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InterOil Corporation recorded record revenues

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Staff writer ▼ | April 1, 2014
InterOil CorporationInterOil Corporation announced record revenues and products sold in its financial results for the full year ending December 31, 2013. The consolidated $40.4 million net loss was mainly driven by the Papua New Guinea kina depreciating against the U.S. dollar.

Financial and operating results for Q4 and full year showed record revenues of $1,400 million (2012: $1,321 million) on the back of record total products sold of 9.4 MMbbls (2012: 8.5 MMbbls), an 11% increase from the year before and the largest volume ever sold by the company.

This included a record throughput of 27,999 barrels per day (bbls/d) from the refinery (2012: 24,483 bbls/d) and 738 million liters of downstream sales (2012:753 million liters). At December 31, 2013, the company continued to operate the only refinery in Papua New Guinea and was the largest downstream and retail distributor with 52 service stations, 18 depots and 12 aviation sites.

During 2013, investments in development of Upstream and Midstream Liquefaction resulted in a net loss of $75.1 million (2012: net loss of $59.6 million). This was balanced by Corporate, Refining and Downstream collectively recording a net profit for the year of $34.7 million (2012: $61.2 million).

The consolidated $40.4 million net loss compared to a $1.6 million profit in 2012 was mainly driven by the Papua New Guinea kina depreciating 13% against the U.S. Dollar leading to a consolidated $41.2 million in exchange rate losses.

At December 31, 2013, the company had cash, cash equivalents and cash restricted totalling $115.2 million (December 31, 2012: $98.7 million), of which $53.2 million is restricted (December 31, 2012: $49.0 million).

In addition, the company had aggregate undrawn facilities of $308 million, including $150 million in relation to a Credit Suisse facility to fund the Company's current exploration program, and $158 million of working capital facilities to fund the operating business. The Company's gearing levels measured by the debt-to-capital ratio was 26% in December 2013 from 19% in December 2012.

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