InterOil Corporation (IOC) - NYSE
  • Fri, May 20, 9:13 AM
    | Fri, May 20, 9:13 AM
  • Fri, May 20, 7:57 AM
    • Oil Search's (OTCPK:OISHF) deal to buy up and divide with Total (NYSE:TOT) the assets held by their Papua New Guinea partner InterOil (NYSE:IOC) may knock as much as $3B off the costs of the country’s two liquefied natural gas projects and speed up development if they cooperate, OISHF managing director Peter Botten says.
    • “This deal allows us to influence how Papua LNG and PNG LNG can cooperate,” Botten says. “There are substantial capital cost reductions and schedule optimization that can be done with cooperation."
    • Taking over IOC will make it easier for OISHF and TOT to integrate their LNG plant with Exxon Mobil's (NYSE:XOM) $19B PNG LNG project, says Bernstein analyst Neil Beveridge.
    • "Oil Search has always been keen on the two projects seeking ways to collaborate or combine to reduce costs, so the deal increases the possibility of the two developments integrating,” says Wood Mackenzie's director of Asia-Pacific upstream research.
    | Fri, May 20, 7:57 AM
  • Thu, May 19, 7:20 PM
    • Oil Search (OTCPK:OISHF) agrees to acquire InterOil (NYSE:IOC), its Papua New Guinea oil exploration rival, in a deal valued at $2.2B.
    • Oil Search is offering 8.05 of its shares plus a contingent value right linked to gas reserves at the Elk-Antelope fields in PNG for each IOC share.
    • Oil Search also says it will sell to Total (NYSE:TOT) 60% of the interest acquired from IOC in the PRL 15 venture and 62% of IOC's exploration assets, subject to the closing of the IOC acquisition.
    • After the deal, Oil Search's interest in the Papua LNG Project would increase to 29% and TOT's stake will rise to 48%, assuming the PNG government exercises its back-in rights of 22.5%.
    • As takeover speculation grew in recent days, former IOC CEO Phil Mulacek criticized the company for considering asset sales at the bottom of the market.
    | Thu, May 19, 7:20 PM | 5 Comments
  • Fri, May 13, 8:58 AM
    • Former InterOil (NYSE:IOC) CEO Phil Mulacek and other shareholders nominate five independent directors to the company's board, saying "the incumbent board has presided over a massive destruction of shareholder value."
    • In its response, IOC says the attempt by the shareholder group is" yet another step in Mulacek's pursuit of a self-serving agenda to influence or take control of the company."
    • IOC reported a $0.34/share net Q1 loss and said it is poised to benefit from development of the Papua LNG project.
    | Fri, May 13, 8:58 AM | 1 Comment
  • Fri, May 13, 6:03 AM
    • InterOil (NYSE:IOC): Q1 EPS of -$0.34 misses by $0.03.
    • Revenue of $0.92M (-93.0% Y/Y) misses by $0.18M.
    • Press Release
    | Fri, May 13, 6:03 AM | 1 Comment
  • Tue, May 10, 12:48 PM
    • InterOil (IOC +4.2%) rallies on takeover speculation after Australian media yesterday said IOC had engaged in recent discussions with Oil Search (OTCPK:OISHF) about a potential merger.
    • Former CEO Phil Mulacek criticizes IOC for considering asset sales at the bottom of the market, which he says includes the possible sale to a Japanese investor group of a 4% interest in the venture holding the huge Elk and Antelope gas fields.
    • Also under consideration, Mulacek claims, is the sale of IOC's entire 36.5% stake in the PRL15 venture, in which Total (NYSE:TOT) and Oil Search are partners, or the sale of all IOC's interests apart from PRL15, or a sale or merger of the entire company.
    | Tue, May 10, 12:48 PM | 2 Comments
  • Fri, Apr. 1, 3:47 PM
    • InterOil (IOC -1.6%) confirms receiving a request from a group of shareholders led by former CEO Phil Mulacek for a special meeting of shareholders to consider proposals for improving governance.
    • The Mulacek-led group, which holds ~7.5% of IOC shares, says the board is too large and expensive for a company with no operations, and lowering the head count would make better use of resources.
    • IOC often is discussed as a potential target for the likes of Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) - where IOC CEO Mike Hession was once an executive - Oil Search (OTCPK:OISHF), Total (NYSE:TOT) or Exxon Mobil (NYSE:XOM).
    • Now read InterOil drilling update and 2015 results
    | Fri, Apr. 1, 3:47 PM
  • Wed, Mar. 30, 12:46 PM
    | Wed, Mar. 30, 12:46 PM | 1 Comment
  • Wed, Mar. 30, 6:47 AM
    • InterOil (NYSE:IOC): Q4 EPS of -$1.69 misses by $1.44.
