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InterOil Announces Second Quarter Financial and Operating Results
16 Aug, 2010 @ 04:00 pm EDT
CAIRNS, Australia and HOUSTON, Aug. 16 /PRNewswire-FirstCall/ -- InterOil Corporation (NYSE: IOC) (POMSoX:IOC) today announced financial and operating results for the second quarter ended June 30, 2010.
Second Quarter 2010 Highlights and Recent Developments
-- Balance sheet and liquidity remain strong with cash, cash equivalents
and cash restricted of $50.9 million as at June 30, 2010
-- The refinery and distribution operating businesses generated EBITDA, a
non-GAAP measure, of $24.0 million during the quarter, more than
offsetting expenditures from the developing upstream and liquefaction
businesses, resulting in a net $14.9 million in EBITDA on a consolidated
basis.
-- The Antelope 2 horizontal well confirmed a higher condensate-to-natural
gas ratio of 20.4 barrels per million cubic feet of natural gas, 27%
higher than observed at the top of the reservoir. The horizontal well
also demonstrated dolomitization and higher porosity deeper in the
reservoir than previously modeled.
-- Subsequent to the quarter, on August 4, 2010, the Joint Venture
Operating Agreement ("JVOA") for the proposed Condensate Stripping Plant
(CSP) was finalized with Mitsui & Co. Ltd., along with an option deed to
acquire up to 5% of the Elk and Antelope fields at the same price as an
industry partner.
-- On August 11, 2010, the Company closed on a $25 million secured term
loan bearing a 10% interest rate with Clarion Finanz AG to maintain
financial flexibility and further develop the Elk and Antelope fields
while negotiating with potential industry partners.
InterOil Chief Executive Officer Phil Mulacek commented, "We are pleased that our forward momentum has been sustained well into 2010. Our delineation drilling results continue to demonstrate the value of our reservoir at Antelope 2, and the finalization of the JVOA with Mitsui & Co. is another step in our strategy to monetize our liquid resources at the Elk and Antelope fields. These accomplishments, combined with our strong balance sheet and the financing we have in place, will enable us to support our continued growth and operational success."
Corporate Financial Results
InterOil recorded a net profit for the first quarter ended June 30, 2010 of $7.8 million, compared with a net profit of $9.4 million for the same period in 2009, a $1.8 million reduction compared to the equivalent quarter in the prior year primarily to due to a net loss in the Upstream and Midstream Liquefaction development segments that was higher than the year-ago quarter. The Corporate, Midstream - Refining and Downstream operating segments collectively derived a net profit for the quarter of $17.6 million, while the Upstream and Midstream Liquefaction development segments had a net loss of $8.3 million primarily due to higher exploration expenses, for an aggregate net profit of $7.8 million.
InterOil's earnings before interest, taxes, depreciation and amortization ("EBITDA") for the quarter ended June 30, 2010 was $14.9 million, compared with $17.9 million in the same quarter of 2009, a reduction of $3.0 million. Sales and operating revenue increased by $76.9 million from $148.5 million in the quarter ended June 30, 2009 to $225.3 million in the quarter ended June 30, 2010.
Business Segment Results
Upstream - During the quarter, InterOil continued with drilling and logging of the Antelope 2 horizontal well, and performed two separate tests. The deeper of the two confirmed an increasing condensate-to-natural gas ratio ("CGR") of 20.4 barrels per million cubic feet of natural gas, 27% higher than observed at the top of the reservoir. The horizontal well also demonstrated dolomitization and higher porosity deeper in the reservoir than previously modelled.
Processing and interpretation of the development seismic acquired in the first quarter over the Antelope structure was completed during the second quarter. Seismic interpretation and reservoir geophysical studies are well advanced. Additionally, the Company conducted a joint program with LNG Energy for a 27 km line that has been acquired in an area of mutual interest and subsequent to quarter end the processing of this data was completed. Furthermore, seismic acquisition of 20 km on the Wolverine prospect and another 20 km on the Bwata prospect was initiated during the second quarter and has now been completed. The seismic program is designed to prioritize our exploration inventory in time for deployment of our newly-acquired second drilling rig. The rig was shipped from New Zealand and is currently at InterOil's facilities in Napa Napa where it is being prepared for jungle operations.
