Interoil Exploration and Production (IOX) Q4 2024 earnings summary

Executive summary

• Total operated production in 2024 was 754,918 boe, down from 949,778 boe in 2023 due to equipment failure and severe weather in Argentina.

• Revenues for 2024 were USD 16.8 million, a decrease from USD 19.2 million in 2023.

• Net loss for 2024 was USD 13.8 million, compared to a net loss of USD 14.3 million in 2023.

• Audit Committee established in October 2024; regulatory investigations led to fines totaling NOK 1.55 million.

Financial highlights

• Gross profit for 2024 was USD 1.1 million, down from USD 5.5 million in 2023.

• Operating loss for 2024 was USD 4.9 million, slightly improved from USD 5.1 million in 2023.

• Net cash generated from operations was USD 5.8 million in 2024, compared to negative USD 0.4 million in 2023.

• Total assets increased to USD 50.0 million at year-end 2024 from USD 45.4 million in 2023.

• Total liabilities rose to USD 80.6 million from USD 62.2 million year-over-year.

Outlook and guidance

• Focus on recovering production in Argentina and Colombia, optimizing lifting costs, and developing shut-in wells.

• Identifying further development opportunities remains a priority.