News Story
InterOil Announces Third Quarter 2009 Financial Results
Wednesday November 04, 2009 18:26:04 EST
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.
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) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------Continued...
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