The definition phase ("Pre-FEED") for the proposed CSP has been completed, and on April 15, 2010 InterOil entered into a preliminary works joint venture and preliminary works financing agreement with Mitsui & Co. to commence Front-End Engineering and Design ("FEED") work on the CSP with Final Investment Decision ("FID") expected by first quarter 2011. On August 4, 2010, the Joint Venture Operating Agreement ("JVOA") for the proposed CSP was finalized with Mitsui & Co.
InterOil's Upstream business generated a net loss of $7.9 million in the second quarter of 2010 compared to a loss of $2.4 million in the comparable quarter a year ago. The widened loss was mainly due to higher exploration costs during current periods due to the seismic acquisition over the Wolverine and Bwata prospects which are expensed as incurred under the successful efforts method of accounting, increased office and administrative as well as interest expenses, in addition to higher consulting costs related to the asset sale process underway.
Midstream Refining - Total refinery throughput for the quarter ended June 30, 2010 was 23,120 barrels per operating day, compared with 21,574 barrels per operating day for the same period of 2009. Capacity utilization for the quarter, based on 36,500 barrels per day operating capacity, was 63% compared with 39% in the same quarter of 2009.
The Company's Midstream Refining operations generated a net profit of $12.1 million versus a profit of $9.6 million in the same quarter of the prior year. The $2.5 million positive variance is largely due to the $12.4 million positive impact of improvement in refining crack spreads. This positive improvement was offset by an increase in non-cash foreign exchange losses of $10.4 million caused by movements of the PNG Kina against the US Dollar.
Midstream Liquefaction - InterOil continued the program to sell a portion of its interests in its Elk and Antelope fields, and in the proposed Midstream Liquefaction (LNG) plant to underpin the commercialization of its gas resources.
The Company's Midstream Liquefaction business generated a loss of $0.4 million in the 2010 second quarter compared with a loss of $1.8 million in the same period a year ago. Since the execution of the LNG Project Agreement with the Independent State of Papua New Guinea in December 2009, all LNG project related direct costs have been capitalized other than overheads and other costs that are incurred in the normal course of running the business, which costs are expensed.
Downstream - Total Downstream sales volumes for the second quarter 2010 were 145.6 million liters compared with 140.8 million liters for the second quarter in 2009. During the quarter ended June 30, 2010, InterOil finalized a supply contract renewal agreement for a two-year term with estimated volume in excess of 100.0 million liters per year.
InterOil's Downstream operations generated a net profit of $3.7 million in the 2010 second quarter, an improvement of $2.0 million versus a profit of $1.7 million in the second quarter of 2009. The positive variance was largely due to the increase in volumes for the quarter and an increase in and the positive effect of product price movements as applied to the inventory sold during the period.
The Corporate segment generated a second quarter net profit of $1.8 million in 2010, compared to a loss of $0.7 million in the 2009 quarter, primarily caused by reduced interest expenses due to mandatory conversion in June 2009 on the remaining portion of the $95.0 million debentures issued in May 2008.
Summary of Consolidated Quarterly Financial Results for Past Eight Quarters
Quarters ended 2010
($ thousands except per
share data) Jun-30 Mar-31
Upstream 1,349 998
Midstream - Refining 194,016 152,093
Midstream - Liquefaction 0 0
Downstream 119,300 109,687
Corporate 11,321 12,093
Consolidation entries (100,637) (96,052)
Sales and operating
revenues 225,349 178,819
Upstream (3,498) (1,964)
Midstream - Refining 16,962 4,402
Midstream - Liquefaction (3) (563)
Downstream 7,060 4,492
Corporate 1,751 4,402
Consolidation entries (7,384) (5,910)
EBITDA (1) 14,888 4,859
Upstream (7,943) (6,182)
Midstream - Refining 12,056 (74)
Midstream - Liquefaction (360) (911)
Downstream 3,719 671
Corporate 1,796 3,544
Consolidation entries (1,438) (191)
Net profit/(loss) 7,830 (3,143)
Net profit/(loss) per
