| | Publié le 09 août 2012 | Announces 2012 Second Quarter Results |
|
Article
|
Commentaires
|
Commenter
|
Notation
|
♥
Suivre la société
|
|
Harvest
Natural Resources Announces 2012 Second Quarter Results
Harvest
Natural Resources, Inc. (NYSE: HNR) today announced 2012 second quarter
net income and provided an operational update.
Harvest
reported second quarter net income of approximately $8.2 million, or
$0.20
per diluted share, compared to earnings of $89.8 million,
or $2.23
per diluted share, for the same period last year.� The second quarter
2012 results included exploration charges of $1.3 million, or
$0.03
per diluted share, and $1.5 million, or $0.04
per diluted share, for transaction costs incurred related to the pending sale
of our 32 percent interest in Petrodelta.� Additionally during the second
quarter, Harvest incurred $1.6 million, or $0.04
per diluted share, in discontinued operations related to the settlement of all
outstanding claims with a private third-party related to the Antelope
project.� Excluding the exploration charges, transaction costs and
settlement charges in discontinued operations, and net of the related tax
benefits of $0.8
million, or $0.02 per
diluted share, second quarter 2012 earnings would have been $11.8
million, or $0.29 per
diluted share.�
The
second quarter 2011 results included the sale of our Utah
properties for a net gain of $98.7 million.�
Petrodelta
reported net income during the second quarter of $72.0 million,
as reported under International Financial Report Standards (IFRS), compared to $47.3
million for the same period in 2011.� Harvest's 32
percent share of Petrodelta's net income for the second quarter as reported
under U.S. GAAP was $18.1
million, compared to $14.6 million,
for the same period one year ago.
Highlights
for the second quarter of 2012 include:
Venezuela
- During
the second quarter of 2012, Petrodelta drilled and completed two wells and
sold approximately 3.31 million barrels of oil (MMBO) for a daily average
of approximately 36,418 barrels of oil per day (BOPD), an increase of 19
percent over the same period in 2011;
- The two
new wells were successfully drilled in the El Salto field with current
total production from this field of approximately 16,000 BOPD;
- The
ELS-45 was completed in the Lower Morichal formation producing 3,500 BOPD
of 9.5 API oil, representing the highest well producing rate to date in El
Salto;
- Petrodelta's
current production rate is approximately 39,000 BOPD;
- Facility
expansion work at the El Salto and Temblador fields is underway;
- A third
drilling rig, the new modular rig PDV-48, was assigned by PDVSA to
Petrodelta and is on location in the Isleno field with the start of
operations expected in September 2012;
- 2012
projected average production rate of 40,300 BOPD with capital expenditures
projected at $300
million;
- On June
21, 2012, signed a Share Purchase Agreement (SPA)
with PT Pertamina (Persero), the national oil company of Indonesia,
to sell all of Harvest's interests in Venezuela
for $725.0
million in an all-cash transaction.
Gabon
- The Gabon
government has agreed to extend the third exploration phase to four years
until May� 27, 2016;
- Preparing
for October
2012 spud of the Tortue prospect targeting stacked
pre-salt reservoirs with the Scarabeo 3 semi-submersible drilling unit;
- The
Central 3-D Pre-Stack Time Migration (PSTM) was completed in July
2012.
Indonesia
- License
commitments fulfilled through January 16, 2013,
and planning to request a four year extension;
- Prospects
and leads being matured in the Lariang and Karama Basins.
Oman
- Work
commitment fulfilled through March 2013;
- Prospects
and leads being matured for possible 2013 exploration well.
VENEZUELA
During
the three months ended June 30, 2012, Petrodelta sold
approximately 3.31 MMBO for a daily average of 36,418 BOPD, an increase of 19
percent over the same period in 2011 and 11 percent higher than the previous
quarter.� Petrodelta sold 0.49 billion cubic feet (BCF) of natural gas
for a daily average of 5.4 million cubic feet per day (MMCFD), an increase of
12 percent over the same period in 2011, and a decrease of 22 percent from the
previous quarter.� Petrodelta's current production rate is approximately
39,000 BOPD.
During
the second quarter of 2012, Petrodelta drilled and completed two development
wells in the El Salto field.� The ELS-45 is a horizontal producer in the
Lower Morichal formation, which contains the bulk of the oil in place in the El
Salto field.� It is currently producing 3,500 BOPD of 9.5 API oil and no
water, representing the highest producing well rate to date in El Salto.�
Currently, Petrodelta is operating three drilling rigs and one workover rig and
is continuing with infrastructure enhancement projects in the El Salto and
Temblador fields.
A third
drilling rig, the new modular rig PDV-48 is rigging up in the Isleno field and
is expected to begin drilling operations in September 2012.� The current
production from the Isleno field is approximately 1,900 BOPD and is being
trucked to the Uracoa field.� Plans are underway to build a pipeline
connection between the Isleno field and the main production facility at the
Uracoa field.
Petrodelta's
production for 2012 is projected to average approximately 40,300 BOPD.�
The 2012 Petrodelta capital budget is expected to be approximately $300
million with a significant portion of that total related
to infrastructure costs to support the further development of the Temblador and
El Salto fields.� Petrodelta expects to drill 22 oil wells and two water
injector wells, and is anticipating finishing this year with five rigs
operating with three more new rigs arriving at the end of the third
quarter.� The current plan is to retire one of the older rigs upon the
arrival of the three new rigs so that four of the anticipated five drilling
rigs will be new modular rigs that are fit-for-purpose for Petrodelta's
operations.
The
average sales price for crude oil produced during the quarter was approximately
$96.10
per barrel compared to $101.72 per barrel during the
second quarter of 2011.
On June 21,
2012, Harvest announced that its wholly-owned subsidiary,
HNR Energia B.V., had signed a definitive SPA with PT Pertamina
(Persero), the national oil company of Indonesia, to
sell all of Harvest's interests in Venezuela for
$725.0
million in an all-cash transaction.� Net proceeds
from the sale are estimated to be approximately $525.0 million
after deductions for transaction related costs and taxes.�
The Buyer
will purchase Harvest's 32 percent interest in Petrodelta, S.A. by
purchasing HNR Energia B.V.'s 80 percent interest in Harvest-Vinccler Dutch
Holding B.V.� The effective date of the transaction is January 1,
2012.
The
closing of the transaction is subject to, among other things, approval by the
Government of the Bolivarian Republic of Venezuela,
the Government of Indonesia in
its capacity as the Buyer's sole shareholder and a majority of Harvest's
stockholders.� If all of the conditions to closing are not satisfied or
not waived on or before March 21, 2013, either the Buyer or
Harvest may terminate the SPA.� The Boards of Directors of Harvest and Pertamina
have each approved the transaction.
EXPLORATION
AND OTHER ACTIVITIES
Dussafu
Project - Gabon
("Dussafu PSC")
On April 27,
2012, Harvest submitted notification to the Direction
Generale Des Hydrocarbures (DGH) of our intent to enter the third exploration
phase of the Dussafu PSC with an effective date of May� 28, 2012.�
As stated in the Dussafu PSC, the third exploration phase of the Dussafu PSC
has a $7.0
million ($4.7 million net
to our 66.667 percent interest) work commitment over a two year period.�
The DGH has agreed to extend the third exploration phase to four years until May 27,
2016.� Harvest paid a $1.0 million bonus ($0.7
million net to Harvest's 66.667 percent interest) to
enter the third exploration phase.
Operational
activities during the six months ended June 30, 2012,
included processing of the 545 square kilometers of seismic which was acquired
in the fourth quarter of 2011.� The 3-D Pre-Stack Time Migration (PSTM)
was completed in July
2012. � Depth processing and reprocessing of the
inboard 3D commenced and is scheduled to be completed in the second quarter of
2013. � Well planning is in progress to drill an exploration well in the
fourth quarter of 2012 on the Tortue prospect to target stacked pre-salt Gamba
and Dentale reservoirs as well as a secondary post-salt Madiela clastic
reservoir.� The prospect has mean unrisked prospective resources of 62
MMBO.
Harvest
Dussafu B.V. has secured the use of a semi-submersible drilling unit to
drill the Tortue exploration well offshore Gabon.� The drilling unit, the
Scarabeo 3, is owned and operated by Saipem S.p.A. and will be mobilized on
location to spud the well in mid-October 2012.
Budong-Budong
PSC � Indonesia
The
license commitments have been fulfilled and the partners are planning to
request a four year extension at the end of the initial six year term which
expires on January
16, 2013.� Prospects and leads are being matured
for both the Lariang and Karama Basins.� An exploration well is being
planned for 2013.
Tately
Budong-Budong N.V. is the operator of the Budong-Budong Block.�
Harvest owns a 64.4 percent working interest in the Budong-Budong PSC.
Oman
Block 64 EPSA
All work
commitments have been completed and post well studies are being
conducted.� A one year extension for the license has been granted until May 2013,
at which time Harvest must decide whether to commit to the second phase of the
license, which has a three year term and a one well commitment.
The
remaining prospects and leads are being reviewed in light of the recent
drilling results to mature possible drilling options in 2013.
Harvest
has an 80 percent interest in Block 64 onshore Oman.� Block 64 has an
area of 3,874 square kilometers and was extracted from a pre-existing block
(PDO's Block 6) to accelerate exploration for gas and gas condensate by the Omani
Ministry of Oil and Gas.� Harvest is evaluating other opportunities
in the region.
Non-GAAP
Financial Measures
These
measures are included due to the significant nature of Petrodelta's earnings to
Harvest.� In this press release, Petrodelta's adjusted EBITDA disclosure
is not presented in accordance with accounting principles generally accepted in
the United States
(GAAP) and Petrodelta's financials are not intended to be used in lieu of GAAP
presentations of net income or cash flows from operating activities.�
Adjusted EBITDA is presented because we believe it provides additional
information with respect to both the performance of our fundamental business
activities as well as our ability to internally fund our future capital expenditures
and working capital requirements.� We also believe that financial
analysts commonly use adjusted EBITDA to analyze Petrodelta's
performance.�
The
Company defines Adjusted EBITDA as net income (loss) before interest expense,
investment earnings, current income taxes, and certain non-cash items in the
Company's statements of operations, including depreciation, depletion and
amortization, accretion of asset retirement obligations, deferred income taxes,
certain employee compensation charges and gains or losses from foreign
exchange.� Although we present selected items that we consider in
evaluating our performance, you should also be aware that the items presented
do not represent all items that affect comparability between the periods
presented. � Variations in our operating results are also caused by
changes in volumes, prices, exchange rates and numerous other factors.
� These types of variations are not separately identified in this release,
but will be discussed, as applicable, in management's discussion and analysis
of operating results in our Quarterly Report on Form 10-Q for the quarter ended
June� 30, 2012.
A
reconciliation of adjusted EBITDA to net income and cash flows from operating
activities for the periods presented is included in the tables attached to this
release.
Conference
Call
Harvest
will hold a conference call at 10:00 a.m. Central Daylight Time on
Thursday, August� 9, 2012, during which management
will discuss Harvest's 2012 second quarter results.� The conference
leader will be James A. Edmiston,
President and Chief Executive Officer.� To access the conference call,
dial 888-256-9128 or 913-312-1472, five to ten minutes prior to the start
time.� The conference identification number is 4576497.� A
recording of the conference call will also be available for replay at
719-457-0820, passcode 4576497, through August 13, 2012.
The
conference call will also be transmitted over the internet through the
Company's website at www.harvestnr.com.� To listen to the live webcast, enter the web
site fifteen minutes before the call to register, download and install any
necessary audio software.� For those who cannot listen to the live
broadcast, a replay of the webcast will be available beginning shortly after
the call and will remain on the web site for approximately 90 days.
The
Company intends to file its second quarter 2012 Form 10-Q with the Securities
and Exchange Commission on Thursday, August 9,
2012.� A copy of the Form 10-Q will be available on the Company's website
at www.harvestnr.com.
About Harvest
Natural Resources:
Harvest Natural Resources, Inc., headquartered
in Houston, Texas,
is an independent energy company with principal operations in Venezuela,
exploration assets in Indonesia, West Africa, China and Oman and
business development offices in Singapore and
the United Kingdom.� For more information visit the Company's website at www.harvestnr.com.
CONTACT:
Stephen C. Haynes
Vice President, Chief Financial Officer
(281) 899-5716
This
press release may contain projections and other forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. � They include estimates and
timing of expected oil and gas production, oil and gas reserve projections of
future oil pricing, future expenses, planned capital expenditures, anticipated
cash flow, timing and certainty of future transactions and our business
strategy.� All statements other than statements of historical facts may
constitute forward-looking statements. � Although Harvest believes that
the expectations reflected in such forward-looking statements are reasonable,
it can give no assurance that such expectations will prove to have been
correct. � Actual results may differ materially from Harvest's
expectations as a result of factors discussed in Harvest's 2011 Annual Report
on Form 10-K and other public filings.
Harvest
may use certain terms such as resource base, contingent resources, prospective
resources, probable reserves, possible reserves, non-proved reserves or other
descriptions of volumes of reserves.� These estimates are by their nature
more speculative than estimates of proved reserves and accordingly, are subject
to substantially greater risk of being actually realized by the Company.
