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InterOil founder retires from board of directors

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The Associated Press | November 18, 2013 01:56 PM EST | AP

InterOil Corp. said Monday that its founder, Phil Mulacek, retired from the board last week and was replaced by the oil and gas company's new CEO.

Mulacek, 53, had been chairman and CEO until July 2012, when the company split the jobs and named Gaylen Byker, 65, as chairman. Mulacek retired as CEO in April, and Byker took the job on an interim basis until the company hired Michael Hession as CEO in July 2013.

Hession, 51, began his career at BP PLC and had been a senior vice president at Browse LNG Development, part of Australia's Woodside Energy Ltd.

Mulacek led the company's exploration of natural gas and liquids in Papua New Guinea, where it holds petroleum licenses for about 3.9 million acres, an oil refinery and distribution facilities.

Last week, InterOil reported a loss of $6.3 million, or 13 cents per share, for the third quarter, compared with profit of $5.3 million, or 11 cents per share, in the same months a year earlier. Revenue fell 7 percent to $305.2 million.

The company also said last week that negotiations with other companies over its gas holdings were in the final stages. It has previously said that it was negotiating with an Exxon Mobil Corp. subsidiary to develop its natural gas fields in Papua New Guinea.

The shares rose 55 cents to $92.87 in afternoon trading.