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Harvest Natural 3Q hurt by charge, expenses

The Associated Press

NEWS: Harvest Natural Resources Inc. said Tuesday that its third-quarter net income fell 11 percent, stung by a loss on derivatives, an impairment charge and exploration expenses.

DETAILS: The Houston-based energy company said that revenue from oil sales climbed to $358.7 million from $324.6 million. Revenue from gas sales rose to $923,000 from $635,000.

NUMBERS: Harvest Natural earned $2 million, or 5 cents per share, for the three months ended Sept. 30. That compares with $5.8 million, or 15 cents per share, in the prior-year period.

The latest quarter included 4 cents per share in exploration expenses, a 6 cents per share impairment charge on its Colombian asset and 17 cents per share for an unrealized loss on derivatives.

Stripping out these items, earnings were 32 cents per share.

STOCK: On Monday the shares closed at $4.45. The stock is down 51 percent for the year to date.