Harvest Natural shares up on 1Q profit

Harvest Natural Resources reports profit for fiscal 1st quarter; shares soar

Associated Press

HOUSTON (AP) -- Harvest Natural Resources Inc.'s shares soared Wednesday after the energy company reported that it moved to a profit in its fiscal first quarter.

The Houston company said that it earned $36.1 million, or 91 cents per share, for the period that ended March 31. That's compared with a net loss of $1 million, or 3 cents per share, for the same quarter last year. After adjusting for Venezuelan devaluation, exploration charges and an unrealized gain on warrant derivatives, the company earned 11 cents per share.

Harvest's total revenue slipped to roughly $213 million from $218.1 million.

The company's revenue from oil sales slipped to $317.3 million as lower prices offset an increase in volume. Its gas sales revenue increased to $1.2 million. It has a $105.5 million loss from royalty revenue, compared to $107.3 million.

Harvest has operations in Venezuela and exploration efforts in Indonesia, West Africa and China.

The company's stock took a sharp plunge in February after it said it is dropping a planned $725 million sale of its Venezuelan interests to Indonesia's national oil company after Indonesia's government declined to approve the deal.

Harvest shares soared more than 28 percent to $3.59 by midafternoon on the quarterly report. Its stock however remains at the low end of its 52-week trading range of $2.45 to $10.83.

View Comments (0)