Oil Production Increases, EMP Earns Net Profit Of IDR 68.4 Million US Dollars

Illustration (Photo: Doc. ANTARA)

JAKARTA - PT Energi Mega Persada Tbk recorded an increase in net profit of 3 percent in 2023 or 68.4 million US dollars from the previous year 66.7 million US dollars.

"The company managed to record an increase in net profit regardless of the challenges faced in 2023," said EMP President Director, Syailendra Bakrie in a statement to the media, Monday, April 1.

At the same time, the company's profit before tax, depreciation and amortization (EBITDA) decreased by 10 percent from the previous 295.5 million US dollars to 265 million US dollars.

Apart from the financial side, EMP also recorded an increase in oil production by 8 percent from 2022 by 5,336 barrels of oil per day to 5,755 barrels of oil per day.

Meanwhile, in terms of silur gas, there was a decrease of 16 percent to 165.5 million cubic feet per day (mcf) from the previous 197 mcf.

"The production of EMP oil continues to increase despite the decline in gas production. World oil prices have also decreased and on the other hand, the company's selling price is quite consistent," continued Syailendra.

The average oil price is 80.75 US dollars per barrel and the gas price is 6.22 US dollars per mcf.

Furthermore, Syailendra added, another achievement in the first quarter of 2024, EMP has just announced the completion of the acquisition of Siak and Kampar oil assets in Riau, Sumatra.

With this acquisition, Syailendra hopes that EMP oil production will increase this year following the completion of the acquisition.

"The EMP management is quite optimistic that the company's production and financial performance in 2024 will be even better than in 2023," concluded Syailendra.