream oil & gas company which produced around 12,792 barrels oil per day and 226 million cubic feet gas per day from January to December 2014. As per 31 December 2014, the Company operates proved and probable reserves of 15.2 million barrels of oil and 875 billion cubic feet of gas.

 

Financial Highlights (‘000 US$) FY2013 FY2014
Net Sales* 807,226 811,483
EBITDA* 462,048 476,230
Financing Charges* (97,003) (79,286)
Gain On Sale Of Masela Block 163,684
Net Profit (After Minority Interest) 170,272 37,036
Net Profit (After Minority Interest)
Without Gain On Sale Of Masela Block
6,588 37,036
 
Cash, Short-Term Investment, Restricted Cash 204,972 152,298
Debt (Bank Loans) 731,417 520,920
Equity 887,950 905,512
FY2013 FY2014
Ratios Highlights FY2013 FY2014
ebitda To Financing Charges 4.76x 6.01x
Debt To Equity 0.82x 0.57x
Net Debt To Equity 0.59x 0.41x
 
Price & Production Highlights FY2013 FY2014
Average Oil Price US$ 93.20/bbl US$ 86.55/bbl
Average Gas Price US$ 5.8/ mcf US$ 5.95/ mcf
Average Oil Production 12,465 barrel/ day 12,792 barrel/day
Average Gas Production 220.9 million cubic feet/ day 226.2 million cubic feet/day

 

*Includes ONWJ revenues, financing charges & EBITDA based on 36.7205% WI.

 Press Release – EMP reported $811 million Sales, $476 million EBITDA, and $37 million Profit in Year 2014

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