share (dollars)
Per Share - Basic 0.18 (0.07)
Per Share - Diluted 0.17 (0.07)
Quarters ended 2009
-------------- ----
($ thousands except per
share data) Dec-31 Sep-30 Jun-30 Mar-31
----------------------- ------ ------ ------ ------
Upstream 1,027 1,011 660 611
-------- ----- ----- --- ---
Midstream - Refining 173,438 141,295 114,347 145,523
-------------------- ------- ------- ------- -------
Midstream - Liquefaction 0 1 2 4
------------------------ --- --- --- ---
Downstream 118,270 107,712 85,472 78,572
---------- ------- ------- ------ ------
Corporate 10,539 10,087 8,640 7,753
--------- ------ ------ ----- -----
Consolidation entries (93,971) (86,509) (60,625) (70,801)
--------------------- ------- ------- ------- -------
Sales and operating
revenues 209,303 173,597 148,496 161,662
------------------- ------- ------- ------- -------
Upstream 574 (29,097) (669) (469)
-------- --- ------- ---- ----
Midstream - Refining 8,492 8,199 14,134 14,747
-------------------- ----- ----- ------ ------
Midstream - Liquefaction (1,200) (2,119) (1,379) (2,361)
------------------------ ------ ------ ------ ------
Downstream 4,391 6,542 4,150 3,241
---------- ----- ----- ----- -----
Corporate 1,765 1,980 1,897 3,051
--------- ----- ----- ----- -----
Consolidation entries (4,884) (4,092) (278) (7,285)
--------------------- ------ ------ ---- ------
EBITDA (1) 9,138 (18,587) 17,855 10,924
---------- ----- ------- ------ ------
Upstream (3,626) (31,392) (2,382) (2,133)
-------- ------ ------- ------ ------
Midstream - Refining 18,070 3,762 9,624 10,350
-------------------- ------ ----- ----- ------
Midstream - Liquefaction (1,591) (2,481) (1,765) (2,552)
------------------------ ------ ------ ------ ------
Downstream 2,371 3,440 1,742 964
---------- ----- ----- ----- ---
Corporate 3,036 1,602 (677) 349
--------- ----- ----- ---- ---
Consolidation entries 1,047 (237) 2,894 (4,332)
--------------------- ----- ---- ----- ------
Net profit/(loss) 19,307 (25,306) 9,436 2,646
----------------- ------ ------- ----- -----
Net profit/(loss) per
share (dollars)
---------------------
Per Share - Basic 0.45 (0.60) 0.25 0.07
----------------- ---- ----- ---- ----
Per Share - Diluted 0.43 (0.60) 0.24 0.07
------------------- ---- ----- ---- ----
Quarters ended 2008
-------------- ----
($ thousands except per
share data) Dec-31 Sep-30
----------------------- ------ ------
Upstream 487 698
-------- --- ---
Midstream - Refining 194,617 216,750
-------------------- ------- -------
Midstream - Liquefaction 23 35
------------------------ --- ---
Downstream 128,540 172,528
---------- ------- -------
Corporate 9,591 8,415
--------- ----- -----
Consolidation entries (114,691) (134,695)
--------------------- -------- --------
Sales and operating
revenues 218,567 263,731
------------------- ------- -------
Upstream (2,483) 231
-------- ------ ---
Midstream - Refining (13,976) 17,516
-------------------- ------- ------
Midstream - Liquefaction (2,501) (1,570)
------------------------ ------ ------
Downstream (7,244) 610
---------- ------ ---
Corporate 226 764
--------- --- ---
Consolidation entries (2,865) (737)
--------------------- ------ ----
EBITDA (1) (28,843) 16,814
---------- ------- ------
Upstream (4,003) (1,039)
-------- ------ ------
Midstream - Refining (19,490) 12,660
-------------------- ------- ------
Midstream - Liquefaction (2,597) (1,677)
------------------------ ------ ------
Downstream (5,901) (886)
---------- ------ ----
Corporate (2,275) (1,759)
--------- ------ ------
Consolidation entries 37 1,928
--------------------- --- -----
Net profit/(loss) (34,229) 9,227
----------------- ------- -----
Net profit/(loss) per
share (dollars)
---------------------
Per Share - Basic (0.96) 0.26
----------------- ----- ----
Per Share - Diluted (0.96) 0.22
------------------- ----- ----
(1) EBITDA is a non-GAAP measure, please note reconciliation below.
Balance Sheet and Liquidity
InterOil closed the first quarter of 2010 with cash, cash equivalents and cash restricted totalling $50.9 million as at June 30, 2010 (June 2009 - $110.9 million), of which $19.2 million is restricted (March 2009 - $14.5 million). We also had working capital facilities in the aggregate of $236.8 million, with $86.5 million available for use in our Midstream Refining operations, and $39.8 million available for use in our Downstream operations.
