PT Medco Energi Internasional Tbk (MEF) Q2 2026 Earnings Report
DE:MEF Q2 2026 EPS Results
- Actual EPS
- ―
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 0.00
DE:MEF Q2 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q2 2026
- Date
- 07/30/2026
- Time
- TBA
- Conference Call
- Thursday, July 30, 2026
DE:MEF Upcoming Earnings
PT Medco Energi Internasional Tbk's next earnings date is estimated for March 26, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Q2 2026
Earnings Call Date:Jul 30, 2026|% Change Since:11.76%|
Earnings Call Sentiment|Positive
The call was strongly positive overall. Medco Energi reported substantial year-on-year growth in production, revenue, EBITDA, net income and operating cash flow, while maintaining cash costs below guidance and improving leverage. The company also highlighted project execution, renewable growth, ESG progress, liquidity and a pipeline of commercially supported investments. The main challenges were sequential reserve depletion, planned second-half maintenance and production declines, higher consolidated gross debt, pending PSC extensions and an uncertain external backdrop, but management reaffirmed its 2026 guidance and described the balance sheet as flexible.
Company Guidance
For full year 2026, Medco Energi reaffirmed production guidance of 165 to 170 kilo barrels of oil equivalent per day, cash cost of below USD 10 per barrel of oil equivalent, oil and gas CapEx guidance of USD 450 million to USD 475 million, and power CapEx of up to USD 50 million; power sales are progressing in line with plan, with first-half sales at 51.1% of the full year target. Sambar targets partially on stream in the fourth quarter, building to roughly 108 million standard cubic feet a day through 2027; Rebonjaro targets partially on stream in the first quarter of 2027; Sakakemang targets first gas in the third quarter of 2027 at around 85 million standard cubic feet a day; Senoro Phase 2A holds a plateau of about 340 million standard cubic feet a day through to 2031; and the Karim Small Fields exploration period in Oman has been extended by 9 years to 2035.
- Strong Production Growth and Guidance TrackingFirst-half production reached approximately 170,100 barrels of oil equivalent per day, up 19% year-on-year and around the top end of the 165,000 to 170,000 BOE per day full-year guidance range. Growth was supported by full contributions from Forel and Terubuk, the additional Corridor working interest, Senoro Phase 2A ramp-up, Bualuang Phase 1 and the Bisat C debottlenecking.
- Sustained Cost DisciplineCash cost was USD 8.4 per BOE for the first half, below the full-year guidance of USD 10 per BOE and below USD 10 per BOE every year since 2016. Second-quarter cash cost improved to USD 7.7 per BOE, mainly because higher volumes were produced through largely fixed-cost facilities rather than through cost cutting.
- Revenue, EBITDA and Margin ExpansionFirst-half revenue increased 23.4% to USD 1.4 billion. EBITDA rose 30.7% to USD 805.1 million, with the EBITDA margin expanding from 53.7% to 56.9%. Higher realized oil prices, which increased 25%, and 19% higher production supported the improvement.
- Significant Net Income ImprovementNet income increased to USD 275.3 million from USD 30.7 million in the prior-year first half. AMMN contributed USD 104.2 million after a USD 31.1 million loss in the prior-year period. Excluding AMMN, net income increased from approximately USD 61.8 million to USD 171 million, which management described as evidence of underlying operating improvement.
- Higher Operating Cash FlowFirst-half operating cash flow rose 46.6% to USD 514.7 million.
- Improved Leverage and Financial FlexibilityRestricted group net debt to EBITDA improved to 1.4x from 2.0x at the end of 2025, while restricted group net debt fell 7.5% during the quarter. At mid-cycle pricing of USD 65 per barrel, leverage was 1.9x, below the 2.5x policy ceiling and the 5x bond ceiling. Fixed-charge coverage was 5.6x versus a 3x floor.
- Strong Liquidity PositionCash and cash equivalents reached USD 1.4 billion, contributing to a stated USD 2.6 billion liquidity buffer. The company also completed a USD 200 million tap of its 2030 Senior Notes, increasing that issue from USD 400 million to USD 600 million.
- Power Sales and Renewable GrowthPower sales increased 16.5% to 2,323 gigawatt hours, reaching 51.1% of the full-year target. Renewable generation grew 18.8% and represented approximately one-quarter of power sales. Power EBITDA increased 15.3%, while the margin improved from 31.6% to 36.1%.
- Diversified Power Platform and Expansion PipelineThe power portfolio included 365 megawatts of geothermal and 578 megawatts of gas-fired capacity, alongside solar and mini-hydro assets, with more than 1 gigawatt of installed capacity overall and approximately 26% from renewables. The company operates and maintains an additional 2,160 megawatts for other companies, generating fee income with almost no capital requirement and no additional debt on Medco's balance sheet. The Dalle Energi Batam expansion is planned to increase capacity from 85 to 300 megawatts, supported by a conditional power purchase agreement.
