Tuesday, Harvest Natural Resources, Inc. (HNR), an independent energy company, reported a wider net loss for the second quarter ended June 30, 2009. The company, through its subsidiary Harvest Vinccler, S.C.A., has interests in the Bolivarian Republic of Venezuela; and through its 32% interest in Petrodelta SA, operates a portfolio of properties in eastern Venezuela.
The Houston, Texas-based energy company, with exploration assets in the United States, Indonesia, West Africa, Oman and China, posted a wider net loss of $4.2 million or $0.13 per share, compared with a loss of $0.6 million or $0.02 per share in the same period last year.
Petrodelta reported second quarter earnings of $34.6 million, which is $11.1 million net to Harvest's 32% interest, under International Financial Reporting Standards, or IFRS. Harvest's share of Petrodelta's earnings was $7.0 million, after adjustments to Petrodelta's IFRS earnings and the pension and retirement plan. Petrodelta's revenue for the second quarter was $73.04 million or $46.94 per BOE, compared with $64.46 million or $48.32 per BOE in the previous year same period.
During the second quarter, Harvest's depreciation expenses increased to $88 thousand from $47 thousand in the same period last year, while exploration expense increased to $3.45 million from $2.86 million.
In the second quarter of 2009, oil production from Petrodelta's self-funded drilling program increased 62% year-over-year to an average of 22,057 barrels of oil per day.
Petrodelta delivered 2.0 million barrels of oil and 1.3 billion cubic feet of natural gas to PDVSA Petroleo, S.A. for the three months ended June 30, 2009.
During the second quarter of 2009, the world market price for oil produced by Petrodelta averaged approximately $53.39 per barrel, much lower than $83.12 last year. Natural gas price received by Petrodelta is contractually fixed at $1.54 per thousand cubic feet for both years.
On a year-to-date basis, Harvest posted a net loss of $8.96 million or $0.27 per share, compared with net income of $572 thousand or $0.02 per share last year.
Monday, HNR closed regular trading at $6.64 on the NYSE.
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