InterOil: Record sales

 INTEROIL  sold a record 9.4 million barrels of oil last year.

This translated to a record revenue of US$1.4 billion (K3.4 billion) last year as against the US$1.32 billion (K3.1 billion) in the previous year.

Its financial reports ending December 31, 2013 said this was the result of the 9.4 million barrels of oil (mmbbls) sold during the year, up 11% from the previous year’s 8.5mmbls.

InterOil said it was the largest volume it sold.

This also included a record 27,999 barrels per day from the refinery and 738 million litres of downstream sales.

In December of last year, the company continued to operate the only refinery in the country and was the largest downstream and retail distributor with 52 service stations, 18 depots and 12 aviation sites.

During the year, investments in development of upstream and midstream liquefaction resulted in a net loss of US$75.1 million (K181.8 million).

In 2012, the company posted a net loss of US$59.6 million (K144 million).

This was offset by corporate, refining and downstream collectively recording a net profit for the year of US$34.7 million (K84 million) versus US$1.2 million (K2.9 million) in 2012.

The consolidated US$40.4 million (K97.82 million) net loss against a US$1.6 million (K3.87)  profit in 2012 was mainly driven by the Papua New Guinea kina, depreciating 13% against the US dollar, leading to a consolidated US$41.2 million (K99.75 million) in exchange rate losses.

On Dec 31, 2013, InterOil had cash, cash equivalents and cash restricted totalling US$115.2 million (K278.93 million) versus US$98.7 million (K238.98 million) recorded  at the end of 2012, of which US$53.2 million (K128.81 million) was restricted.

The company had aggregate undrawn facilities of US$308 million (K745.76 million), including US$1.5 million (K3.6 million) in relation to a Credit Suisse facility to fund the company’s current exploration programme, and a US$150 million (K363 million) of working capital facilities to fund the operating business.