InterOil posts lower profit
13 May 2013 22:06 GMT
InterOil reported a profit of $4 million in the three months to March, compared with a profit of $9.4 million a year earlier.
The company's upstream segment continued to drag down profits and lost $13.8 million for the quarter, though that was down from a $17.2 million loss a year earlier.
Investments in the development of liquefaction facilities yielded a net loss of $14.5 million.
InterOil did see a $6.9 million decrease in seismic exploration costs, but slumped on higher interest from "inter-company loan balances" for development and other activities.
The Canadian player got a boost from its corporate, midstream refining and downstream segments, to the tune of $18.5 million.
Total revenues for the quarter were $350.3 million, up from $338.2 million a year earlier due to higher sales volumes.
InterOil's chief executive, Phil Mulacek, unexpectedly left the company at the end of last month, launching speculation that some of the company's assets - or the company itself - might be up for sale.
The company had been making sputtering progress in attracting a major partner to take an eventual operated stake in a liquefaction project at some sizable natural gas discoveries in Papua New Guinea. The government of the island nation told InterOil it had to find a major partner for Gulf LNG before it would allow the project to go forward.
InterOil has said it has received "several bids" to partner in the project. Upstream sources have indicated that Anglo-Dutch supermajor Shell is the front-runner to take on the role.