Interoil Exploration and Production (IOX) Q3 2024 earnings summary

Executive summary

• Total operated production for the first nine months of 2024 was 551,140 boe, down from 698,659 boe in 2023, due to equipment failure and severe weather in Argentina.

• Revenues for the period were USD 13.5 million, a decrease from USD 16.4 million year-over-year.

• The company executed a partial termination of the LLA-47 block exploration contract in Colombia, ending exploration commitments but continuing production from the Vikingo well.

• A correction to Q2 and H1 financial reports led to regulatory investigations, with responses submitted and a final decision pending.

• Appointment of Pablo Creta as CFO in September 2024.

Financial highlights

• Q3 2024 sales were USD 2.8 million, down from USD 5.3 million in Q2 2024 and USD 10.5 million in Q3 2023.

• Gross profit for Q3 2024 was negative USD 0.2 million, compared to USD 4.7 million in Q3 2023.

• Net loss for Q3 2024 was USD 3.9 million, compared to a net loss of USD 1.4 million in Q3 2023.

• For the nine months ended September 2024, net loss was USD 9.0 million, compared to USD 5.3 million in the same period of 2023.

• Cash and cash equivalents (non-restricted) at September 30, 2024, were USD 0.7 million, down from USD 1.2 million at year-end 2023.

Outlook and guidance

• Actions underway to recover production in both Argentina and Colombia, including well interventions and cost optimization.

• Focus on further development of shut-in wells and identifying new development opportunities.