Our debt-to-capital ratio (long term debt/(shareholders' equity + long term debt)) was reduced to 10% in June 2010 from 13% in June 2009. This reduction in gearing was mainly due to principal payments of $9.0 million on the OPIC secured loan.
Summary of Debt Facilities
Summarized below are the debt facilities available to us and the balances outstanding as at June 30, 2010.
Balance
Organization Facility outstanding Maturity date
June 30, 2010
OPIC secured loan $49,000,000 $49,000,000 December 2015
BNP Paribas working capital
facility $190,000,000 $50,633,368 (1) December 2010
Westpac working capital
facility $28,800,000 $6,999,314 October 2011
facility
BSP working capital facility $18,000,000 $0 October 2010
Mitsui unsecured loan $1,118,500 (2) $1,118,500 Not Applicable
(1) Excludes letters of credit totaling $52.9 million.
(2) Facility is to fund our share of the CSP JV costs as they are
incurred.
(3) On August 11, 2010, the Company closed on a $25 million secured
term loan with Clarion Finanz AG
InterOil Corporation
Consolidated Balance Sheets
(Unaudited, Expressed in United States dollars)
As at
December
June 30, 31, June 30,
2010 2009 2009
$ $ $
--- --- ---
Assets
Current assets:
Cash and cash
equivalents (note 5) 31,665,252 46,449,819 96,350,890
Cash restricted (note
7) 19,205,733 22,698,829 14,520,001
Trade receivables
(note 8) 75,215,453 61,194,136 40,126,498
Derivative contracts
receivables (note 7) 483,000 - -
Other assets 572,435 639,646 698,090
Inventories (note 9) 82,339,714 70,127,049 114,045,411
Prepaid expenses 2,876,807 6,964,950 2,834,453
Total current assets 212,358,394 208,074,429 268,575,343
-------------------- ----------- ----------- -----------
Non-current assets:
Cash restricted (note
7) 6,374,126 6,609,746 6,844,439
Goodwill (note 14) 6,626,317 6,626,317 5,761,940
Plant and equipment
(note 10) 219,530,111 221,046,709 221,294,736
Oil and gas properties
(note 11) 218,335,932 172,483,562 157,877,004
Future income tax
benefit 15,172,830 16,912,969 2,057,298
Total non-current
assets 466,039,316 423,679,303 393,835,417
Total assets 678,397,710 631,753,732 662,410,760
------------ ----------- ----------- -----------
Liabilities and
shareholders' equity
Current liabilities:
Accounts payable and
accrued liabilities
(note 12) 63,954,479 59,372,354 131,807,259
Derivative contracts
(note 7) 136,304 - -
Working capital
facilities (note 15) 57,632,682 24,626,419 3,962,238
Current portion of
loans (note 18) 10,118,500 9,000,000 9,000,000
Current portion of
Indirect
participation
interest (note 19) 540,002 540,002 540,002
Total current
liabilities 132,381,967 93,538,775 145,309,499
------------- ----------- ---------- -----------
Non-current
liabilities:
Secured loan (note 18) 39,201,250 43,589,278 47,977,305
Deferred gain on
contributions to LNG
project (note 13) 13,076,272 13,076,272 13,076,272
Indirect participation
interest (note 19) 39,620,430 39,559,718 70,892,669
Total non-current
liabilities 91,897,952 96,225,268 131,946,246
----------------- ---------- ---------- -----------
Total liabilities 224,279,919 189,764,043 277,255,745
----------------- ----------- ----------- -----------
Non-controlling
interest (note 20) 15,993 13,596 9,230
------------------- ------ ------ -----
Shareholders' equity:
Share capital (note
21) 622,277,557 613,361,363 540,082,767
Authorised -unlimited
Issued and outstanding
-43,756,354
(Dec 31, 2009 -
43,545,654)
(Jun 30, 2009 -
41,848,889)
Contributed surplus 22,376,810 21,297,177 17,357,873
Warrants (note 24) - - 2,119,034
Accumulated Other
Comprehensive Income 5,593,948 8,150,976 16,551,491
Conversion options
(note 19) 13,270,880 13,270,880 17,140,000
Accumulated deficit (209,417,397) (214,104,303) (208,105,380)
Total shareholders'
equity 454,101,798 441,976,093 385,145,785
Total liabilities and
shareholders' equity 678,397,710 631,753,732 662,410,760
--------------------- ----------- ----------- -----------
See accompanying notes to the consolidated financial statements.