�
|
|
|
|
|
|
HARVEST
NATURAL RESOURCES, INC.
|
CONSOLIDATED BALANCE SHEETS
|
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
December 31,
|
|
|
|
|
2012
|
2011
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
Cash and cash equivalents
|
$ � 28,746
|
$ � � �
� 58,946
|
|
Restricted cash
|
-
|
1,200
|
|
Accounts
and notes receivable, net
|
|
|
|
|
Dividend receivable - equity affiliate
|
12,200
|
12,200
|
|
|
Joint interest and other
|
6,315
|
14,342
|
|
|
Notes receivable
|
-
|
3,335
|
|
Advances to equity affiliate
|
2,538
|
2,388
|
|
Deferred income taxes
|
2,628
|
2,628
|
|
Prepaid expenses and other
|
1,692
|
728
|
|
|
Total current assets
|
54,119
|
95,767
|
|
|
|
|
|
|
OTHER ASSETS
|
5,555
|
5,427
|
|
|
|
|
|
|
INVESTMENT IN EQUITY AFFILIATES
|
384,473
|
345,054
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, net
|
71,226
|
66,799
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
$ 515,373
|
$ � � � 513,047
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY:
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
Accounts
payable, trade and other
|
$ � � 1,044
|
$ � � � �
� 7,381
|
|
Accounts
payable -� carry obligation
|
-
|
3,596
|
|
Accrued expenses
|
8,896
|
15,247
|
|
Accrued Interest
|
1,008
|
1,372
|
|
Deferred tax liability
|
4,835
|
4,835
|
|
Income taxes payable
|
1,251
|
718
|
|
Current
portion - long term debt
|
15,551
|
-
|
|
|
Total current liabilities
|
32,585
|
33,149
|
|
|
|
|
|
|
OTHER LONG-TERM LIABILITIES
|
956
|
908
|
|
|
|
|
|
|
LONG-TERM DEBT
|
-
|
31,535
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES
|
-
|
-
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
Common
stock and paid-in capital
|
256,447
|
236,598
|
|
Retained earnings
|
200,051
|
193,283
|
|
Treasury stock
|
(66,145)
|
(66,104)
|
|
|
Total Harvest stockholders' equity�
|
390,353
|
363,777
|
Noncontrolling Interest
|
91,479
|
83,678
|
|
Total Equity
|
481,832
|
447,455
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY�
|
$ 515,373
|
$ � � � 513,047
|
�
�
HARVEST
NATURAL RESOURCES, INC.
|
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
|
(in thousands except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
Three months Ended June 30,
|
|
|
2012
|
2011
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
� Depreciation and amortization�
|
$ � � 105
|
$ � � � 119
|
|
|
� Exploration expense
|
1,282
|
4,650
|
|
|
� Dry hole costs
|
71
|
-
|
|
|
� General and administrative
|
6,524
|
7,049
|
|
|
|
7,982
|
11,818
|
|
|
LOSS FROM OPERATIONS
|
(7,982)
|
(11,818)
|
|
|
|
|
|
|
|
OTHER
NON-OPERATING INCOME (EXPENSE)
|
|
|
|
|
�
Investment earnings and other
|
80
|
240
|
|
|
� Interest expense
|
(34)
|
(1,704)
|
|
|
� Debt conversion expense
|
20
|
-
|
|
|
�
Loss on extinguishment of debt
|
-
|
(9,682)
|
|
|
�
Other non-operating expenses
|
(1,467)
|
(244)
|
|
|
�
Loss on exchange rates
|
(48)
|
(32)
|
|
|
|
(1,449)
|
(11,422)
|
|
|
LOSS FROM
CONSOLIDATED COMPANIES CONTINUING OPERATIONS BEFORE INCOME TAXES�
|
�
(9,431)
|
�
(23,240)
|
|
|
� Income
tax expense (benefit)
|
(426)
|
260
|
|
|
LOSS FROM
CONSOLIDATED COMPANIES CONTINUING OPERATIONS
|
(9,005)
|
(23,500)
|
|
|
Net income
from unconsolidated equity affiliates
|
22,661
|
18,246
|
|
|
NET INCOME
(LOSS) FROM CONTINUING OPERATIONS
|
13,656
|
(5,254)
|
|
|
DISCONTINUED OPERATIONS
|
|
|
|
|
�
Income (loss) from discontinued operations
|
(1,584)
|
65
|
|
|
�
Gain on sale of assets
|
-
|
104,348
|
|
|
�
Income tax (expense) benefit
|
595
|
(5,748)
|
|
|
� � � � �
Income (loss) from discontinued operations
|
(989)
|
98,665
|
|
|
NET INCOME� �
|
12,667
|
93,411
|
|
|
Less:�
Net Income Attributable to Noncontrolling Interest
|
4,507
|
3,631
|
|
|
NET INCOME
ATTRIBUTABLE TO HARVEST
|
$ 8,160
|
$ 89,780
|
|
|
|
|
|
|
|
|
� Three months Ended�
|
|
June 30, 2012
|
June 30, 2011
|
NET INCOME
(LOSS) ATTRIBUTABLE TO HARVEST PER COMMON SHARE:
|
� Basic�
|
� Dilutive�
|
� Basic�
|
� Dilutive�
|
� �
Income (loss) from continuing operations�
|
9,149
|
9,149
|
(8,885)
|
(8,885)
|
� � Discontinued operations
|
(989)
|
(989)
|
98,665
|
98,665
|
� � � � � � �
Net income attributable to Harvest
|
8,160
|
8,160
|
89,780
|
89,780
|
� �
Weighted average common shares outstanding
|
37,375
|
37,375
|
34,039
|
34,039
|
� �
Effect of dilutive shares
|
|
3,424
|
-
|
6,221
|
� � � � � � �
Weighted average common shares including dilutive effect
|
37,375
|
40,799
|
34,039
|
40,260
|
|
|
|
|
|
Per Share:
|
|
|
|
|
� �
Income (loss) from continuing operations
|
$ � 0.25
|
$ � � 0.22
|
$ (0.26)
|
$ � (0.22)
|
� � Discontinued operations
|
$ (0.03)
|
$ � (0.02)
|
$ � 2.90
|
$ � 2.45
|
� � � � � � �
Net income attributable to Harvest
|
$ � 0.22
|
$ � � 0.20
|
$ � 2.64
|
$ � 2.23
|
|
|
|
|
|
�
�
HARVEST
NATURAL RESOURCES, INC.
