7. InterOil Corporation (IOC) is an independent energy company operating in the upstream, midstream and downstream business segments.
Net profit reported for the second quarter of 2011 was $23.5 million compared with $7.8 million during the same quarter of 2010. The company's operating segments of corporate, midstream refining and downstream were profitable and yielded $34.5 million collectively, while the development segments of upstream and midstream liquefaction recorded combined net losses of $11 million.
During the quarter, total revenue increased to $304 million from $225 million in the same period prior year. Earnings before interest, taxes, depreciation and amortization for the quarter were a gain of $39 million, compared to a gain of $15 million in the year-ago quarter. Improved performance of the refining and downstream segments contributed towards higher gross profits.The company recently signed an agreement to supply one million tons per annum of LNG to Noble Clean Fuels from its proposed Gulf LNG project in Papua New Guinea. Analysts polled by Bloomberg recommend an impressive 83% buy rating on the stock and 70% upside over the next one year.
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