Commitments and contingencies (note 26), 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 Six months ended
------------- ----------------
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
$ $ $ $
-- -- -- --
Revenue
Sales and
operating
revenues 223,768,287 147,570,673 401,218,722 308,411,228
Interest 34,117 89,058 75,666 165,119
Other 1,546,877 836,246 2,873,419 1,581,957
-----
225,349,281 148,495,977 404,167,807 310,158,304
----------- ----------- ----------- -----------
Expenses
Cost of sales
and operating
expenses 191,431,609 126,007,123 350,031,947 262,417,838
Administrative
and general
expenses 8,876,090 7,454,273 17,601,227 14,617,065
Derivative
(gains)/losses (265,003) 345,650 681,347 (931,060)
Legal and
professional
fees 1,830,810 2,607,296 3,599,322 3,847,982
Exploration
costs,
excluding
exploration
impairment
(note 11) 2,308,287 31,075 2,313,563 247,121
Short term
borrowing costs 1,134,433 782,556 2,172,140 1,847,351
Long term
borrowing costs 1,401,832 2,861,819 2,486,176 6,432,965
Depreciation and
amortization 3,623,333 3,773,772 7,008,111 7,154,347
Gain on sale of
oil and gas
properties
(note 11) - (1,087,483) - (1,087,483)
Foreign exchange
losses/(gains) 5,382,707 (5,284,183) 8,461,333 1,105,731
215,724,098 137,491,898 394,355,166 295,651,857
----------- ----------- ----------- -----------
Income before
income taxes
and non-
controlling
interest 9,625,183 11,004,079 9,812,641 14,506,447
Income taxes
Current
(expense)/benefit (1,236,720) (1,686,815) (3,216,326) (998,699)
Future
(expense)/benefit (555,743) 122,731 (1,907,013) (1,422,203)
------------------
(1,792,463) (1,564,084) (5,123,339) (2,420,902)
---------- ---------- ---------- ----------
Income before
non-
controlling
interest 7,832,720 9,439,995 4,689,302 12,085,545
------------- --------- --------- --------- ----------
Non-controlling
interest (note
20) (2,411) (1,925) (2,396) (3,995)
Net income 7,830,309 9,438,070 4,686,906 12,081,550
---------- --------- --------- --------- ----------
Basic income per
share (note 25) 0.18 0.25 0.11 0.32
Diluted income
per share (note
25) 0.17 0.24 0.10 0.32
Weighted average
number of
common shares
outstanding
Basic (Expressed
in number of
common shares) 43,743,497 38,244,238 43,663,674 37,216,877
Diluted
(Expressed in
number of
common shares) 45,227,840 38,946,516 45,261,931 37,724,806
--------------- ---------- ---------- ---------- ----------
See accompanying notes to the consolidated financial statements
InterOil Corporation
Consolidated Statement of Cash Flows
(Unaudited, Expressed in United States dollars)
Quarter ended Six months ended
------------- ----------------
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
$ $ $ $
-- -- -- --
Cash flows
provided
by (used
in):
Operating
activities
Net income 7,830,309 9,438,070 4,686,906 12,081,550
Adjustments
for non-
cash and
non-
operating
transactions
Non-
controlling
interest 2,411 1,925 2,396 3,995
Depreciation
and
amortization 3,623,333 3,773,772 7,008,111 7,154,347
Future
income tax
asset 521,800 683,427 1,740,139 1,012,884
Gain on
sale of
exploration
assets - (1,087,483) - (1,087,483)
Amortization
of
discount
on
debentures
liability - 484,489 - 1,212,262
Amortization
of
deferred
financing
costs 55,986 55,986 111,972 111,972
Gain on
hedge