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
|
|
|
(in thousands except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six months Ended June 30,
|
|
|
|
2012
|
2011
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
� Depreciation and amortization�
|
$ � � 210
|
$ � � � 243
|
|
|
� Exploration expense
|
2,725
|
5,839
|
|
|
� Dry hole costs
|
5,617
|
-
|
|
|
� General and administrative
|
12,366
|
13,724
|
|
|
|
20,918
|
19,806
|
|
|
LOSS FROM OPERATIONS
|
(20,918)
|
(19,806)
|
|
|
|
|
|
|
|
OTHER NON-OPERATING INCOME (EXPENSE)
|
|
|
|
|
� Investment earnings and other
|
149
|
385
|
|
|
� Interest expense
|
(428)
|
(3,916)
|
|
|
� Debt conversion expense
|
(2,402)
|
-
|
|
|
� Loss on extinguishment of debt
|
-
|
(9,682)
|
|
|
� Other non-operating expenses
|
(1,723)
|
(675)
|
|
|
� Loss on exchange rates
|
(70)
|
(43)
|
|
|
|
(4,474)
|
(13,931)
|
|
|
LOSS FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS
BEFORE INCOME TAXES�
|
�
(25,392)
|
�
(33,737)
|
|
|
� Income tax� expense (benefit)
|
(1,646)
|
482
|
|
|
LOSS FROM CONSOLIDATED COMPANIES CONTINUING OPERATIONS
|
(23,746)
|
(34,219)
|
|
|
Net income from unconsolidated equity affiliates
|
39,419
|
36,740
|
|
|
NET INCOME� FROM CONTINUING OPERATIONS
|
15,673
|
2,521
|
|
|
DISCONTINUED OPERATIONS
|
|
|
|
|
� Loss from discontinued operations
|
(1,699)
|
(3,201)
|
|
|
� Gain (Loss) on sale of assets
|
-
|
104,348
|
|
|
� Income tax (expense) benefit
|
595
|
(5,748)
|
|
|
� � � � � Income (loss) from
discontinued operations
|
(1,104)
|
95,399
|
|
|
NET INCOME
|
14,569
|
97,920
|
|
|
Less:� Net Income Attributable to Noncontrolling
Interest
|
7,801
|
7,058
|
|
|
NET INCOME� ATTRIBUTABLE TO HARVEST
|
$ 6,768
|
$ 90,862
|
|
|
|
|
|
|
|
|
Six Months Ended�
|
|
June 30, 2012
|
June 30, 2011
|
NET INCOME ATTRIBUTABLE TO HARVEST PER COMMON SHARE:
|
� Basic�
|
� Dilutive�
|
� Basic�
|
� Dilutive�
|
� � Income (loss) from continuing
operations�
|
7,872
|
7,872
|
(4,537)
|
(4,537)
|
� � Discontinued operations
|
(1,104)
|
(1,104)
|
95,399
|
95,399
|
� � � � � � � Net
income� attributable to Harvest
|
6,768
|
6,768
|
90,862
|
90,862
|
� � Weighted average common shares outstanding
|
36,130
|
36,130
|
33,992
|
33,992
|
� � Effect of dilutive shares
|
-
|
1,469
|
-
|
6,035
|
� � � � � � � Weighted
average common shares including dilutive effect
|
36,130
|
37,599
|
33,992
|
40,027
|
|
|
|
|
|
Per Share:
|
|
|
|
|
� � Income (loss) from continuing operations
|
$ � 0.22
|
$ � � 0.21
|
$ (0.13)
|
$ � (0.11)
|
� � Discontinued operations
|
$ (0.03)
|
$ � (0.03)
|
$ � 2.80
|
$ � 2.38
|
� � � � � � � Net income
attributable to Harvest
|
$ � 0.19
|
$ � � 0.18
|
$ � 2.67
|
$ � 2.27
|
|
|
|
|
|
�
�
�
HARVEST
NATURAL RESOURCES, INC.
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
(in thousands, unaudited)
|
|
|
|
|
|
|
|
|
Six months Ended June 30,
|
|
|
|
2012
|
2011
|
Cash Flows From Operating Activities:
|
|
|
|
Net income
|
$ 14,569
|
$ � 97,920
|
|
Adjustments to reconcile net income� to net cash
|
|
|
|
� used in operating activities:
|
|
|
|
|
Depletion, depreciation and amortization
|
210
|
1,053
|
|
|
Dry hole costs
|
5,617
|
-
|
|
|
Impairment of long-lived assets
|
-
|
4,707
|
|
|
Amortization of debt financing costs
|
726
|
530
|
|
|
Amortization of discount on debt
|
-
|
816
|
|
|
Gain on sale of assets
|
-
|
(103,933)
|
|
|
Debt conversion expense
|
1,939
|
-
|
|
|
Allowance for account and note receivable
|
5,180
|
-
|
|
|
Writeoff of accounts payable, carry obligation
|
(3,596)
|
-
|
|
|
Loss on early extinguishment of debt
|
-
|
7,533
|
|
|
Net income from unconsolidated equity affiliate
|
(39,419)
|
(36,740)
|
|
|
Share-based compensation-related charges
|
2,124
|
2,673
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts and notes receivable
|
6,182
|
(2,887)
|
|
|
Advances to equity affiliate
|
(150)
|
(296)
|
|
|
Prepaid expenses and other
|
(950)
|
3,061
|
|
|
Accounts payable
|
(6,337)
|
8,168
|
|
|
Accrued expenses
|
(2,177)
|
(2,469)
|
|
|
Accrued Interest
|
(971)
|
(418)
|
|
|
Other liabilities
|
48
|
(701)
|
|
|
Income taxes payable
|
533
|
6,061
|
|
|
Net Cash Used In Operating Activities
|
(16,472)
|
(14,922)
|
Cash Flows From Investing Activities:
|
|
|
|
Proceeds from sale of assets
|
-
|
217,833
|
|
Additions of property and equipment
|
(14,205)
|
(28,067)
|
|
Additions to assets held for sale
|
-
|
(31,742)
|
|
Proceeds from sale of equity affiliate
|
-
|
1,385
|
|
Restricted cash
|
1,200
|
(7,323)
|
|
Investment costs
|
(829)
|
(62)
|
|
|
Net Cash Provided by (Used In) Investing Activities
|
(13,834)
|
152,024
|
Cash Flows From Financing Activities:
|
|
|
|
Net proceeds from issuances of common stock
|
273
|
416
|
|
Payments on long term debt
|
-
|
(60,000)
|
|
Financing costs
|
(167)
|
(189)
|
|
|
Net Cash Provided by (Used In) Financing Activities
|
106
|
(59,773)
|
|
|
Net Increase (Decrease) in Cash�
|
(30,200)
|
77,329
|
Cash and Cash Equivalents at Beginning of Period
|
58,946
|
58,703
|
Cash and Cash Equivalents at End of Period
|
$ 28,746
|
$ 136,032
|
�
�
PETRODELTA, S. A.
|
STATEMENTS OF OPERATIONS
|
(in thousands except per BOE and
per share amounts, unaudited)
|
|
|
|
|
|
|
Three months Ended
June 30, 2012
|
Three months Ended
June 30, 2011
|
|
|
|
|
|
Barrels of oil sold�
|
3,314
|
|
2,782
|
|
MCF of gas sold
|
494
|
|
440
|
|
� � � � � Total BOE�
|
3,396
|
|
2,855
|
|
� � � � � Total BOE - Net of 33%
Royalty
|
2,264
|
|
1,904
|
|
|
|
|
|
|
Average price/barrel
|
$ � � 96.10
|
|
$101.72
|
|
Average price/mcf
|
$1.54
|
|
$1.54
|
|
|
|
|
|
|
|
$
|
$/BOE - net
|
$
|
$/BOE - net
|
REVENUES:
|
|
|
|
|
� Oil sales
|
$ 318,474
|
|
282,975
|
|
� Gas sales
|
762
|
|
679
|
|
� Royalties
|
(106,097)
|
|
(96,214)
|
|
|
213,139
|
94.14
|
187,440
|
98.45
|
EXPENSES:
|
|
|
|
|
� Operating expenses
|
20,063
|
8.86
|
18,684
|
9.81
|
� Workovers
|
3,149
|
1.39
|
7,021
|
3.69
|
� Depletion, depreciation, amortization
|
21,718
|
9.59
|
13,231
|
6.95
|
� General and administrative
|
4,944
|
2.19
|
3,782
|
1.99
|
� Windfall profits tax
|
74,687
|
32.99
|
65,345
|
34.32
|
|
124,561
|
55.02
|
108,063
|
56.76
|
INCOME FROM OPERATIONS
|
88,578
|
39.12
|
79,377
|
41.69
|
|
|
|
|
|
Gain on exchange rate
|
-
|
-
|
-
|
|
Interest earnings and other
|
1
|
-
|
185
|
0.09
|
Interest expense
|
(2,690)
|
(1.18)
|
(3,146)
|
(1.65)
|
|
|
|
|
|
Income before income tax
|
85,889
|
37.94
|
76,416
|
40.13
|
|
|
|
|
|
� Current income tax expense
|
31,268
|
13.81
|
31,618
|
16.60
|
� Deferred income tax expense (benefit)
|
(17,394)
|
(7.68)
|
(2,513)
|
(1.32)
|
NET INCOME
|
72,015
|
31.81
|
47,311
|
24.85
|
Adjustment to reconcile to reported Net Income (loss) from
|
-
|
|
|
|
� � � Unconsolidated Equity Affiliate:
|
|
|
|
|
� � � � � � � � �
Deferred income tax (benefit) expense
|
16,258
|
|
26
|
|
� � � � � � � � �
Net income equity affiliate
|
55,757
|
|
47,285
|
|
Equity interest in unconsolidated equity affiliate
|
40%
|
|
40%
|
|
Income before amortization of excess basis in equity
affiliate
|
22,303
|
|
18,914
|
|
� � � Conform depletion expense to
GAAP�
|
896
|
|
(216)
|
|
� � � Amortization of excess basis in equity
affiliate� �
|
(538)
|
|
(452)
|
|
Net income from unconsolidated equity affiliate
|
$ � 22,661
|
|
$ 18,246
|
|
|
|
|
|
|
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
Reconcile NET INCOME as reported under IFRS to adjusted
EBITDA:
|
|
|
|
|
� � NET INCOME
|
$ � 72,015
|
31.81
|
$ 47,311
|
24.85
|
� � Add back non-cash items:
|
|
|
|
|
� � � � � Depletion, depreciation
and amortization
|
21,718
|
9.59
|
13,231
|
6.95
|
� � � � � Deferred income tax
expense (benefit)
|
(17,394)
|
(7.68)
|
(2,513)
|
(1.32)
|
|
|
|
|
|
� CASH FROM OPERATIONS
|
76,339
|
33.72
|
58,029
|
30.48
|
|
|
|
|
|
� � � � � Investment earnings and
other
|
(1)
|
-
|
(185)
|
(0.09)
|
� � � � � Interest expense
|
2,690
|
1.18
|
3,146
|
1.65
|
� � � � � Current income tax
expense
|
31,268
|
13.81
|
31,618
|
16.60
|
|
|
|
|
|
� � Adjusted EBITDA
|
$ 110,296
|
48.71
|
$ 92,608
|
48.64
|
|
|
|
|
|
� � Harvest 32% of Adjusted EBITDA
|
$ � 35,295
|
15.59
|
$ 29,635
|
15.56
|
�
�
�
PETRODELTA, S. A.