- Reserve Base and Development PipelineProved and probable reserves stood at 542.1 million BOE, up 12% year-on-year, driven by the additional Corridor interest. The company highlighted contract extensions, the approved Sakakemang development plan, and Corridor projects including Sambar, Rebonjaro, Rawa and Suban as reserve-replacement channels. Sambar targets partial start-up in the fourth quarter and approximately 108 million standard cubic feet per day through 2027; Sakakemang targets first gas in the third quarter of 2027 at approximately 85 million standard cubic feet per day; and Senoro Phase 2A has a plateau of approximately 340 million standard cubic feet per day through 2031.
- Project Execution and New Operating OpportunitiesFive projects across three countries were delivered on or close to plan, including Forel, Terubuk, the Corridor interest acquisition, Senoro Phase 2A, Bualuang Phase 1 and Bisat C debottlenecking. The Cendramas offshore Malaysia PSC becomes effective on September 23, with Medco Energi as operator, marking its return as an operator in Malaysia. In Oman, the Karim Small Fields exploration period was extended by nine years to 2035 and full-scale steam-flood development at Ilham was approved.
- Accelerated Investment in Commercially Supported ProjectsThe company raised oil and gas CapEx guidance to USD 450 million to USD 475 million and power CapEx guidance to as much as USD 50 million. Management characterized this as accelerated investment rather than a cost overrun, supported by Sakakemang's approved development plan and binding key principles with gas buyers, as well as the conditional PPA for Dalle Energi Batam. First-half CapEx was USD 188 million, comprising USD 183.3 million in oil and gas and USD 4.6 million in power.
- Sustainability and ESG ProgressMedco Energi was upgraded to an MSCI AAA ESG rating in March, the top of MSCI's scale and three notches above its position five years earlier. Emissions from exploration and production were down 30% from the 2019 baseline, meeting the company's 2030 interim target, while methane emissions were down 40% against a 37% 2030 target.
- Diversified Portfolio and Acquisition Track RecordThe company continued to emphasize its three complementary pillars of oil and gas, clean power, and its approximately 21% investment in AMMN, providing exposure to copper and gold. Since 2016, major acquisitions including Block B, Ophir, Corridor and Oman were described as having generated substantial cash recovery relative to acquisition cost; Block B has generated cash recovery equivalent to more than 3x its acquisition price, and the original Corridor acquisition has recovered more than its original investment.
- Portfolio Optimization and DeleveragingMedco recently completed the Simenggaris divestment and has completed more than USD 200 million of divestments of noncore, underperforming or noncore-geography assets over the last five years. Management stated that all proceeds were used to support deleveraging.
- Acquisition Flexibility with Unchanged DisciplineManagement stated that it is constantly evaluating assets, trends and acquisitions, particularly sizable, high-margin producing assets in Southeast Asia and selectively the Middle East. The company said its liquidity provides flexibility to pursue suitable opportunities, while future transactions will continue to be assessed for long-term cash flow, attractive returns, infrastructure synergies, monetization routes and manageable risk.
- Continuity of Strategy Under the New Management TeamThe new management team emphasized continuity in Medco Energi's strategy, centered on operational excellence, production and cost management, disciplined capital allocation, balance-sheet and liquidity management, sustainable growth, selective M&A and shareholder returns.
- Investment-Friendly Regulatory ObjectivesManagement stated that industry stakeholders are advocating for a new oil and gas law that is more investment-friendly and for a government body, whether SKK Migas or BUK Migas, with greater authority and accountability to reduce bureaucracy and accelerate approval processes.
DE:MEF Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 26, 2027 | 2026 (Q4) | ―- | 0 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | ―- | 0 | ― | |
| Jul 30, 2026 | 2026 (Q2) | ―- | 0 | ― | |
| May 01, 2026 | 2026 (Q1) | ―- | 0 | ― | |
| Apr 01, 2026 | 2025 (Q4) | ―0.00 | 0 | 200.00% (+0.00) | |
| Oct 31, 2025 | 2025 (Q3) | ―0.00 | 0 | -33.33% (-0.00) | |
| Jul 31, 2025 | 2025 (Q2) | ―0.00 | 0 | -80.00% (-0.00) | |
| May 30, 2025 | 2025 (Q1) | ―0.00 | 0 | -66.67% (-0.00) | |
| Mar 28, 2025 | 2024 (Q4) | ―0.00 | 0 | 0.00% (+0.00) | |
| Oct 31, 2024 | 2024 (Q3) | ―0.00 | 0 | -40.00% (-0.00) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed