InterOil Corporation (NYSE: IOC) (POMSoX: IOC) announces financial results for the third quarter ending September 30, 2009. For the quarter, InterOil reported net income of $7.9 million ($0.18 per share), $1.3 million less than the same quarter in the prior year. Earnings before Interest, Taxes, Depreciation and Amortization (1) ("EBITDA") for the quarter totalled $14.6 million, a reduction of $2.2 million over 2008 third quarter EBITDA of $16.8 million. Third quarter 2009 results include a $4.6 million gain on sale of oil and gas properties.
Business Segment Results
During the quarter, the Midstream Refining business generated a net profit of $3.8 million, compared with a net profit $12.7 million for the same quarter in 2008. Throughput averaged 19,657 barrels per day in the second quarter of 2009 versus 22,463 in the comparable period a year ago. Throughput per day has been calculated excluding days the refinery was not in operation. Premium margin distillates were 60% of production in the current quarter, up from 55% in the same period a year ago. Refining EBITDA in the quarter totalled $8.2 million, down from $17.5 million in the previous year which included a $11.4 million derivative gain.
The Company's Midstream Liquefaction segment posted a net loss of $2.5 million for the quarter, being our share of expenses incurred by the PNG LNG Inc. joint venture during the quarter to progress the Liquefied Natural Gas (LNG) project in Papua New Guinea.
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The Downstream segment derived a net profit of $3.4 million, compared with a loss of $0.9 million in the third quarter of 2008. Downstream EBITDA in the quarter totalled $4.8 million compared to a loss of $1.0 million in the prior year period. During the 2009 third quarter, refined product sales volumes totalled 154.9 million liters versus 138.0 million liters in the prior year period. Increase in gross margin was mainly due to the positive effect of product price movements as applied to the inventory sold during the period.
During the third quarter, the Upstream business segment generated a net profit of $1.8 million which included a $4.6 million gain on buyback of 4.3364% IPI interest, an improvement from a loss of $1.0 million in the comparable 2008 quarter. ------------------------------------------------------------------- -------- Quarters ended 2009 ($ thousands except
per share data) Sep-30 Jun-30 Mar-31 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Upstream 1,011 660 611 Midstream - Refining 141,295 114,347 145,523 Midstream - Liquefaction 1 2 4 Downstream 107,712 85,472 78,572 Corporate 10,087 8,640 7,753 Consolidation entries (86,509) (60,625) (70,801) ------------------------------------------------------------------- -------- Sales and operating revenues 173,597 148,496 161,662 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Upstream 4,101 (669) (469) Midstream - Refining 8,199 14,134 14,747 Midstream - Liquefaction (2,120) (1,378) (2,361) Downstream 6,542 4,150 3,241 Corporate 1,980 1,897 3,051 Consolidation entries (4,093) (277) (7,285) ------------------------------------------------------------------- -------- Earnings before interest, taxes,
depreciation and amortization (1) 14,609 17,857 10,924 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Upstream 1,805 (2,382) (2,133) Midstream - Refining 3,762 9,624 10,350 Midstream - Liquefaction (2,481) (1,765) (2,552) Downstream 3,440 1,742 964 Corporate 1,602 (677) 349 Consolidation entries (237) 2,895 (4,332) ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Net profit/(loss) per segment 7,891 9,437 2,646 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Net profit/(loss) per share
(dollars) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Per Share - Basic 0.19 0.25 0.07
Per Share - Diluted 0.18 0.24 0.07 ------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Quarters ended 2008 2007 ($ thousands except
per share data) Dec-31 Sep-30 Jun-30 Mar-31 Dec-31 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Upstream 487 698 895 618 579 Midstream - Refining 194,617 216,750 197,864 176,973 137,509 Midstream - Liquefaction 23 35 19 13 26 Downstream 128,540 172,528 140,467 116,048 118,495 Corporate 9,591 8,415 8,334 8,531 7,352 Consolidation entries (114,691) (134,695) (102,566) (109,767) (91,129) ------------------------------------------------------------------- -------- Sales and operating
revenues 218,567 263,731 245,013 192,416 172,832 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Upstream (2,483) 231 10,164 (1,135) (3,128) Midstream - Refining (13,976) 17,515 16,329 5,724 9,589 Midstream -Liquefaction (2,501) (1,570) (1,784) (1,636) (797) Downstream (7,244) 610 7,893 4,529 3,627 Corporate 226 764 (2,155) 1,796 2,145 Consolidation entries (2,866) (737) (3,092) (2,143) (4,540) ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Earnings before interest,
taxes, depreciation and
amortization (1) (28,844) 16,813 27,355 7,135 6,896 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Upstream (4,003) (1,040) 9,189 (1,993) (3,736) Midstream - Refining (19,490) 12,660 11,344 202 2,990 Midstream -Liquefaction (2,597) (1,677) (1,909) (1,728) (877) Downstream (5,901) (886) 3,383 2,197 670 Corporate (2,275) (1,759) (5,164) (1,390) (883) Consolidation entries 36 1,929 (1,240) 314 (877) ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Net profit/(loss) per
segment (34,230) 9,227 15,603 (2,398) (2,713) ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Net profit/(loss) per
share (dollars) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Per Share - Basic (0.96) 0.26 0.48 (0.08) (0.09)
Per Share - Diluted (0.96) 0.22 0.40 (0.08) (0.09) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Liquidity and Capital Resources
Our financial position continued to improve during the current quarter. Our debt-to-capital ratio was reduced to 12% in September 2009 from 35% in September 2008. This reduction in gearing levels was mainly due to the conversion of $95.0 million 8% convertible subordinated debentures issued in May 2008 and the completion of the $70.4 million registered direct stock offering completed in June 2009. Summary of Debt Facilities ------------------------------------------------------------------- --------
Balance outstanding Organization Facility September 30, 2009 Maturity date ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- OPIC secured loan $ 58,000,000 $58,000,000 December 2015 BNP Paribas working
capital facility $190,000,000 $ 0 (1) November 2009 Westpac working
capital facility $ 29,120,000 $ 1,132,029 October 2011 BSP working capital
facility $ 18,200,000 $ 0 August 2010 ------------------------------------------------------------------- -------- (1) Excludes letters of credit outstanding of $105.5 million
As at September 30, 2009, we had cash, cash equivalents and cash restricted of $88.6 million (September 2008 - $78.7 million), of which $21.4 million (September 2008 - $31.8 million) was restricted pursuant to the BNP Paribas working capital facility utilization requirements and $6.5 million (September 2008 - nil) was restricted as cash deposit on the OPIC secured loan. Our cash outflows from operations for the quarter were $27.5 million compared with an inflow of $7.9 million for the quarter ended September 30, 2008. The outflow during the current quarter was due to the timing of crude payments and product purchases. Cash inflows of $51.2 million were generated for the nine months to September 30, 2009 compared to an outflow of $14.6 million for the same period of 2008. The improved cash flows from operations for the year to date period were mainly due to improved margins generated in the refinery and downstream operations, release of working capital in a lower crude and product price environment, and cash received on the close out of long term hedges. InterOil Corporation Consolidated Balance Sheets (Unaudited, Expressed in United States dollars)
As at ------------------------------------------------------------------- --------
September 30, December 31, September 30,
2009 2008 2008
$ $ $ ------------------------------------------------------------------- -------- Assets Current assets:
Cash and cash equivalents
(note 5) 60,703,756 48,970,572 46,966,098
Cash restricted (note 7) 21,099,746 25,994,258 31,442,000
Trade receivables (note 8) 59,462,710 42,887,823 74,473,634
Commodity derivative contracts
(note 7) 77,525 31,335,050 11,891,200
Other assets 2,359,039 167,885 2,709,851
Inventories (note 9) 102,297,174 83,037,326 192,899,470
Prepaid expenses 957,440 4,489,574 654,389 ------------------------------------------------------------------- -------- Total current assets 246,957,390 236,882,488 361,036,642 Cash restricted (note 7) 6,778,828 290,782 325,778 Goodwill (note 14) 6,626,317 - - Plant and equipment (note 10) 221,346,603 223,585,559 225,944,490 Oil and gas properties (note 11) 190,694,688 128,013,959 118,588,153 Future income tax benefit 2,063,623 3,070,182 2,887,081 ------------------------------------------------------------------- -------- Total assets 674,467,449 591,842,970 708,782,144 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Liabilities and shareholders'
equity Current liabilities:
Accounts payable and accrued
liabilities (note 12) 132,085,898 78,147,736 160,934,762
Working capital facility
(note 15) 1,132,029 68,792,402 80,002,303
Current portion of secured loan
(note 18) 9,000,000 9,000,000 9,000,000
Current portion of indirect
participation interest - PNGDV
(note 19) 540,002 540,002 540,002 ------------------------------------------------------------------- -------- Total current liabilities 142,757,929 156,480,140 250,477,067 Secured loan (note 18) 48,033,292 52,365,333 56,809,347 8% subordinated debenture
liability (note 23) - 65,040,067 65,155,748 Deferred gain on contributions
to LNG project (note 13) 13,076,272 17,497,110 17,497,110 Indirect participation interest
(note 19) 53,223,694 72,476,668 72,812,827 Indirect participation interest
- PNGDV (note 19) 844,490 844,490 844,490 ------------------------------------------------------------------- -------- Total liabilities 257,935,677 364,703,808 463,596,589 ------------------------------------------------------------------- -------- Non-controlling interest
(note 20) 9,982 5,235 9,133 ------------------------------------------------------------------- -------- Shareholders' equity:
Share capital (note 21) 569,146,991 373,904,356 370,305,150
Authorised - unlimited
Issued and outstanding
- 42,850,924
(Dec 31, 2008 - 35,923,692)
(Sep 30, 2008 - 35,623,587)
8% subordinated debentures
(note 23) - 10,837,394 10,978,050
Contributed surplus (note 24) 19,429,092 15,621,767 13,706,325
Warrants (note 25) 219,558 2,119,034 2,119,034
Accumulated Other Comprehensive
Income 10,800,232 27,698,306 16,885,086
Conversion options (note 19) 17,140,000 17,140,000 17,140,000
Accumulated deficit (200,214,083) (220,186,930) (185,957,223) ------------------------------------------------------------------- -------- Total shareholders' equity 416,521,790 227,133,927 245,176,422 ------------------------------------------------------------------- -------- Total liabilities and
shareholders' equity 674,467,449 591,842,970 708,782,144 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- See accompanying notes to the consolidated financial statements. Commitments and contingencies (note 27), Going Concern (note 2(b)) On behalf of the Board - Phil Mulacek, Director Christian Vinson, Director InterOil Corporation Consolidated Statement of Operations (Unaudited, Expressed in United States dollars)
Quarter ended Nine months ended ------------------------------------------------------------------- --------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
$ $ $ $ ------------------------------------------------------------------- -------- Revenue
Sales and
operating
revenues 172,062,457 262,371,013 480,473,685 697,400,778
Interest 120,150 459,855 285,269 1,216,134
Other 1,414,065 899,788 2,996,022 2,541,192 ------------------------------------------------------------------- --------
173,596,672 263,730,656 483,754,976 701,158,104 ------------------------------------------------------------------- -------- Expenses
Cost of sales
and operating
expenses 148,960,508 248,197,583 411,378,346 631,395,024
Administrative
and general
expenses 8,834,068 8,386,619 23,451,133 24,683,261
Derivative
losses/(gains) (77,525) (11,420,055) (1,008,585) (790,679)
Legal and
professional
fees 2,823,102 2,322,274 6,671,084 8,278,798
Exploration
costs, excluding
exploration
impairment