|
STATEMENTS OF OPERATIONS
|
(in thousands except per BOE and
per share amounts, unaudited)
|
|
|
|
|
|
|
Six months Ended
June 30, 2012
|
Six months Ended
June 30, 2011
|
|
|
|
|
|
Barrels of oil sold�
|
6,298
|
|
5,365
|
|
MCF of gas sold
|
1,124
|
|
910
|
|
� � � � � Total BOE�
|
6,485
|
|
5,517
|
|
� � � � � Total BOE - Net of 33%
Royalty
|
4,324
|
|
3,678
|
|
|
|
|
|
|
Average price/barrel
|
$102.09
|
|
$94.98
|
|
Average price/mcf
|
$1.54
|
|
$1.54
|
|
|
|
|
|
|
|
$
|
$/BOE - net
|
$
|
$/BOE - net
|
REVENUES:
|
|
|
|
|
� Oil sales
|
$ 642,971
|
|
$ 509,588
|
|
� Gas sales
|
1,734
|
|
1,405
|
|
� Royalty
|
(213,436)
|
|
(173,529)
|
|
|
431,269
|
99.74
|
337,464
|
91.75
|
EXPENSES:
|
|
|
|
|
� Operating expenses
|
41,644
|
9.63
|
32,966
|
8.96
|
� Workovers
|
9,057
|
2.09
|
13,496
|
3.67
|
� Depletion, depreciation and amortization
|
39,640
|
9.17
|
25,718
|
6.99
|
� General and administrative
|
9,927
|
2.30
|
2,852
|
0.78
|
� Windfall profits tax
|
159,425
|
36.87
|
92,471
|
25.14
|
|
259,693
|
60.06
|
167,503
|
45.54
|
INCOME FROM OPERATIONS
|
171,576
|
39.68
|
169,961
|
46.21
|
|
|
|
|
|
Investment earnings and other
|
2
|
-
|
352
|
0.09
|
Interest expense
|
(4,603)
|
(1.06)
|
(4,418)
|
(1.20)
|
|
|
|
|
|
Income before income tax
|
166,975
|
38.62
|
165,895
|
45.10
|
|
|
|
|
|
� Current income tax expense
|
73,338
|
16.96
|
84,961
|
23.10
|
� Deferred income tax benefit
|
(30,884)
|
(7.14)
|
(28,275)
|
(7.69)
|
NET INCOME�
|
124,521
|
28.80
|
109,209
|
29.69
|
Adjustment to reconcile to reported Net Income from
|
|
|
|
|
� � � Unconsolidated Equity Affiliate:
|
|
|
|
|
� � � � � � � � �
Deferred income tax expense
|
28,299
|
|
17,897
|
|
� � � � � � � � �
Net income equity affiliate
|
96,222
|
|
91,312
|
|
Equity interest in unconsolidated equity affiliate
|
40%
|
|
40%
|
|
Income before amortization of excess basis in equity
affiliate
|
38,489
|
|
36,525
|
|
� � � Conform depletion expense to
GAAP�
|
1,957
|
|
(297)
|
|
� � � Amortization of excess basis in equity
affiliate� �
|
(1,027)
|
|
(873)
|
|
Net income from unconsolidated equity affiliate
|
$ � 39,419
|
|
$ � 35,355
|
|
|
|
|
|
|
Non-GAAP Financial Measures:
|
|
|
|
|
|
|
|
|
|
Reconcile NET INCOME as reported under IFRS to adjusted
EBITDA:
|
|
|
|
|
� � NET INCOME
|
$ 124,521
|
28.80
|
$ 109,209
|
29.69
|
� � Add back non-cash items:
|
|
|
|
|
� � � � � Depletion, depreciation
and amortization
|
39,640
|
9.17
|
25,718
|
6.99
|
� � � � � Deferred income tax
expense (benefit)
|
(30,884)
|
(7.14)
|
(28,275)
|
(7.69)
|
|
|
|
|
|
� CASH FROM OPERATIONS
|
133,277
|
30.83
|
106,652
|
28.99
|
|
|
|
|
|
� � � � � Investment earnings and
other
|
(2)
|
-
|
(352)
|
(0.09)
|
� � � � � Interest expense
|
4,603
|
1.06
|
4,418
|
1.20
|
� � � � Current income tax expense
|
73,338
|
16.96
|
84,961
|
23.10
|
|
|
|
|
|
� � Adjusted EBITDA�
|
$ 211,216
|
48.85
|
$ 195,679
|
53.20
|
|
|
|
|
|
� � Harvest 32% of Adjusted EBITDA
|
$ � 67,589
|
15.63
|
$ � 62,617
|
17.02
|
�
SOURCE Harvest Natural
Resources
|
Harvest Natural Resources Inc.
|
|
|
CODE : HNR |
ISIN : US41754V1035 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Harvest Natural est une société développant des projet miniers et de pétrole basée aux Etats-Unis D'Amerique. Harvest Natural détient divers projets d'exploration au Gabon. Son principal projet en exploration est RUCHE MARIN A au Gabon. Harvest Natural est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 73,1 millions US$ (66,6 millions €). La valeur de son action a atteint son plus haut niveau récent le 11 mai 2007 à 9,99 US$, et son plus bas niveau récent le 15 janvier 2016 à 0,30 US$. Harvest Natural possède 11 040 000 actions en circulation. |
Financements de Harvest Natural Resources Inc. |
Nominations de Harvest Natural Resources Inc. |
Rapports Financiers de Harvest Natural Resources Inc. |
|
Projets de Harvest Natural Resources Inc. |
Communiqués de Presse de Harvest Natural Resources Inc. |
Publication de commentaires terminée |
|
|