InterOil Reports Earnings; Shares Remain Neutral
InterOil Corporation (NYSE: IOC) announced its 2013 results today, Monday, March 31, 2014.
The company announced record revenues and products sold in its financial results for the full year which ended December 31, 2013. The company reported record revenues of $1.4 billion for 2013, up from $1.321 billion in 2012. The increase in revenue was primarily due to record total products sold of 9.4 MMbbls compared to 8.5 MMbbls in 2012, representing an 11 percent increase.
Unfortunately, during 2013, investments in development of Upstream and Midstream Liquefaction resulted in a net loss of $75.1 million compared to a net loss of $59.6 million in 2012.
InterOil Chief Executive, Dr. Michael Hession said, “To deliver on this potential and realise the value of these assets, we have assembled an experienced, talented management team. In the final months of the year, new senior executives stepped into roles that they would formally assume early in 2014.”
As of December 31, 2013, InterOil had cash, cash and equivalents and cash restricted totaling $115.2 million compared to $98.7 million in 2012. Out of $115.2 million, $53.2 million was restricted.
InterOil also announced a new partnership with Total S.A. of France to develop the multi-billion-dollar Elk-Antelope field in Papua New Guinea.
This month, InterOil also launched the start of a new $300 million drilling program across four new petroleum prospecting licenses.
InterOil's Chief Executive, Dr. Michael Hession said, “This past year was a milestone for InterOil. With new leadership and management, we moved quickly to bring greater stability to our operations in a way that would translate into improved performance and greater market confidence.”
Shares of the company are trading up $1.35 or 2.13 percent per share to $64.76. Shares have been on a roller coaster this year, ranging from $43.85 to $106.44 per share.
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