(note 11) (12,149) 74,935 234,972 (79,142)
Exploration
impairment
(note 11) - 71,722 - 83,001
Short term
borrowing costs 963,488 1,648,429 2,810,839 5,310,495
Long term
borrowing costs 1,172,046 3,703,215 7,605,011 12,188,417
Depreciation and
amortization 3,562,210 3,573,233 10,716,557 10,497,675
Gain on sale of
oil and gas
properties
(note 11) (4,635,309) (989,551) (5,722,792) (11,235,084)
Foreign exchange
(gain)/loss 2,373,784 (1,031,209) 3,479,515 (5,815,423) ------------------------------------------------------------------- --------
163,964,223 254,537,195 459,616,080 674,516,343 ------------------------------------------------------------------- -------- Income before
income taxes and
non-controlling
interest 9,632,449 9,193,461 24,138,896 26,641,761 Income taxes
Current (1,505,643) 36,937 (2,504,342) (3,988,862)
Future (234,757) - (1,656,960) (215,428) ------------------------------------------------------------------- --------
(1,740,400) 36,937 (4,161,302) (4,204,290) ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Income before
non-controlling
interest 7,892,049 9,230,398 19,977,594 22,437,471 ------------------------------------------------------------------- -------- Non-controlling
interest
(note 20) (752) (2,982) (4,747) (4,841) ------------------------------------------------------------------- -------- Net income 7,891,297 9,227,416 19,972,847 22,432,630 ------------------------------------------------------------------- -------- Basic income per
share (note 26) 0.19 0.26 0.51 0.68 Diluted income
per share
(note 26) 0.18 0.22 0.51 0.59 Weighted average
number of common
shares
outstanding
Basic 42,093,841 35,056,660 38,860,396 32,942,248
Basic and
diluted 44,614,033 41,400,046 39,433,557 38,340,173 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- See accompanying notes to the consolidated financial statements InterOil Corporation Consolidated Statement of Cash Flows (Unaudited, Expressed in United States dollars)
Quarter ended Nine months ended ------------------------------------------------------------------- --------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
$ $ $ $ ------------------------------------------------------------------- -------- Cash flows
provided by
(used in): Operating
activities
Net profit 7,891,297 9,227,416 19,972,847 22,432,630
Adjustments for
non-cash and
non-operating
transactions
Non-controlling
interest 752 2,982 4,747 4,841
Depreciation and
amortization 3,562,210 3,573,233 10,716,557 10,497,675
Future income
tax asset (6,325) (67,490) 1,006,559 (19,769)
Gain on sale of
plant and
equipment - - - (16,250)
Gain on sale of
exploration
assets (4,635,309) (989,551) (5,722,792) (11,235,084)
Amortization of
discount on
debentures
liability - 720,969 1,212,262 1,193,669
Amortization of
deferred
financing costs 55,987 55,986 167,959 204,414
(Gain)/loss on
unsettled hedge
contracts (339,800) 439,443 (548,600) 284,594
Timing
difference
between
derivatives
recognised
and settled (77,525) (17,217,100) 14,996,525 (10,662,400)
Stock
compensation
expense 2,316,479 1,584,219 5,633,691 3,825,644
Inventory
revaluation 1,140,339 11,752,216 1,140,339 11,752,216
Non-cash
interest on
secured loan
facility - - - 2,189,907
Non-cash
interest
settlement on
preference
shares - 186,475 - 372,950
Non-cash
interest
settlement on
debentures - - 2,352,084 -
Oil and gas
properties
expensed (12,149) 146,657 234,972 3,859
(Gain)/loss on
proportionate
consolidation of
LNG project - (575,099) 724,357 (811,765)
Unrealized
foreign exchange
loss/(gain) 3,390,463 (1,018,606) (510,670) (5,802,820)
Change in
operating
working capital
(Increase)/
decrease
in trade
receivables (10,813,670) 51,039,328 (8,867,688) (7,626,082)
(Decrease)/
increase in
unrealised hedge
gains (3,717,375) - 2,551,575 -
Decrease in
other assets and
prepaid expenses 216,064 4,748,739 1,340,980 4,349,792
Decrease/
(increase) in
inventories 6,256,940 (128,454,726) (21,049,227) (111,382,626)
(Decrease)
/increase in
accounts
payable, accrued
liabilities
and income tax
payable (32,730,522) 72,775,863 25,867,608 75,820,604 ------------------------------------------------------------------- --------
Net cash (used
in)/from
operating
