InterOil recorded a net profit for the quarter ended March 31, 2013 of $4.0 million, compared with a profit of $9.4 million for the same period in 2012, a decrease of $5.4 million.
The operating segments of Corporate, Midstream Refining and Downstream collectively returned a net profit for the quarter of $18.5 million. Investments in the development segments of Upstream and Midstream Liquefaction yielded a net loss of $14.5 million for an aggregate net profit of $4.0 million.
EBITDA for the quarter ended March 31, 2013 was $18.0 million, a decrease of $9.5 million compared to EBITDA of $27.5 million for the same period in 2012, the decrease was mainly due to a $15.6 million negative variance in foreign exchange due to a weakening Kina versus the U.S. Dollar in the current period compared to a strengthening Kina versus the U.S. Dollar in the same period in 2012. The swing in foreign exchange was partially offset by $6.9 million reduction in exploration expense compared to the 2012 first quarter.
Total revenues for the quarter ended March 31, 2013 were $350.3 million compared with $338.2 million for the same period in 2012. This increase in the quarter ended March 31, 2013 compared to the same period in 2012 was primarily due to higher sales volumes made during the quarter. The total volume of all products sold by us was 2.4 million barrels for the quarter ended March 31, 2013, compared with 2.2 million barrels in first quarter of 2012.
First Quarter 2013 Highlights and Recent Developments
Dr. Gaylen Byker, InterOil Corporation Interim Chief Executive Officer, commented, “InterOil management and the Board are firmly committed to all of our stakeholders. My mandate as Chairman is to drive the LNG partner selection process to conclusion while maximizing value for all. We believe that our partnering process puts us in an advantageous position. We all look forward to working with a qualified LNG partner, in a fashion that balances the interests of all stakeholders and satisfies the objectives of the PNG government. We are excited to be at the final stage in this process.”
[mappress] LNG World News Staff, May 14, 2013; Image: InterOil