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Detailed Information About Medcoenergi Detailed Information about MedcoEnergi www.medcoenergi.com PT Medco Energi Internasional Tbk 2012 Annual Report is available at www.medcoenergi.com Table of Contents Shareholding Structure MedcoEnergi At a Glance Encore Int'l Mitsubishi 04 Corporate Milestones 2 (Founder) 06 Vision, Mission and Corporate Values 08 Financial Highlights 60.6% 39.4% 10 Operational Highlights 12 Sales and Market Price 14 MedcoEnergi Today and Tomorrow Treasury Stock Encore Energy Public 16 Business Strategy 18 Production Assets 22 Increasing Reserves 11.7% 50.7% 37.6% 24 Major Projects 28 Strategic Partnership 30 Awards 32 Human Capital 34 Safety, Health and Environment 36 Corporate Social Responsibility Operation Areas MedcoEnergi 2012 United States Libya Yemen Oman 40 Message from President Commissioner 38 46 Message from President Director & CEO 54 Operations 94 Human Capital 100 Safety, Health, Environment 104 Corporate Social Responsibilities Statutory Report 112 114 Implementation of Good Corporate Governance Exploration CBM 148 Risk Management 156 Management's Discussion and Analysis Service Contract Economic Participation 178 Corporate Data Development 204 Index Block A Merangin Rimau Bengara Sembakung Tarakan Simenggaris Nunukan Production Block Block Block Block Block Block Block Financial Statements 214 Board of Directors & South Sekayu Muralim Lematang Jeruk Bawean Bangkanai Senoro-Toili Board of Commissioners Statement Central Block Block Block Exploration Block Block Block Sumatra Well MedcoEnergi at a Glance “The successful operations > Corporate Milestones 04 of mature fields enable > Vision, Mission and Corporate 06 MedcoEnergi to maintain Values production to a level that > Financial Highlights 08 is sustainable over the > Operational Highlights 10 long term by using current > Sales and Market Price 12 oil lifting methods and > MedcoEnergi Today and Tomorrow 14 discipline.” > Business Strategy 16 > Production Assets 18 > Reserves Increase 22 > Major Projects 24 > Strategic Partnership 28 > Awards 30 > Human Capital 32 > Safety, Health and Environment 34 > Corporate Social Responsibility 36 PT Medco Energi Internasional Tbk 2012 Annual Report Milestones 1980 1994 1995 Incorporated a company Initial Public Offering Acquired 100% shares called Meta Epsi Pribumi as MedcoEnergi on the of PT Stanvac Indonesia Drilling Company (MEDCO) Indonesia Stock Exchange. from Exxon/Mobil. 2006 2007 2009 Received of the service Discovered reserves of Signed LNG Sales contract of Karim Small 352 MMBOE in Area 47, Agreement with buyers Fields from PDO Shell in Libya. from Japan and Korea, Oman. gas to be supplied from Senoro Toili Block. Obtained Production Sharing Agreement from the government of Yemen.for Blocks 82 and 83. Company Achievements in 2012 Signed a strategic partnership with Signed a sale-and-purchase agreement 16 PT Saratoga Power for PT Medco 5 for 25% rights to Block 9 Malik, Yemen, Jan Power Indonesia. Jul with Reliance Exploration & Production DMCC. Issued Rupiah Bonds III First shipment of 38,000 tons of thermal 11 amounting to Rp1.5 trillion with 1 coal by PT Duta Tambang Rekayasa, a Jun five-year maturity period. Oct subsidiary entity of MedcoEnergi. 4 MedcoEnergi at a Glance MedcoEnergi 2012 Statutory Reporting Financial Report Milestones 1996 2004 2005 Discovered the giant “Go International” Awarded the EPSA IV oil field, Kaji and through the contract for Area 47, Semoga, Rimau Block, acquisition of Novus Libya. South Sumatra. assets. 2010 2011 2012 Received contract Received Acquired 25% of Block 9 extension for 20 years commerciality approval Malik, Yemen. for 3 PSCs in Indonesia for Area 47, Libya, (Block A, South & following exploration Inaugurated maiden Central Sumatra-SCS success rate of 90%. shipment of 38,000 tons and Bawean). of coal. Earned PROPER gold for Rimau Block for second year running (2011 and 2012). Signed GSA with the Regional • Signed the Amendment GSA with PT 9 Company Nusa Serambi Persada 1 Mitra Energi Buana, South Sumatra. Oct (East Kalimantan) and the Dec • Commenced Chemical Injection for Amendment of GSA with PLN the Enhanced Oil Recovery (EOR) pilot Borang, South Sumatra. project at Rimau Block. Signed a strategic partnership with Issued Shelf-Registered Rupiah Bond I, 11 Puma Energy LLC for PT Medco 12 amounting to Rp4.5 trillion for a five-year Oct Sarana Kali Baru. Dec maturity period. 5 PTLaporanMedcoEnergi Medco Tahunan Energi 2012 Internasional2012 Annual PT Medco Report Tbk Energi 2012 InternasionalAnnual Report Tbk MedcoEnergi continues to implement best practice principles of Good Corporate Governance that include a responsible, accountable and independent Management; conducting transparent and fair transactions with every stakeholders; and achieving sustainable development through corporate social responsibility activities and initiatives." 