activities (27,502,144) 7,930,954 51,224,085 (14,624,001) ------------------------------------------------------------------- -------- Investing
activities
Expenditure on
oil and gas
properties (17,470,569) (19,466,096) (61,146,356) (48,533,347)
Proceeds from
IPI cash calls 6,971,149 13,362,365 12,546,683 17,702,365
Expenditure on
plant and
equipment (3,614,077) (1,316,180) (8,477,601) (3,886,193)
Proceeds
received on sale
of assets - - - 312,500
Proceeds
received on sale
of exploration
assets - 5,000,000 - 6,500,000
Increase in
restricted cash
held as security
on
borrowings (6,514,134) (5,389,477) (1,593,534) (9,383,418)
Change in
non-cash working
capital
Increase in
accounts payable
and accrued
liabilities 7,161,228 8,292,274 1,270,871 9,857,690 ------------------------------------------------------------------- --------
Net cash (used
in)/from
investing
activities (13,466,403) 482,886 (57,399,937) (27,430,403) ------------------------------------------------------------------- -------- Financing
activities
Repayments of
secured loan - - (4,500,000) (4,500,000)
Repayments of
bridging
facility, net of
transaction
costs - - - (70,000,000)
Proceeds from
PNG LNG cash
call - 3,480,750 - 6,982,750
Proceeds from
Clarion Finanz
for Elk option
agreement - - 3,577,288 4,500,000
Proceeds from
Petromin for Elk
participation
agreement 1,000,000 - 5,435,000 -
(Repayments
of)/proceeds
from working
capital facility (2,830,209) 5,943,738 (67,660,373) 13,500,931
Proceeds from
issue of
common
shares/conversion
of debt, net
of transaction
costs 7,151,622 316,521 81,057,121 (104,975)
Proceeds from
issue of
debentures, net
of transaction
costs - - - 94,780,034 ------------------------------------------------------------------- --------
Net cash from
financing
activities 5,321,413 9,741,009 17,909,036 45,158,740 ------------------------------------------------------------------- -------- (Decrease)/
increase in cash
and cash
equivalents (35,647,134) 18,154,849 11,733,184 3,104,336 Cash and cash
equivalents,
beginning of
period 96,350,890 28,811,249 48,970,572 43,861,762 ------------------------------------------------------------------- -------- Cash and cash
equivalents, end
of period
(note 5) 60,703,756 46,966,098 60,703,756 46,966,098 ------------------------------------------------------------------- -------- See accompanying notes to the consolidated financial statements See note 6 for non cash financing and investing activities
NON-GAAP EBITDA Reconciliation
Gross Margin is a non-GAAP measure and is 'sales and operating revenues' less 'cost of sales and operating expenses'. ------------------------------------------------------------------- --------
Quarter ended Nine months ended
September 30, September 30, Consolidated - Operating results ($ thousands, except per share data) 2009 2008 2009 2008 ------------------------------------------------------------------- -------- Sales and operating revenues 172,063 262,371 480,474 697,401 Cost of sales and operating
expenses (148,961) (248,198) (411,377) (631,395) ------------------------------------------------------------------- -------- Gross Margin 23,102 14,173 69,097 66,006 ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Earnings before interest, taxes, depreciation and amortization, commonly referred to as EBITDA, represents our net income/(loss) plus total interest expense (excluding amortization of debt issuance costs), income tax expense, depreciation and amortization expense. EBITDA is used by us to analyze operating performance. EBITDA does not have a standardized meaning prescribed by United States or Canadian generally accepted accounting principles and, therefore, may not be comparable with the calculation of similar measures for other companies. The items excluded from EBITDA are significant in assessing our operating results. Therefore, EBITDA should not be considered in isolation or as an alternative to net earnings, operating profit, net cash provided from operating activities and other measures of financial performance prepared in accordance with GAAP. Further, EBITDA is not a measure of cash flow under GAAP and should not be considered as such. For reconciliation of EBITDA to the net income (loss) under GAAP, refer to the following table.
