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Tue, Oct. 28, 12:46 PM
Mon, Aug. 11, 6:08 AM
Sun, Aug. 10, 5:30 PM
Wed, Jul. 16, 3:42 PM
- Western energy companies are being told they could face China's wrath if they explore in areas now claimed by Vietnam under international maritime law, putting a freeze on some projects.
- Exxon (NYSE:XOM), whose business exposure in China is more limited than some competitors, has pledged to move ahead on exploration off Vietnam, as has Murphy Oil (NYSE:MUR), but Shell (RDS.A, RDS.B), Chevron (NYSE:CVX), Talisman Energy (NYSE:TLM) and Harvest Natural Resources (NYSE:HNR) are among firms that have held off drilling in disputed areas despite promising prospects off the Vietnamese coast.
- China earlier said it had finished drilling in the area for now and was withdrawing a drilling rig from the waters, but left the door open to future exploration there.
Fri, Jul. 11, 8:30 AM| Comment!
Mon, May. 12, 7:26 AM
Sun, May. 11, 5:30 PM
Fri, Apr. 4, 2:34 PM
- Harvest Natural Resources (HNR +4.5%) sets May 7 for a shareholder vote on the company's proposed sale of its 20.4% ownership stake in its Petrodelta joint venture with Venezuela's PDVSA to an affiliate of Argentina's Pluspetrol Resources.
- Cash-strapped HNR warned recently that its future liquidity depends heavily on completing the sale.
- The deal also will require approval by local authorities in Venezuela.
Mon, Mar. 17, 12:53 PM
- Harvest Natural Resources (HNR -6.4%) sinks after Q4 earnings fall far short of Wall Street expectations, as it takes two charges related to the planned sale of assets to exit Venezuela.
- HNR booked a $23M loss on the completed portion of the $400M sale of its 32% interest in the Petrodelta joint venture with Venezuela’s PDVSA to Argentina’s Pluspetrol, and recorded a $75M income tax expense which was partly related to the recording of any future tax liability.
- The cash-strapped company warns that it is not sure when Venezuelan authorities would approve the sale of its assets in the country and its future liquidity depends heavily on completing the second part of the sale.
- HNR says it is talking to potential buyers about its majority stake in a block off Gabon and exploration assets in Indonesia and China.
Mon, Mar. 17, 6:20 AM
Mon, Mar. 17, 12:05 AM
Sun, Mar. 16, 5:30 PM
Dec. 30, 2013, 9:09 AM
- Harvest Natural Resoures' (HNR) 8.5% premarket gain may be attributable to news that Venezuela said China had given the country $5B in credits under a deal reached in September.
- Venezuela has received ~$36B from China since 2008 and is paying for it with petroleum exports.
- Most of HNR's exploration and production assets are in Venezuela.
Dec. 16, 2013, 9:11 AM
Dec. 16, 2013, 7:47 AM
- Harvest Natural Resources (HNR) +26.9% premarket on news it agrees to sell interests in Venezuela in two separate deals for a combined $400M.
- Confirming an earlier proposal, Pluspetrol will purchase HNR's 32% interest in Petrodelta by purchasing HNR Energia's 80% interest in Harvest-Vinccler Dutch Holding.
Nov. 29, 2013, 11:59 AM
- Harvest Natural Resources (HNR +16.5%) shares are rallying after a 2-day slide. The cash-strapped company announced after Wednesday's close that it had raised ~$5.4M by selling 1.7M shares.
- Investors may be taking the fact that 6 insiders bought 246K of the shares as a positive sign for the company's chances of selling its assets. The company received a $400M proposal for its Venezuelan interests 2 weeks ago. With $76.8M in long-term debt as of Sept. 30, the company has an enterprise value of ~$234M.
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