    • Revenue of $11.69M
    • Press Release
    | Wed, Mar. 30, 6:47 AM
  • Thu, Jan. 21, 9:55 AM
    • InterOil (IOC +10.2%) opens higher after Goldman Sachs upgrades shares to Buy from Neutral with a $37.50 price target, which represents 68% potential upside from current levels.
    • IOC "now looks too cheap to ignore," Goldman says, adding that IOC's favorable recent drilling results should support a sizable resource certification payment in mid-2016.
    | Thu, Jan. 21, 9:55 AM | 1 Comment
  • Nov. 18, 2015, 2:58 PM
    • InterOil (IOC +5.7%) is higher after confirming an additional high-quality reservoir on the Elk-Antelope gas field offshore Papua New Guinea.
    • LOC says logs from the new Antelope-4 sidetrack-1 well measured 182 vertical meters of gas-bearing dolomite to the south of the Elk-Antelope field as well as a vertical gross gas column of ~339 meters.
    • IOC also plans to begin drilling another appraisal well next month, and is considering another appraisal well on the western flank of the Antelope field.
    | Nov. 18, 2015, 2:58 PM
  • Nov. 13, 2015, 7:19 AM
    • InterOil (NYSE:IOC): Q3 EPS of -$2.09 may not be comparable to consensus of -$0.58.
    • Revenue of $11.82M (+10.0% Y/Y) beats by $3.77M.
    | Nov. 13, 2015, 7:19 AM
  • Sep. 18, 2015, 2:58 PM
    • InterOil (IOC +2.1%) is a rare gainer on a day oil and gas companies suffer broad losses, after reporting an appraisal well drilled at its Triceratops gas discovery in Papua New Guinea delivered strong flow test results.
    • IOC says the Triceratops-3 probe flowed at a rate of 17.1M cf/day of gas and 200 bbl/day of condensate, a result IOC says underscores the region's prospectivity.
    • The well, a joint effort between IOC and partner Pacific Rubiales (OTCPK:PEGFF), is a potential tie-back candidate to the proposed Elk-Antelope project, in which IOC is a partner.
    | Sep. 18, 2015, 2:58 PM
  • Sep. 15, 2015, 11:33 AM
    • InterOil (IOC +5.8%) is added to the Conviction Buy List with a $45 price target at Goldman Sachs, which cites strong flow test results at the Antelope-5 well and the recent takeover approach from Woodside Petroleum for Oil Search which highlights industry M&A interest in Papua New Guinea gas assets.
    • Goldman says the key task for IOC is commercializing its 36.5% stake in the Elk-Antelope gas field in Papua New Guinea, and notes several potential catalysts including its ongoing drilling program at Antelope (Q4 2015), resource certification (H1 2016), and certification payments from Total (Q2 2016).
    | Sep. 15, 2015, 11:33 AM
  • Sep. 4, 2015, 6:45 PM
    • The Morgan Stanley commodity team lowers its crude oil price estimates, forecasting WTI at $51.07/bbl at the end of 2015, $56.45 at the end of 2016 and $60 at the end of 2017; the group had foreseen a 2017 price of $80.
    • At the firm's recent Houston Energy Summit, EOG Resources (NYSE:EOG) was considered the most bullish in terms of expectations for oil prices, expecting "U.S. production to come off 100Mbld per month in year end" for a total decline from a peak of 700M bbl/day at year-end.
    • Many other companies in attendance, including Anadarko Petroleum (NYSE:APC) and Apache (NYSE:APA), expect a more modest pickup in crude prices.
    • Of all the companies in its coverage universe, Stanley sees InterOil (NYSE:IOC), Marathon Oil (NYSE:MRO) and Devon Energy (NYSE:DVN) as offering the highest upside to its price target.
    | Sep. 4, 2015, 6:45 PM | 41 Comments
  • Aug. 31, 2015, 4:59 PM
    • InterOil (NYSE:IOC) says its PRL-15 joint venture has resumed work on drilling a side-track well at the Antelope-4 site, as part of its appraisal campaign on the Elk-Antelope gas field in Papua New Guinea.
    • IOc and partner company Total (NYSE:TOT) suspended work at Antelope-4 in May after reaching a subsea vertical depth sub-sea of 2,056 meters, or ~158 meters above the gas-water contact.
    | Aug. 31, 2015, 4:59 PM
Company Description
InterOil Corp is an independent oil and gas business, which focuses on Papua New Guinea and the surrounding region. Its assets include one of Asia's undeveloped gas fields, Elk-Antelope, in the Gulf Province, exploration licences covering about 16,000sqkm, Papua New Guinea's only oil refinery,... More
Industry: Oil & Gas Refining & Marketing
Country: United States