The following table reconciles net income (loss), a GAAP measure, to EBITDA, a non-GAAP measure for each of the last eight quarters. ------------------------------------------------------------------- --------
2009 Quarters ended ($ thousands) Sep-30 Jun-30 Mar-31 ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream 4,101 (669) (470)
Midstream - Refining 8,199 14,134 14,747
Midstream - Liquefaction (2,120) (1,378) (2,360)
Downstream 6,542 4,150 3,241
Corporate 1,980 1,897 3,052
Consolidation Entries (4,093) (278) (7,286) ------------------------------------------------------------------- -------- Earnings before interest, taxes,
depreciation and amortization 14,609 17,856 10,924 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Subtract: ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream (2,164) (1,563) (1,552)
Midstream - Refining (1,682) (1,709) (1,786)
Midstream - Liquefaction (348) (333) (158)
Downstream (1,045) (1,013) (1,142)
Corporate 0 (1,600) (2,325)
Consolidation Entries 3,824 3,142 2,922 ------------------------------------------------------------------- --------
Interest expense (1,415) (3,076) (4,041) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream - - -
Midstream - Refining - - -
Midstream - Liquefaction (3) (32) (12)
Downstream (1,399) (733) (485)
Corporate (339) (800) (359)
Consolidation Entries (1) (2) (2) ------------------------------------------------------------------- --------
Income taxes and non-controlling
interest (1,742) (1,567) (858) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream (132) (150) (112)
Midstream - Refining (2,755) (2,801) (2,611)
Midstream - Liquefaction (10) (20) (20)
Downstream (658) (662) (651)
Corporate (40) (174) (18)
Consolidation Entries 33 32 32 ------------------------------------------------------------------- --------
Depreciation and amortisation (3,562) (3,775) (3,380) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream 1,805 (2,382) (2,134)
Midstream - Refining 3,762 9,624 10,349
Midstream - Liquefaction (2,481) (1,764) (2,551)
Downstream 3,440 1,742 964
Corporate 1,601 (677) 350
Consolidation Entries (236) 2,895 (4,333) ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Net profit/(loss) per segment 7,891 9,438 2,645 ------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------------------------------- --------
2008 2007 Quarters ended ($ thousands) Dec-31 Sep-30 Jun-30 Mar-31 Dec-31 ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream (2,483) 231 10,164 (1,135) (3,128)
Midstream - Refining (13,976) 17,516 16,329 5,724 9,589
Midstream - Liquefaction (2,501) (1,570) (1,784) (1,636) (797)
Downstream (7,244) 610 7,893 4,529 3,627
Corporate 226 764 (2,155) 1,796 2,145
Consolidation Entries (2,866) (736) (3,092) (2,143) (4,540) ------------------------------------------------------------------- -------- Earnings before interest,
taxes, depreciation and
amortization (28,844) 16,815 27,355 7,135 6,896 ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Subtract: ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream (1,345) (1,137) (841) (704) (474)
Midstream - Refining (2,771) (2,113) (2,263) (2,761) (4,397)
Midstream - Liquefaction (65) (63) (60) (53) (53)
Downstream (2,232) (885) (715) (1,005) (1,145)
Corporate (2,320) (2,484) (2,871) (3,091) (3,005)
Consolidation Entries 2,866 2,636 1,823 2,425 3,629 ------------------------------------------------------------------- --------
Interest expense (5,867) (4,046) (4,927) (5,189) (5,445) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream - - - - -
Midstream - Refining - - - - (44)
Midstream - Liquefaction (12) (25) (49) (24) (13)
Downstream 4,297 82 (3,213) (753) (1,112)
Corporate (163) (21) (122) (81) (11)
Consolidation Entries 4 (3) (2) 0 (1) ------------------------------------------------------------------- --------
Income taxes and
non-controlling interest 4,126 33 (3,386) (858) (1,181) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream (175) (134) (135) (154) (134)
Midstream - Refining (2,742) (2,742) (2,723) (2,761) (2,158)
Midstream - Liquefaction (19) (19) (16) (15) (15)
Downstream (722) (693) (582) (573) (700)
Corporate (19) (18) (16) (15) (12)
Consolidation Entries 32 32 32 32 34 ------------------------------------------------------------------- --------
Depreciation and
amortisation (3,645) (3,574) (3,440) (3,486) (2,985) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
Upstream (4,003) (1,039) 9,188 (1,993) (3,736)
Midstream - Refining (19,490) 12,660 11,345 201 2,990
Midstream - Liquefaction (2,596) (1,677) (1,910) (1,727) (878)
Downstream (5,900) (886) 3,384 2,197 670
Corporate (2,276) (1,759) (5,164) (1,390) (882)
Consolidation Entries 35 1,929 (1,240) 314 (877) ------------------------------------------------------------------- --------------------------------------------------------------------------- -------- Net profit/(loss) per
segment (34,230) 9,228 15,603 (2,398) (2,713) ------------------------------------------------------------------- --------------------------------------------------------------------------- --------
COMPANY DESCRIPTION
InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil's assets consist of petroleum licenses covering about 4.6 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant on a site adjacent to InterOil's refinery in Port Moresby, Papua New Guinea. The Company is headquartered in Cairns, Australia and has offices in Houston, Texas, Port Moresby, Papua New Guinea and Singapore. InterOil's common shares trade on the NYSE in US dollars.