Energy company InterOil Corp. (IOC: Quote) Monday reported a profit for the fourth-quarter and full year 2011, helped by significant growth in major segments.
The company said its operating segments of Corporate, Midstream Refining and Downstream collectively returned a net profit of $82.3 million for the year. Meanwhile, the development segments of Upstream and Midstream Liquefaction posted a net loss of $64.6 million.
During the fourth quarter, InterOil completed two Heads of Agreements, or HOA, on long-term LNG supply for its proposed LNG project in Papua New Guinea, bringing the total of its three HOAs to 3.3 to 3.8 million tonnes per annum.
Phil Mulacek, chief executive officer of the company said, "We continue to work with our existing LNG development partners and the PNG government to advance our LNG project towards first production. Simultaneously, our advisors are managing the process of soliciting and evaluating proposals from potential strategic LNG partners."
In the fourth quarter, the company posted a net profit of $13.2 million or $0.27 per share, compared to a net loss of $34.83 million or $0.76 per share in the previous year.
Total revenues for the quarter grew to $289.61 million from $194.37 million in the same quarter last year.
For the full year, profit attributable to owners of the company was $17.65 million, compared to a net loss of $44.52 million int eh prior year.
Annual revenues grew to $1.12 billion from $806.99 million a year ago. The company noted that the increase in revenues was due to a higher crude price environment and an increase in domestic volumes of product sold for higher margin products.
IOC closed Friday's regular trading at $58.55 on the NYSE.
by RTT Staff Writer
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