contracts - (283,900) - (208,800)
Timing
difference
between
derivatives
recognised
and settled (880,696) (265,400) (346,696) 15,074,050
Stock
compensation
expense,
including
restricted
stock 3,537,382 1,892,759 5,003,012 3,317,212
Inventory
revaluation - (205,546) 27,517 -
Non-cash
interest
settlement
on
debentures - 2,352,084 - 2,352,084
Oil and gas
properties
expensed 2,308,287 31,075 2,313,563 247,121
Loss on
proportionate
consolidation
of LNG
project - - - 724,357
Unrealized
foreign
exchange
loss/
(gain) 2,118,467 (1,967,988) 2,068,183 (3,901,133)
Change in
operating
working
capital
(Increase)/decrease
in trade
receivables (5,555,692) 3,761,094 (42,207,748) 1,945,982
(Decrease)/increase
in
unrealised
hedge
gains - (4,008,175) - 6,268,950
Decrease in
other
assets and
prepaid
expenses 109,552 104,229 4,155,354 1,124,916
(Increase)/decrease
in
inventories 1,440,192 (34,020,246) (14,731,797) (27,306,167)
(Decrease)/increase
in
accounts
payable
and
accrued
liabilities (44,694,188) 79,399,551 4,625,916 58,598,130
--------------------
Net cash
(used
in)/from
operating
activities (29,582,857) 60,139,723 (25,543,172) 78,726,229
-------- ----------- ---------- ----------- ----------
Investing
activities
Expenditure
on oil and
gas
properties (32,127,746) (20,054,923) (61,497,982) (43,675,787)
Proceeds
from IPI
cash calls 971,589 3,603,284 15,170,920 5,575,534
Expenditure
on plant
and
equipment,
net of
disposals (2,351,017) (5,138,243) (5,491,513) (4,863,524)
Proceeds
received
on sale of
exploration
assets - - 13,903,682 -
Decrease/
(increase)
in
restricted
cash held
as
security
on
borrowings 9,035,092 (3,982,816) 3,728,716 4,920,600
Change in
non-cash
working
capital
Increase/
(decrease)
in
accounts
payable
and
accrued
liabilities 9,509,343 (11,038,843) 4,342,104 (5,890,357)
---------
Net cash
used in
investing
activities (14,962,739) (36,611,541) (29,844,073) (43,933,534)
-------- ----------- ----------- ----------- -----------
Financing
activities
Repayments
of OPIC
secured
loan (4,500,000) (4,500,000) (4,500,000) (4,500,000)
Proceeds
from
Mitsui for
Condensate
Stripping
Plant 3,237,000 - 3,237,000 -
Proceeds
from PNG
LNG cash
call 866,600 - 866,600 -
Proceeds
from
Clarion
Finanz for
Elk option
agreement - - - 3,577,288
Proceeds
from
Petromin
for Elk
and
Antelope
field
development 2,000,000 1,000,000 3,000,000 4,435,000
Proceeds
from/
(repayments
of)
working
capital
facility 32,468,143 (39,358,309) 33,006,263 (64,830,164)
Proceeds
from issue
of common
shares/
conversion
of debt,
net of
transaction
costs 911,399 73,036,698 4,992,815 73,905,499
Net cash
from/
(used in)
financing
activities 34,983,142 30,178,389 40,602,678 12,587,623
----------- ---------- ---------- ---------- ----------
(Decrease)/increase
in cash
and cash
equivalents (9,562,454) 53,706,571 (14,784,567) 47,380,318
Cash and
cash
equivalents,
beginning
of period 41,227,706 42,644,319 46,449,819 48,970,572
Cash and
cash
equivalents,
end of
period
(note 5) 31,665,252 96,350,890 31,665,252 96,350,890
------------- ---------- ---------- ---------- ----------
See accompanying notes to the consolidated financial statements
See note 6 for non cash financing and investing activities
NON-GAAP EBITDA Reconciliation
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.
