YOGN. InterOil Corporation (NYSE:IOC; POMSoX:IOC) (the "Company") announced today record revenues and products sold in its financial results for the full year ending December 31, 2013.
The year also resulted in new leadership at InterOil and agreement with Total S.A. of France to develop the multi-billion-dollar Elk-Antelope gas field in Papua New Guinea.
In March this year, InterOil also launched the start of a new US$300 million drilling program across four new petroleum prospecting licenses ("PPLs").
Front Rank of Asian Energy Companies
InterOil's Chief Executive, Dr. Michael Hession, said: "This past year was a milestone for InterOil. With new leadership and management, we moved quickly to bring greater stability to our operations in a way that would translate into improved performance and greater market confidence.
"Crucial to this was securing agreement with an oil major to develop on the Elk-Antelope gas field in Petroleum Retention License 15.
"In October 2013, the board approved InterOil's largest exploration and
appraisal program and one of the biggest in Papua New Guinea's history. We then accelerated preparation for exploration wells on our PPLs so we could drill as soon as we received the government approval.
"In March this year, approval was given and we successfully acquired the rights to the same acreage as we previously held, for the next six years.
"In March this year, we closed the sales and purchase agreement with Total S.A. of France to develop Elk-Antelope as a multi-billion-dollar LNG project for Papua New Guinea.
"These developments, together with our oil refinery and distribution businesses, position InterOil among the front rank of Asian energy companies.
The Right Team at the Right Time
"To deliver on this potential and realize the value of these assets, we have assembled an experienced, talented management team. In the final months of the year, new senior executives stepped into roles that they would formally assume early in 2014.
InterOil's growth and success depend heavily on the quality of this senior team to guide our exceptional staff and oversee our energy assets and I am confident that we now have the right team to realize InterOil's full potential.
"We also took significant steps to streamline our operations, bearing down on costs and rationalizing our offices and staffing. We announced the closure by the end of 2014 of our Cairns office, with the transfer of most functions to our office in Port Moresby. Though painful, it was important to align InterOil and ensure we focus our human and financial resources where they can have the greatest impact.
Operating Growth, Developing Growth, Future Growth
"These steps are integral to the strategy that I laid out on my appointment in July.
"This strategy has three horizons, detailing our vision to be a world-class
company developing world-class resources with world-class people who have a passion for working together, doing good work and making a difference.
"Horizon One is operating growth: running an efficient and financially stable business, with capital to support investment, low costs, strong skills and capacity, and streamlined processes.
"Horizon Two is developing growth: monetizing our gas resources through partnerships with world-class operators.
"Horizon Three is future growth: investing in new exploration across frontier regions in Papua New Guinea and the region and being a partner or operator of choice for new ventures.
Cash in Hand to Pursue an Aggressive Drilling Program
"In short, we want to make the most of what we already have; turn probable opportunities into realities; and work our possibilities hard so they can become realities.
"This year, we took important steps towards each horizon. The business, at year's end, was stable, assets were being monetized, and we had scaled-up our exploration work.
"The receipt of $401 million as part of the completion of the Total agreement will leave us with a well-capitalized balance sheet to aggressively pursue our exploration program.
|June, 18, 14:30:00|
|June, 18, 14:25:00|
|June, 18, 14:20:00|
|June, 18, 14:15:00|
|June, 18, 14:10:00|
|June, 18, 14:05:00|
IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.
IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.
U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.
IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.