Boston, MA 08/12/2014 (wallstreetpr) – The U.S. based petroleum exploration and production company, Harvest Natural Resources, Inc. (NYSE:HNR) released its 2Q earnings along with an update of operations.
Impairment cost leads to a net loss in 2Q:
Harvest Natural Resources, Inc. (NYSE:HNR) on August 11, 2014 declared that the 2Q has earned a net loss of $1.7 million while, in the previous year’s similar quarter, Harvest’s net loss was $4.5 million. This quarter’s financial statistics include $1.6 million of exploration charges along with $3.2 million of non-recurring charges in impairment costs related to the Budong block. However, Harvest could have managed to report a net income of $3.1 million if not suffered due to impairment costs.
Performance of Petrodelta, Harvest’s Venezuelan affiliate:
Harvest’s Venezuelan affiliate, Petrodelta, S.A in the 2Q report mentioned operating income of $35.0 million (before taxes and non-operating items). Moreover, Petrodelta posted net income of $42.3 million, under which $8.63 million is net to Harvest’s equity interest, under the IFRS.
Highlights on 2Q2014 in Venezuela:
During the period, Petrodelta drilled and successfully concluded four development wells. It also sold 4.1 million barrels of oil, which is a definite improvement of 18% over a similar period a year back. Harvest Natural Resources, Inc. (NYSE:HNR)’s Venezuelan affiliate’s present production rate is near about 40,840 barrels of oil per day (bopd); however, the projected mean production rate is 45,000 bopd.
Highlights of 2Q in China:
Harvest Natural Resources, Inc. (NYSE:HNR) sold away its total stake in the WAB-21 block located in the South China Sea in return of $3.0 million in cash.
The highlights in Indonesia in 2Q:
The joint interest associate, in June 2014 planned to renounce their interest in Budong.
Highlights in Gabon:
The joint interest collaborator resolved that the 4 explored fields in the Ruche Cluster were commercial. On July 2014, the Ruche Cluster Field Development Plan was given to the DGH (Director General of Hydrocarbons).