Quarters ended 2010
($ thousands) Jun-30 Mar-31
Upstream (3,498) (1,964)
Midstream - Refining 16,962 4,402
Midstream - Liquefaction (3) (563)
Downstream 7,060 4,492
Corporate 1,751 4,402
Consolidation Entries (7,384) (5,910)
Earnings before interest,
taxes, depreciation and
amortization 14,888 4,859
Subtract:
Upstream (4,367) (4,080)
Midstream - Refining (1,651) (1,731)
Midstream - Liquefaction (351) (342)
Downstream (1,167) (800)
Corporate (20) (20)
Consolidation Entries 5,916 5,687
Interest expense (1,640) (1,286)
Upstream - -
Midstream - Refining (366) (173)
Midstream - Liquefaction 0 0
Downstream (1,524) (2,361)
Corporate 97 (797)
Consolidation Entries (2) 0
Income taxes and non-
controlling interest (1,795) (3,331)
Upstream (78) (138)
Midstream - Refining (2,888) (2,572)
Midstream - Liquefaction (6) (6)
Downstream (651) (660)
Corporate (32) (41)
Consolidation Entries 32 32
Depreciation and
amortisation (3,623) (3,385)
Upstream (7,943) (6,182)
Midstream - Refining 12,056 (74)
Midstream - Liquefaction (360) (911)
Downstream 3,718 671
Corporate 1,796 3,544
Consolidation Entries (1,437) (191)
Net profit/(loss) per
segment 7,830 (3,143)
Quarters ended 2009
-------------- ----
($ thousands) Dec-31 Sep-30 Jun-30 Mar-31
------------- ------ ------ ------ ------
Upstream 574 (29,097) (669) (469)
-------- --- ------- ---- ----
Midstream - Refining 8,492 8,199 14,134 14,747
-------------------- ----- ----- ------ ------
Midstream - Liquefaction (1,200) (2,119) (1,379) (2,361)
------------------------ ------ ------ ------ ------
Downstream 4,391 6,542 4,150 3,241
---------- ----- ----- ----- -----
Corporate 1,765 1,980 1,897 3,051
--------- ----- ----- ----- -----
Consolidation Entries (4,884) (4,092) (278) (7,285)
--------------------- ------ ------ ---- ------
Earnings before interest,
taxes, depreciation and
amortization 9,138 (18,587) 17,855 10,924
------------------------- ----- ------- ------ ------
Subtract:
---------
Upstream (4,056) (2,164) (1,563) (1,552)
-------- ------ ------ ------ ------
Midstream - Refining (1,973) (1,682) (1,709) (1,786)
-------------------- ------ ------ ------ ------
Midstream - Liquefaction (379) (348) (333) (158)
------------------------ ---- ---- ---- ----
Downstream (930) (1,045) (1,013) (1,142)
---------- ---- ------ ------ ------
Corporate (27) - (1,600) (2,325)
--------- --- --- ------ ------
Consolidation Entries 5,905 3,823 3,141 2,923
--------------------- ----- ----- ----- -----
Interest expense (1,460) (1,416) (3,077) (4,040)
---------------- ------ ------ ------ ------
Upstream - - - -
-------- --- --- --- ---
Midstream - Refining 14,316 - - -
-------------------- ------ --- --- ---
Midstream - Liquefaction (8) (3) (32) (12)
------------------------ --- --- --- ---
Downstream (411) (1,398) (733) (485)
---------- ---- ------ ---- ----
Corporate 1,340 (339) (800) (359)
--------- ----- ---- ---- ----
Consolidation Entries (3) (1) (2) (2)
--------------------- --- --- --- ---
Income taxes and non-
controlling interest 15,234 (1,741) (1,567) (858)
--------------------- ------ ------ ------ ----
Upstream (144) (132) (150) (112)
-------- ---- ---- ---- ----
Midstream - Refining (2,765) (2,755) (2,801) (2,611)
-------------------- ------ ------ ------ ------
Midstream - Liquefaction (7) (10) (20) (20)
------------------------ --- --- --- ---
Downstream (679) (658) (662) (651)
---------- ---- ---- ---- ----
Corporate (43) (40) (174) (18)
--------- --- --- ---- ---
Consolidation Entries 33 33 32 32
--------------------- --- --- --- ---
Depreciation and
amortisation (3,605) (3,562) (3,775) (3,380)
---------------- ------ ------ ------ ------
Upstream (3,626) (31,392) (2,382) (2,134)
-------- ------ ------- ------ ------
Midstream - Refining 18,071 3,762 9,624 10,349
-------------------- ------ ----- ----- ------
Midstream - Liquefaction (1,593) (2,481) (1,764) (2,551)
------------------------ ------ ------ ------ ------
Downstream 2,371 3,440 1,742 964
---------- ----- ----- ----- ---
Corporate 3,034 1,601 (677) 350
--------- ----- ----- ---- ---
Consolidation Entries 1,050 (236) 2,893 (4,332)
--------------------- ----- ---- ----- ------
Net profit/(loss) per
segment 19,307 (25,306) 9,436 2,646
--------------------- ------ ------- ----- -----
Quarters ended 2008
-------------- ----
($ thousands) Dec-31 Sep-30
------------- ------ ------
Upstream (2,483) 231
-------- ------ ---
Midstream - Refining (13,976) 17,516
-------------------- ------- ------
Midstream - Liquefaction (2,501) (1,570)
------------------------ ------ ------
Downstream (7,244) 610
---------- ------ ---
Corporate 226 764
--------- --- ---
Consolidation Entries (2,866) (737)
--------------------- ------ ----
Earnings before interest,
taxes, depreciation and
amortization (28,844) 16,814
------------------------- ------- ------
Subtract:
---------
Upstream (1,345) (1,137)
-------- ------ ------
Midstream - Refining (2,771) (2,113)