6 MedcoEnergi at a Glance MedcoEnergi 2012 Statutory Reporting Financial Report Vision, Mission and Company Values Vision Mission To become the Energy Company To develop profitable of Choice for our investors, investment portfolios from shareholders, partners, and energy resources. employees as well as for the greater public community. Corporate Values PROFESSIONAL ETHICAL • Competent in one’s area of expertise. • Conducting business fairly with high • Possessing a “champion spirit.” moral integrity. • Continously seeking self-improvement. • Applying the highest ethical standards • Having professional ability and knowing at all times. one’s limits. • Understanding and following the Company’s ethics and Good Corporate Governance policies. OPEN INNOVATIVE • Encouraging informality and openness in • Building a culture of trail-blazers. communication at all levels. • Continuously search for innovative • Building an environment of trust among solutions to achieve better, safer, more the employees and management in cost-effective, and faster outcomes. MedcoEnergi. • Possessing intellectual maturity. • Behaving with respect, open mind and highest work ethics. 7 PT Medco Energi Internasional Tbk 2012 Annual Report Entering 2013, we have sufficient liquidity to carry the Company safely through to the Senoro and Donggi Senoro LNG development horizon by year-end 2014, and to other major projects completion in Financial 2015/2016." Highlights Operating Profit (in million US$) 14.9% 220.3 253.2 2011 2012 EBITDA Oil and Gas Sales (in million US$) (in million US$) 5.7% 9.1% 323.0 341.5 800.5 873.0 2011 2012 2011 2012 in million US$ Statements of Net Income 2011 2012 ^% Income and Sales 817.7 909.1 11.2 Oil & Gas 800.5 873.0 9.1 Non Oil & Gas 17.2 36.0 109 Gross Profit 350.9 396.2 12.9 Operating Profit 220.3 253.2 14.9 EBITDA 323.0 341.5 5.7 Income before tax expense 213.7 180.5 (15.5) Net income* 90.9 12.6 (86.1) *Attributed to Shareholder of Parent Company 8 MedcoEnergi at a Glance MedcoEnergi 2012 Statutory Reporting Financial Report Financial Highlights More Data Starting on Page 186 Revenues Total Liabilities (in million US$) (in million US$) 11.2% 4.7% 817.7 909.1 1,730 1,812 2011 2012 2011 2012 Total Assets Total Equity (in million US$) (in million US$) 2.2% 2.8% 2,597 2,655 867.7 843.2 2011 2012 2011 2012 in million US$ Statements of Net Income 2011 2012 ^% Cash and cash equivalents 703.9 523.7 (25.6) Total Assets 2,597 2,655 2.2 Total liabilities 1,730 1,812 4.7 Equity* 867.7 843.2 (2.8) Market Capitalisation 891.2 561.7 (37.0) Earnings per share (US$/Share) 0.0309 0.0043 (86.1) Capital Expenditures (US$ million) 225 414 84.0 *Attributed to Shareholder of Parent Company 9 PT Medco Energi Internasional Tbk 2012 Annual Report It must be said, core competence in E&P has given MedcoEnergi a solid foundation to sustain its business and to create value for many more Operational decades to come." Highlights Oil Reserves 2P (in MMBO) 127 133 112 103 92 133 2008 2009 2010 2011 2012 2012 Gas Reserves 2P (in BCF) 964 943 881 798 366 943 2008 2009 2010 2011 2012 2012 Oil Sales Gas Sales (in MBOPD) (in BBTUPD) 1.9% 5.7% 30.4 29.8 163.2 153.9 2011 2012 2011 2012 10 MedcoEnergi at a Glance MedcoEnergi 2012 Statutory Reporting Financial Report Operating Highlights More Data Starting on 188Page Reserves Life Index (in Years) 14 14 12 11 8 14 2008 2009 2010 2011 2012 2012 Reserves 1P Reserves 2P (in MMBOE) (in MMBOE) 27.9% 28.9% 177.6 227.1 228.1 294.0 2011 2012 2011 2012 E&P Oil & Gas 2011 2012 ^% Proved Reserves - 1P (MMBOE) 177.6 227.1 27.9 Proven and Probable Reserves - 2P (MMBOE) 228.1 294.0 28.9 Oil Sales (MBOPD) 30.4 29.8 0.7 Contract Service in Oman (MBOPD) 9.5 10.4 9.9 Gas Sales (BBTUPD) 163.2 153.9 (5.7) Production Level of Oil and Gas* (MBOEPD) 57.2 56.1 (2.1) Average Selling Oil Price (US$/barrel) 113.7 115.6 1.7 Average Selling Gas Price (US$/mmBTU) 3.8 4.0 6.1 LPG sales (MT per Day) 41.8 40.1 (4.1) *Excluding Contract Service in Oman 11 PT Medco Energi Internasional Tbk 2012 Annual Report Oil-and-gas E&P is an extremely risky business, but the companies that have the expertise, know-how, technology, ingenuity and experience to remain in the business will be Sales and rewarded." Market Price Oil and Gas Sales and Service Contract Oil Volume (MMBO) 30 25.7 23.2 19.3 25 20 2.2 2.7 18.4 15 16.4 3.3 12.8 10 42.9 39.5 38.1 5 2007 2008 2009 Average Realised Price: Oil and Gas Gas (US$/mmBTU) Oil (US$/barrel) 135 3.20 3.31 3.62 3.79 4.03 4.1 101 64 81.4 113.7 115.6 120 3.7 105 3.3 90 2.9 75 60 2.5 2008 2009 2010 2011 2012 12 MedcoEnergi at a Glance MedcoEnergi 2012 Statutory Reporting Financial Report Sales and Market Price More Data Starting on 172Page Gas Oil
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