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Press Release

InterOil Announces 2012 First Quarter Financial and Operating Results

PR Newswire

PORT MORESBY, Papua New Guinea and HOUSTON, May 14, 2012 /PRNewswire/ -- InterOil Corporation (NYSE: IOC) (POMSoX: IOC) today announced financial and operating results for the first quarter ended March 31, 2012.

First Quarter 2012 Highlights and Recent Developments

  • As of April 6, 2012, InterOil drilled the Triceratops-2 well in Papua New Guinea through the entire carbonate interval to a total depth of 7,336 feet (2,236 meters).  The acquisition of wireline logs was completed on April 14, 2012 and the testing program is ongoing. The logs and DST pressure data indicate two separate, carbonate reservoir intervals with separate pressure systems and potentially separate or stacked hydrocarbon pay. The upper reservoir interval contains gas and condensate which preliminary pressure data indicates is in communication with the gas and condensate tested 3.8 kilometers away in the Bwata-1 well. The deeper zone lies below a 264 feet (80.5 meter) thick marl and argillaceous limestone interval, likely an intra-formational seal, where an independent formation evaluation indicates potential liquid hydrocarbons.  The presence of movable hydrocarbons in the lower reservoir interval, at this stage, has not been confirmed with testing.  However, a small volume of light oil of condensate composition was recovered.
  • Net profit for the quarter ended March 31, 2012 was $9.4 million.  The operating segments of Corporate, Midstream Refining and Downstream collectively derived a net profit for the quarter of $28.6 million, while the investments in the development segments of Upstream and Midstream Liquefaction resulted in a net loss of $19.2 million.
  • Subsequent to quarter end, InterOil signed a binding Heads of Agreement with Pacific Rubiales Energy Corp. ("PRE") to be able to earn a 10.0% net (12.9% gross) participating interest in PPL237, which includes the Triceratops structure. The transaction contemplates staged initial cash payments totaling $116.0 million, an additional carry of 25% of the costs of an agreed exploration work program, and a final resource payment. PRE has paid the initial $20 million of the staged cash payments. Definitive agreements are in the process of being finalized.

InterOil's Chief Executive Officer Phil Mulacek commented, "We are pleased to report another successful quarter of profitability from our operating business. Additionally, we are excited to welcome Pacific Rubiales as partners in PPL 237, the company brings valuable expertise to our team."

In regards to the ongoing LNG partnering process, Mr. Mulacek stated "We are continuing to work with our advisors to obtain a strategic partner. We have received conforming and non-conforming bids for the LNG partnering and sell down of an interest in the Elk and Antelope fields that we believe would be accretive to shareholders. We are now set to engage with a shortlist of significant LNG industry participants with a view to concluding discussions and entering into an agreement this quarter. The end result of the partnering process is envisioned to fully satisfy all the terms of the 2009 LNG Project Agreement."

As to the Triceratops-2 well, Mr. Mulacek noted that, "Despite mechanical difficulties in obtaining a successful drill stem test from zones of interest in the lower hydrocarbon interval, we are very encouraged by gas and liquid hydrocarbon testing ongoing at the Triceratops-2 well.  A plan is in place to evaluate the entire drilled interval and would likely include casing the entire interval and perforating zones of interest to obtain definitive results.  Our prospect inventory is maturing and we anticipate that it will support our goal of a multi-year, multi-well exploration program.  We believe that these achievements, combined with our strong balance sheet, support our continued growth and operational success."

Corporate Financial Results

Net profit for the quarter ended March 31, 2012 was $9.4 million compared with a net profit of $0.7 million for the same period in 2011, an improvement of $8.7 million.  The operating segments of Corporate, Midstream Refining and Downstream collectively derived a net profit for the quarter of $28.6 million, while investments in the development segments of Upstream and Midstream Liquefaction resulted in a net loss of $19.2 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended March 31, 2012 was $27.5 million, an increase of $9.4 million over EBITDA of $18.1 million for the same period in 2011.

Total revenues for the quarter ended March 31, 2012 were $338.2 million compared with $243.7 million for the same period in 2011.  This increase in the quarter ended March 31, 2012 compared to the same period in 2011 was due to the higher crude oil prices in the 2012 quarter and an increase in domestic volumes of product sold.  The total volume of all products sold by us was 2.2 million barrels for the quarter ended March 31, 2012, compared with 1.8 million barrels in the same quarter of 2011.

