Harvest Natural Resources (HNR) Reports Q2 adj.-Loss of $0.11/Share

August 9, 2016 6:31 AM EDT

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Harvest Natural Resources (NYSE: HNR) reported Q2 EPS of ($0.11), versus ($0.60) reported last year.

Highlights for the second quarter of 2016 include:

Venezuela

  • During the second quarter of 2016, Petrodelta drilled and completed 1 development well and sold approximately 3.6 million barrels of oil (MMBO) for a daily average of approximately 39,763 barrels of oil per day (BOPD), an increase of 5% over the same period in 2015;
  • Petrodelta's current production rate is approximately 39,230 BOPD and the 2016 expected average production rate is 40,451 BOPD with capital expenditures projected at $110 million.

Gabon

  • Operational activities during the six months ended June 30, 2016, included continued evaluation of development plans, based on the 3D seismic data acquired in late 2013 and processed during 2014.
  • The Company is considering options to develop, sell or farm-down the Dussafu PSC in order to obtain the maximum value from this asset, while maintaining the required liquidity to continue our current operations.

Corporate

  • On June 29, 2016, Harvest and its wholly‑owned subsidiary, HNR Energia B.V. (HNR Energia), entered into a Share Purchase Agreement with CT Energy Holding SRL (CT Energy) pursuant to which HNR Energia agreed to sell to CT Energy all of HNR Energia's 51% interest in Harvest Holding, representing our 20.4% share in Petrodelta.

For earnings history and earnings-related data on Harvest Natural Resources (HNR) click here.



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