InterOil Q1 Profit Drops

InterOil (NYSE: IOC  ) results for Q1 have been released. For the quarter, revenues totaled $350 million, up from the $338 million in the same period the previous year. Net profit was just above $4 million ($0.08 per diluted share), less than half of Q1 2012's $9.4 million ($0.19).

The company attributed the higher top line to higher sales volumes. For the most recent quarter, the total volume of all products sold was 2.4 million barrels, which bettered Q1 2012's figure of 2.2 million.

Of InterOil's two largest product categories, the midstream segment was the one that posted a year-on-year increase, inching up by nearly 1% to contribute $305 million to revenues this past Q1. Downstream fell by 5% over that same time frame to land at $208 million. The company's consolidation entries leeched nearly $200 million from revenues during the quarter.


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  • Report this Comment On May 13, 2013, at 11:21 PM, shirtbrigade wrote:

    It appears they heavily paid down their lines of credit. Also, the focus is on the sell down of assets which the company hired 3 world class IBs to accomplish. They just stated they are in the final stages of that process. Monetization of what is considered "stranded gas" and a sell down to a major oil company or national oil company, nearly decided. Its the largest overall find in the region. If your analyst is going to attend the conference call, your above observations are literally surreal, disconnected from what is going on at the company and driving the pps. This is PNG. As it stands, their processing and sales of oil was never the point, its not going to go anywhere. The value of what they have found in terms of natural gas and liquids is the point. Getting that "un-stranded", processed and to the asian market, which pays enormous premiums, is the point. Its critical you learn about this and understand it. The region within reach (Japan, for example) has announced an end to the use of nuclear plants to make energy. (Japan, in response to their issues following the disaster/tsunami) Your understanding of what is happening is disconnected from what matters now, at IOC.

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