Business Segment Results as of March 31, 2012

Upstream - On January 15, 2012, we spudded the Triceratops-2 appraisal well in PPL 237 in Papua New Guinea.  The Triceratops-2 well, located approximately 3.8 kilometers west of the Bwata 1 discovery well and 4.7 kilometers southwest from Triceratops 1, was predicted to penetrate the top of the carbonate reservoir approximately 1,500 feet higher than the gas water contact established in the Bwata-1 well. The primary objectives for drilling the Triceratops-2 well are to confirm the presence of gas and condensate, test for the presence of reefal carbonate reservoir, and, in the event of success, complete the well as a future production well.  As of April 6, 2012, we had drilled the entire reservoir interval with a total depth of 2,236 meters.  The acquisition of wireline logs was completed on April 14, 2012 and the testing program has commenced.

During the quarter ended March 31, 2012, we completed over 128 kilometers of seismic acquisition evaluating the Triceratops gas field.  At the end of the quarter, the acquisition and processing of the Kwalaha and Tuna seismic dip lines in northern PPL236 and southeastern PPL238 was complete.  The interpretation of the lines is currently in progress.  Line clearing, bridging and surveying of the Kwalaha and Tuna strike lines acquisition programs were in progress.  The acquisition of these lines was completed in May.

Subsequent to quarter end, InterOil signed a binding Heads of Agreement with PRE for PRE to be able to earn a 10.0% net (12.9% gross) participating interest in PPL237 onshore Papua New Guinea, including the Triceratops structure located within that license.  The transaction contemplates staged initial cash payments totaling $116.0 million, an additional carry of 25% of the costs of an agreed exploration work program, and a final resource payment.  PRE has paid the initial $20 million of the staged cash payments.  PRE's gross participating interest will be subject to the Government of Papua New Guinea's back-in rights provided for in relevant PNG legislation.  The farm-in is subject to the accomplishment of certain milestones occurring at various stages over the coming months, including finalization and execution of definitive agreements and acceptance of registration of the assignment documents by the Government of Papua New Guinea, together with other standard industry conditions.  In the event that these milestones are not reached, the Heads of Agreement will expire and any amounts paid to InterOil by PRE are to be refunded.

As part of the sell down process being continued with our advisors led by Morgan Stanley & Company LLC, Macquarie Capital (USA) Inc. and UBS AG, we are looking to sell down a portion of our interest in Elk and Antelope fields and other prospecting licenses, in addition to selection of an LNG operator and sell down of our interests in the LNG project.  The transaction with PRE noted above, is in addition to the planned sale of an interest in the Elk and Antelope fields and related LNG equity partnering process targeted for the second quarter of 2012.

InterOil's Upstream business realized a net loss of $17.2 million in the first quarter of 2012 compared to a loss of $17.9 million in the comparable period a year ago. The decrease in the loss in 2012 was mainly due to a reduction in office and administration expenses as the result of higher capitalization of expenses due to ongoing drilling activities during the quarter which were partially offset by higher interest expense due to an increase in inter-company loan balances provided to fund exploration and development activities.

Midstream Refining – Total refinery throughput for the quarter ended March 31, 2012, was 23,759 barrels per operating day, compared with 27,643 barrels per operating day during quarter ended March 31, 2011.

Capacity utilization of the refinery for the quarter ended March 31, 2012, based on 36,500 barrels per day operating capacity, was 55% compared with 58% for the same quarter in 2011.  During the quarters ended March 31, 2012 and 2011, our refinery was shut down for 15 days and 21 days respectively for general maintenance.

The Company's Midstream Refining operations generated a net profit of $11.3 million in in the first quarter of 2012 versus a profit of $14.9 million in the prior year period. The $3.6 million negative variance is largely due to decreases in export product crack spreads which were partially offset by decreased income tax expense related to foreign exchange movements.

Midstream Liquefaction – Our advisors continued working on bid process to select an LNG operator for the Gulf LNG Project and sell down.  InterOil has received conforming and non-conforming bids that it believes would be accretive to shareholders for the LNG partnering and sell down of an interest in the Elk and Antelope fields. InterOil is now set to engage with a shortlist of significant LNG industry participants with a view to concluding discussions and entering into an agreement this quarter. The selection of the preferred bidder is targeted for the second quarter of 2012.

