InterOil Reports $24M Operating Profit for 4Q 2011
by InterOil Exploration and Production
|
Press Release | Monday, February 20, 2012 | 12:04 AM EST
Norway's InterOil Exploration and Production generated an EBITDA of $24 million on operating revenues of $39 million in 4Q 2011, the firm reported Monday. Due to losses of $23.9 million on the oil hedging contracts, and significantly increased depreciation charges, the company recorded a loss before tax of $22.3 million for the quarter.
For 2011 InterOil generated an EBITDA of $98.7 million up from $58.1 million in 2010. Profit before tax came in at $30.1 million against a loss of $48 million in 2010.
InterOil's production in 4Q 2011 decreased by 5.6 percent compared to 3Q 2011, mainly due to decline in production on the San Luis Field in Peru. Despite lower production and slightly lower oil price, revenues increased by 0.6 percent compared to the prior quarter, due to a decrease in inventory in Colombia.
EBIT decreased from $18 million in 3Q 2011 to $4 million in 4Q, mainly due to an increase in depreciation and amortization of $12 million.
InterOil had net financial expenses of $26.6 million in the fourth quarter of 2011. Losses related to oil hedge contracts accounted for $23.9 million, of which realized loss is $4.3 million and unrealized loss is $19.5 million, while interest expenses amounted to $3.2 million. For the financial year of 2011, InterOil incurred net financial expense of $24.6 million. $7.2 million were related to oil hedge contracts, while $13.9 million were recorded as interest expenses.
Total comprehensive loss for the fourth quarter was $26.7 million after income tax of $4.1 million compared to a net loss of $22.8 million in the same quarter prior year. On a year to date basis the net income is $9.1 million after income tax expense of $20.5 million compared to a net loss of $48.9 million after income tax expense of $7.9 million in the prior year.
The license negotiations of Block III and IV with the state oil company, Petroperu, are continuing in good faith, reported InterOil, and for the time being the parties have agreed to full confidentiality during the process.
InterOil Peru plans to drill 10 wells at the San Luis field in 2012. The drilling plan depends on the final outcome of the license negotiations.
In Colombia, InterOil plans to drill at least one well in Altair and four wells in Mana starting in April 2012.
InterOil also reported Monday that its combined Peruvian and Colombian reserves as of Dec. 31 2011 stood at 6.2 million barrels of oil equivalent of proven reserves (1P), 7.2 Mmboe (2P) and 7.8 Mmboe (3P).
RELATED COMPANIES
Company: Interoil Exploration & Production ASA more info
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea