InterOil shares up on 3Q gains

November 15, 2012

HOUSTON (AP) -- InterOil Corp. shares rose Thursday after the oil company posted a profit for its fiscal third quarter.

The company earned $5.3 million, or 11 cents per share, for the quarter that ended Sept. 30. That compares with a net loss of $19.8 million, or 41 cents per share, a year ago.

InterOil's earnings improved largely on higher prices for crude oil and refined products, as well as higher margins from exports.

Revenue increased to $326.9 million from $281.9 million. The company sold 2.2 million barrels in the quarter, up from 1.8 million last year.

CEO Phil Mulacek said the company is making progress with a number of projects, including one in Papua New Guinea to build a liquefied natural gas project.

InterOil's primary focus is Papua New Guinea and the surrounding region.

InterOil shares rose $2.17, or 3.7 percent, to $61.57 in afternoon trading.