During the quarter ended March 31, 2012, we continued to progress the development of our LNG Project by completing front end engineering and design ("FEED") for our proposed field gathering system, condensate stripping plant (CSP) and pipeline to the proposed liquefaction facilities site on the coast. FEED on the liquefaction facilities to meet the 2009 LNG Project Agreement is underway. In respect to the planned CSP, bids have been received, evaluated and are in the process of being finalized. The pipeline bids have been received and are currently being evaluated. Designs for the marine loading and export facility and common works have been finalized and are currently out for tender.

The Company's Midstream Liquefaction business generated a loss of $2.0 million in the first quarter of 2012 compared with a loss of $2.6 million in the same period a year ago. The positive variance is largely due to a decrease in office, administration and other expenses for the period resulting from lower management expenses and share compensation costs which are not capitalized.

Downstream - Total Downstream sales volumes for the quarter ended March 31, 2012, were 188.9 million liters, an increase of 24.3 million liters, or 14.8% over the same quarter in 2011.

The PNG economy continues to grow strongly due largely to resource development projects, which has also led to growth in our aviation and retail business segments.

InterOil continues to develop its retail business with investments in new electronic systems for both pumps and the forecourt control units and the completion of one new service station and the purchase of one existing key site that was previously leased. In line with its strategic plan, the Company intends to open one further new retail site this year and commence development of a further two sites.

InterOil's Downstream operations generated a net profit of $13.2 million in the first quarter of 2012, an improvement of $8.7 million versus a profit of $4.5 million in the previous year.  The positive variance is largely due to an increase in domestic sales, higher commodity prices and increased foreign exchange gains, which were partially offset by increased income tax expense.

Corporate – The Corporate segment generated a net profit of $6.3 million in the first quarter of 2012, compared to a net profit of $3.5 million in the same period of 2011. The positive variance is largely the result of higher interest income due to an increase in inter-company loan balances.

Summary of Consolidated Quarterly Financial Results for Past Eight Quarters

Quarters ended

2012

2011

2010

($ thousands except per share data)

Mar-31

Dec-31

Sep-30

Jun-30

Mar-31

Dec-31

Sep-30

Jun-30

Upstream

2,284

1,891

2,645

4,638

668

245

714

1,349

Midstream – Refining

302,310

237,640

231,455

262,111

217,743

158,092

173,379

194,016

Midstream – Liquefaction

-

-

-

-

-

-

-

-

Downstream

218,974

209,678

186,304

191,431

157,709

143,364

133,508

119,300

Corporate

24,757

21,831

25,078

26,548

18,659

15,213

18,295

11,321

Consolidation entries

(210,175)

(181,428)

(163,584)

(180,945)

(151,125)

(122,545)

(117,437)

(100,637)

Total revenues

338,150

289,612

281,898

303,783

243,654

194,369

208,459

225,349

Upstream

(6,374)

665

(6,169)

593

(10,957)

(41,681)

(11,753)

(3,498)

Midstream – Refining

18,933

2,604

3,461

27,967

26,632

13,780

15,785

16,962

Midstream – Liquefaction

(1,406)

(4,123)

(3,602)

(4,035)

(2,375)

(1,959)

(4,588)

(3)

Downstream

21,414

6,808

3,570

5,777

8,744

4,709

1,674

7,060

Corporate

9,188

10,134

1,548

13,940

5,223

4,566

(4,510)

1,751

Consolidation entries

(14,214)

(11,280)

(10,263)

(5,270)

(9,200)

(7,004)

(5,229)

(7,384)

EBITDA (1)

27,541

4,808

(11,455)

38,972

18,067

(27,589)

(8,621)

14,888

Upstream

(17,244)

(9,402)

(15,080)

(6,703)

(17,949)

(47,845)

(16,585)

(7,943)

Midstream – Refining

11,320

15,684

(1,201)

17,314

14,894

9,504

11,998

12,056

Midstream – Liquefaction

(1,969)

(4,574)

(3,980)

(4,309)

(2,604)

(2,114)

(4,970)

(360)

Downstream

13,195

3,621

1,146

2,306

4,491

2,643

(325)

3,719

Corporate

6,270

7,616

(473)

11,275

3,463

3,381

(5,398)

1,796

Consolidation entries

(2,136)

252

(190)

3,657

(1,596)

(401)

908

(1,435)

Net profit/(loss)

9,436

13,197

(19,778)

23,540

699

(34,832)

(14,372)

7,833

Net profit/(loss) per share (dollars)









Per Share – Basic

0.20

0.27

(0.41)

0.49

0.01

(0.76)

(0.33)

0.18

Per Share – Diluted

0.19

0.27

(0.41)

0.48

0.01

(0.76)

(0.33)

0.17

(1)

EBITDA is a non-GAAP measure, please refer to "Non-GAAP EBITDA Reconciliation" in this press release.

Balance Sheet and Liquidity

InterOil closed the first quarter ended March 31, 2012 with cash, cash equivalents and cash restricted totaling $81.4 million (March 31, 2011 - $274.5 million), of which $41.3 million is restricted (March 31, 2011 - $42.2 million).

We also had aggregate working capital facilities of $307.5 million, with $83.1 million available for use in our Midstream Refining operations, and $47.3 million available for use in our Downstream operations.

The Company is managing its gearing levels by maintaining the debt-to-capital ratio (debt/(shareholders' equity + debt)) at 50% or less.  Our debt-to-capital ratio was 13% as of March 31, 2012 unchanged from 13% as of March 31, 2011.

Summary of Debt Facilities

Summarized below are the debt facilities available to us and the balances outstanding as at March 31, 2012.

Organization

Facility

Balance

outstanding

March 31, 2012

Effective

interest

rate

Maturity date

OPIC secured loan

$35,500,000

$35,500,000

6.50%

December 2015

BNP Paribas working capital facility

$240,000,000

$11,145,850 (1)

3.01%

January 2013

Westpac PGK working capital facility facility

$43,380,000

$20,031,527

10.0%

November 2014

BSP PGK working capital facility

$24,100,000

$100,386

9.95%

August 2012

Westpac secured loan

$15,000,000

$15,000,000

4.89%

September 2015

2.75% convertible notes

$70,000,000

$70,000,000

7.91%(3)

November 2015

Mitsui unsecured loan (2)

$10,393,023

$10,393,023

6.27%

See detail below



(1)

Excludes letters of credit totaling 145.8 million, which reduce the available balance of the facility to $83.1 million at March 31, 2012.

(2)

Facility is to fund our share of the Condensate Stripping Project costs as they are incurred pursuant to the JVOA.

(3)

Effective rate after bifurcating the equity and debt components of the $70 million principal amount of 2.75% convertible senior notes due 2015.   







InterOil Corporation

Consolidated Income Statements

(Unaudited, Expressed in United States dollars)





 Quarter ended 





March 31,

March 31,


2012

2011


$

$




Revenue



  Sales and operating revenues 

335,318,921

242,450,889

  Interest

174,198

229,773

  Other

2,657,229

973,816


338,150,348

243,654,478




  Changes in inventories of finished goods and work in progress

(13,673,345)

52,651,183

  Raw materials and consumables used

(287,662,370)

(255,675,611)

  Administrative and general expenses 

(9,471,358)

(15,485,158)

  Derivative (losses)/gains

(418,024)

172,259

  Legal and professional fees

(899,433)

(1,691,845)

  Exploration costs, excluding exploration impairment (note 6)

(7,363,401)

(7,334,952)

  Finance costs

(4,678,500)

(3,945,098)

  Depreciation and amortization

(6,095,142)

(4,618,739)

  Foreign exchange gains

10,120,859

2,822,310


(320,140,714)

(233,105,651)

Profit before income taxes

18,009,634

10,548,827




Income taxes



  Current tax expense

(6,216,862)

(2,437,731)

  Deferred tax expense

(2,356,492)

(7,412,568)


(8,573,354)

(9,850,299)




Profit for the period

9,436,280

698,528




Profit is attributable to:



Owners of InterOil Corporation

9,436,280

695,549

Non-controlling interest 

-

2,979


9,436,280

698,528




Basic profit per share 

0.20

0.01

Diluted profit per share

0.19

0.01

Weighted average number of common shares outstanding



 Basic (Expressed in number of common shares)

48,149,076

47,861,441

 Diluted (Expressed in number of common shares)

49,216,450

48,855,771




See accompanying notes to the consolidated financial statements






InterOil Corporation

Consolidated Balance Sheets 

(Unaudited, Expressed in United States dollars)








As at













March 31,

December 31,

March 31,



2012

2011

2011



$

$

$







Assets





Current assets:





    Cash and cash equivalents

40,128,857

68,846,441

232,368,439


    Cash restricted

34,988,570

32,982,001

35,451,370


    Short term treasury bills - held-to-maturity 

-

11,832,110

-


    Trade and other receivables 

118,352,988

135,273,600

54,934,757


    Derivative financial instruments 

729,174

595,440

-


    Other current assets

584,392

867,967

720,502


    Inventories (note 5)

157,398,454

171,071,799

179,788,543


    Prepaid expenses

3,524,719

5,477,596

3,585,127


Total current assets

355,707,154

426,946,954

506,848,738


Non-current assets:





    Cash restricted

6,280,432

6,268,762

6,723,477


    Goodwill 

6,626,317

6,626,317

6,626,317


    Plant and equipment

248,037,460

246,043,948

224,772,732


    Oil and gas properties (note 6)

406,477,789

362,852,766

281,652,302


    Deferred tax assets

35,275,566

35,965,273

21,249,384


    Available-for-sale investments (note 7)

7,039,394

3,650,786

-


Total non-current assets

709,736,958

661,407,852

541,024,212


Total assets

1,065,444,112

1,088,354,806

1,047,872,950


Liabilities and shareholders' equity





Current liabilities:





    Trade and other payables

87,548,414

159,882,177

127,749,684


    Income tax payable

10,376,661

4,085,137

1,920,553


    Derivative financial instruments

-

11,457

136,791


    Working capital facilities (note 8)

31,277,763

16,480,503

58,172,450


    Unsecured loan and current portion of secured loans (note 10)

23,679,023

19,393,023

16,884,065


    Current portion of Indirect participation interest (note 11)

540,002

540,002

540,002


Total current liabilities

153,421,863

200,392,299

205,403,545


Non-current liabilities:





    Secured loans (note 10)

36,807,153

26,037,166

34,869,208


    2.75% convertible notes liability 

56,470,958

55,637,630

53,210,706


    Deferred gain on contributions to LNG project 

6,025,912

5,810,775

8,612,751


    Indirect participation interest (note 11)

34,134,840

34,134,840

34,134,387


    Asset retirement obligations

4,797,193

4,562,269

-


    Deferred tax liabilities 

-

1,889,391

-


Total non-current liabilities

138,236,056

128,072,071

130,827,052


Total liabilities

291,657,919

328,464,370

336,230,597


Equity:





Equity attributable to owners of InterOil Corporation:





    Share capital (note 12)

909,155,368

905,981,614

898,641,290


        Authorized - unlimited





        Issued and outstanding - 48,169,071





        (Dec 31, 2011 - 48,121,071)





        (Mar 31, 2011 - 47,920,552)





    2.75% convertible notes 

14,298,036

14,298,036

14,298,036


    Contributed surplus

25,986,833

25,644,245

19,430,690


    Accumulated Other Comprehensive Income

30,324,017

29,380,882

11,620,512


    Conversion options (note 11)

12,150,880

12,150,880

12,150,880


    Accumulated deficit 

(218,128,941)

(227,565,221)

(244,522,133)


Total equity attributable to owners of InterOil Corporation

773,786,193

759,890,436

711,619,275


Non-controlling interest 

-

-

23,078


Total equity

773,786,193

759,890,436

711,642,353


Total liabilities and equity

1,065,444,112

1,088,354,806

1,047,872,950

See accompanying notes to the consolidated financial statements




InterOil Corporation

Consolidated Statements of Cash Flows 

(Unaudited, Expressed in United States dollars)





 Quarter ended 

 Quarter ended 


March 31,

March 31,


2012

2011


$

$




Cash flows generated from (used in):






Operating activities



    Net profit for the period

9,436,280

698,528

    Adjustments for non-cash and non-operating transactions



      Depreciation and amortization

6,095,142

4,618,739

      Deferred tax assets

(1,199,684)

7,228,306

      Accretion of convertible notes liability

833,328

785,217

      Amortization of deferred financing costs

55,987

55,986

      Timing difference between derivatives recognized 



         and settled

(145,191)

(41,787)

      Stock compensation expense, including restricted stock

1,602,920

3,768,511

      Accretion of asset retirement obligation liability

82,774

-

      Oil and gas properties expensed

7,363,401

7,334,952

      Unrealized foreign exchange gain

302,432

1,134,814

    Change in operating working capital



      Decrease/(increase) in trade and other receivables

12,429,585

(5,580,997)

      Decrease/(increase) in other current assets and prepaid expenses

2,236,452

(206,996)

      Decrease/(increase) in inventories

11,833,220

(49,768,359)

      (Decrease)/increase in trade and other payables

(71,348,790)

51,846,250

    Net cash (used in)/generated from operating activities

(20,422,144)

21,873,164




Investing activities



    Expenditure on oil and gas properties

(52,881,456)

(34,505,232)

    Proceeds from IPI cash calls

2,433,804

-

    Expenditure on plant and equipment

(7,873,517)

(4,523,150)

    Maturity of short term treasury bills

11,832,110

-

    (Increase)/decrease in restricted cash held as security on



       borrowings

(2,018,239)

5,103,222

    Change in non-operating working capital



      (Decrease)/increase in trade and other payables

7,509,280

(2,843,126)

    Net cash used in investing activities

(40,998,018)

(36,768,286)




Financing activities



    Proceeds from Mitsui for Condensate Stripping Plant

-

4,854,616

    Proceeds from/(repayments of) Clarion Finanz secured loan, 



    Proceeds from Westpac secured loan

15,000,000

-

    Proceeds from working capital facility

14,797,260

6,918,124

    Proceeds from issue of common shares, net of transaction costs

1,913,421

1,914,000

  Net cash generated from financing activities

31,710,681

13,686,740




Decrease in cash and cash equivalents

(29,709,481)

(1,208,382)

Cash and cash equivalents, beginning of period

68,846,441

233,576,821

Exchange gains on cash and cash equivalents

991,897

-

Cash and cash equivalents, end of period 

40,128,857

232,368,439

Comprising of:



Cash on Deposit

13,946,993

83,278,689

Term Deposits

26,181,864

149,089,750

Total cash and cash equivalents, end of period

40,128,857

232,368,439




See accompanying notes to the consolidated financial statements



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 GAAP (i.e., IFRS) 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 IFRS.  Further, EBITDA is not a measure of cash flow under IFRS and should not be considered as such.  For reconciliation of EBITDA to the net income (loss) under IFRS, 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

($ thousands)

2012

2011

2010

Mar-31

Dec-31

Sep-30

Jun-30

Mar-31

Dec-31

Sep-30

Jun-30

Upstream

(6,374)

665

(6,169)

593

(10,957)

(41,681)

(11,753)

(3,498)

Midstream – Refining

18,933

2,604

3,461

27,967

26,632

13,780

15,785

16,962

Midstream – Liquefaction

(1,406)

(4,123)

(3,602)

(4,035)

(2,375)

(1,959)

(4,588)

(3)

Downstream

21,414

6,808

3,570

5,777

8,744

4,709

1,674

7,060

Corporate

9,188

10,134

1,548

13,940

5,223

4,566

(4,510)

1,751

Consolidation Entries

(14,214)

(11,280)

(10,263)

(5,270)

(9,200)

(7,004)

(5,229)

(7,384)

Earnings before interest, taxes, depreciation and amortization

27,541

4,808

(11,455)

38,972

18,067

(27,589)

(8,621)

14,888

Subtract:









Upstream

(9,408)

(8,712)

(7,806)

(7,142)

(6,352)

(5,481)

(4,600)

(4,367)

Midstream – Refining

(2,771)

(3,285)

(2,494)

(2,211)

(1,675)

(1,509)

(1,693)

(1,651)

Midstream – Liquefaction

(559)

(445)

(372)

(268)

(223)

(184)

(376)

(351)

Downstream

(1,233)

(1,170)

(1,233)

(1,116)

(826)

(835)

(938)

(1,167)

Corporate

(1,510)

(1,498)

(1,477)

(1,641)

(1,395)

(1,158)

(342)

(20)

Consolidation Entries

12,045

11,500

10,041

8,894

7,572

6,571

6,107

5,917

Interest expense

(3,436)

(3,610)

(3,341)

(3,484)

(2,899)

(2,596)

(1,842)

(1,639)

Upstream

-

-

-

-

-

-

-

-

Midstream – Refining

(1,948)

19,243

678

(5,677)

(7,298)

(65)

101

(366)

Midstream – Liquefaction

-

-

-

-

-

36

-

-

Downstream

(5,746)

(595)

(297)

(1,449)

(2,623)

(495)

(322)

(1,524)

Corporate

(880)

(493)

(195)

(629)

71

(11)

(529)

97

Consolidation Entries

-

-

-

-

-

(2)

(2)

(1)

Income taxes

(8,574)

18,155

186

(7,755)

(9,850)

(537)

(752)

(1,794)

Upstream

(1,462)

(1,355)

(1,105)

(154)

(641)

(683)

(232)

(78)

Midstream – Refining

(2,894)

(2,878)

(2,846)

(2,764)

(2,765)

(2,700)

(2,195)

(2,888)

Midstream – Liquefaction

(4)

(6)

(6)

(6)

(6)

(7)

(6)

(6)

Downstream

(1,240)

(1,422)

(894)

(906)

(804)

(737)

(739)

(651)

Corporate

(528)

(527)

(349)

(395)

(435)

(16)

(17)

(32)

Consolidation Entries

33

32

32

32

32

33

32

33

Depreciation and amortisation

(6,095)

(6,156)

(5,168)

(4,193)

(4,619)

(4,110)

(3,157)

(3,622)

Upstream

(17,244)

(9,402)

(15,080)

(6,703)

(17,949)

(47,845)

(16,585)

(7,943)

Midstream – Refining

11,320

15,684

(1,201)

17,314

14,894

9,504

11,998

12,056

Midstream – Liquefaction

(1,969)

(4,574)

(3,980)

(4,309)

(2,604)

(2,114)

(4,970)

(360)

Downstream

13,195

3,621

1,146

2,306

4,491

2,643

(325)

3,719

Corporate

6,270

7,616

(473)

11,275

3,463

3,381

(5,398)

1,796

Consolidation Entries

(2,136)

252

(190)

3,657

(1,596)

(401)

908

(1,435)

Net profit/(loss) per segment

9,436

13,197

(19,778)

23,540

699

(34,832)

(14,372)

7,833

About InterOil

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 in Papua New Guinea.

InterOil's common shares trade on the NYSE in US dollars. 

Investor Contacts for InterOil



Wayne Andrews

Meg LaSalle

Vice President Capital Markets

Investor Relations Coordinator

Wayne.Andrews@InterOil.com

Meg.LaSalle@InterOil.com  

The Woodlands, TX USA

The Woodlands, TX USA

Phone: +1-281-292-1800

Phone: +1-281-292-1800

Forward Looking Statements

This press release includes "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 further testing of the Triceratops-2 well, seismic-related exploration activities, characteristics of our resources, development activities, entering into definitive agreements with PRE, the potential execution of definitive LNG supply agreements, the ability to attract a strategic LNG partner, timing and success of the LNG partnering process, satisfaction of the 2009 LNG Project Agreement with the PNG State, the construction and development of the proposed LNG Project and condensate stripping project, anticipated financial conditions and performance, business prospects, strategies, regulatory developments, the ability to obtain financing on acceptable terms, the ability to identify drilling locations and the ability to develop reserves and production through development and exploration activities. These statements are based on certain assumptions made by the Company based on its experience and perception of current conditions, expected future developments, agreements with third parties, bids received in respect of the LNG partnering process and CSP 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 on SEDAR, including but not limited to those in the Company's Annual Report for the year ended December 31, 2011 on Form 40-F and its Annual Information Form for the year ended December 31, 2011. 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, Antelope and Triceratops 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 Annual Information Form available on SEDAR at www.sedar.com.

SOURCE InterOil Corporation

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