3. InterOil Corp. is an independent energy company operating in the upstream, midstream and downstream business segments.
For the second quarter of 2011, the company's operating segments of corporate, midstream refining and downstream were profitable and yielded an aggregate $34.5 million, whereas the development segments of upstream and midstream liquefaction recorded combined net losses of $11 million. Overall, net profit reported was $23.5 million, compared with $7.8 million during the same quarter last year.
Improved performance of the refining and downstream segments contributed toward higher gross profits. Earnings before interest, taxes, depreciation and amortization for the quarter were $39 million, compared with $15 million in the year-ago quarter. Total revenue increased to $304 million during the period from $225 million in the same period prior year.The company recently proposed supplying one million tons per annum of liquid natural gas to Noble Clean Fuels from its Gulf LNG project in Papua New Guinea. Of analysts polled by Bloomberg, 83% rate the stock a buy. Their average one-year price target is 71% greater than current levels.
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