-------------------- ------ ------
Midstream - Liquefaction (65) (63)
------------------------ --- ---
Downstream (2,232) (885)
---------- ------ ----
Corporate (2,320) (2,484)
--------- ------ ------
Consolidation Entries 2,866 2,636
--------------------- ----- -----
Interest expense (5,867) (4,046)
---------------- ------ ------
Upstream - -
-------- --- ---
Midstream - Refining 0 -
-------------------- --- ---
Midstream - Liquefaction (12) (25)
------------------------ --- ---
Downstream 4,297 82
---------- ----- ---
Corporate (163) (21)
--------- ---- ---
Consolidation Entries 4 (3)
--------------------- --- ---
Income taxes and non-
controlling interest 4,126 33
--------------------- ----- ---
Upstream (175) (134)
-------- ---- ----
Midstream - Refining (2,742) (2,742)
-------------------- ------ ------
Midstream - Liquefaction (19) (19)
------------------------ --- ---
Downstream (722) (693)
---------- ---- ----
Corporate (19) (18)
--------- --- ---
Consolidation Entries 33 33
--------------------- --- ---
Depreciation and
amortisation (3,644) (3,573)
---------------- ------ ------
Upstream (4,003) (1,039)
-------- ------ ------
Midstream - Refining (19,490) 12,660
-------------------- ------- ------
Midstream - Liquefaction (2,596) (1,677)
------------------------ ------ ------
Downstream (5,900) (886)
---------- ------ ----
Corporate (2,276) (1,759)
--------- ------ ------
Consolidation Entries 38 1,929
--------------------- --- -----
Net profit/(loss) per
segment (34,227) 9,228
--------------------- ------- -----
(1) The inter-company interest charges have been restated for
quarter ended March 31, 2008 and June 30, 2008 to reflect transfer
of certain inter-company loan balances to inter-company
investments.
(2) During the year, the Company has transferred notional interest
cost from Corporate segment to the Upstream and Midstream -
Liquefaction segments to reflect a more accurate view of its segment
results. The prior year comparatives have been reclassified to
conform to the current classification.
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 3.9 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.
InterOil's common shares trade on the NYSE in US dollars.
FOR INVESTOR RELATIONS ENQUIRIES:
Wayne Andrews
V. P. Capital Markets
Wayne.Andrews@InterOil.com
The Woodlands, TX USA
Phone: 281-292-1800
Cautionary Statements
Forward Looking Statements
This press release may include "forward-looking statements" as defined in United States federal and Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the InterOil expects, believes or anticipates will or may occur in the future are forward-looking statements, including in particular anticipated financial conditions and performance, business prospects, strategies, regulatory developments, the ability to attract joint venture partners, future hydrocarbon commodity prices, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market products successfully to current and new customers, the effects from increasing competition, the ability to obtain financing on acceptable terms, and the ability to develop reserves and production through development and exploration activities.. Statements relating to 'resources' are forward looking, as they involve the applied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities estimated. These statements are based on certain assumptions made by the Company based on its experience and perception of current conditions, expected future developments and other factors it believes are appropriate in the circumstances. No assurances can be given however, that these events will occur. Actual results will differ, and the difference may be material and adverse to the Company and its shareholders. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. Some of these factors include the risk factors discussed in the Company's filings with the Securities and Exchange Commission and SEDAR, including but not limited to those in the Company's Annual Report for the year ended December 31, 2009 on Form 40-F and its Annual Information Form for the year ended December 31, 2009. In particular, there is no established market for natural gas or gas condensate in Papua New Guinea and no guarantee that gas or gas condensate from the Elk and Antelope fields will ultimately be able to be extracted and sold commercially
Investors are urged to consider closely the disclosure in the Company's Form 40-F, available from us at www.interoil.com or from the SEC at www.sec.gov and its and its Annual Information Form available on SEDAR at www.sedar.com.
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We include in this press release resource estimates other than proved reserves, that the SEC's guidelines strictly prohibit us from including in filings with the SEC.
SOURCE InterOil Corporation
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