Thu, Jan. 29, 8:59 AM
- Harvest Natural Resources (NYSE:HNR) -20% premarket after announcing it has withdrawn its request for international arbitration proceedings against Venezuela over what it had considered the thwarting of its investments in the country.
- HNR says it remains committed to protecting the value of its Venezuelan investment, but it cannot promptly pursue its claims without going through a process established in the shareholders' agreement with Petroandina or obtaining a waiver of that process.
Fri, Jan. 16, 12:53 PM
- Harvest Natural Resources (HNR +3%) says it will seek international arbitration against Venezuela, alleging the government has thwarted the development of the company's investment in the country as well as efforts to sell its interests there.
- HNR has held interests in Venezuela for more than 20 years, and has tried to sell its 32% stake in Petrodelta to Pertamina of Indonesia and later to Pluspetrol Venezuela.
Fri, Jan. 2, 12:50 PM
Fri, Jan. 2, 8:09 AM
- Harvest Natural Resources (NYSE:HNR) -6.6% premarket after terminating its agreement to sell remaining interests in Venezuela as a result of the failure to obtain government approval.
- The Venezuelan government said approval would be conditional on unspecified bonus payments and $1.5B in financing for Petrodelta, but HNR says the various companies could not reach agreement.
- HNR thus will retain its 20.4% interest in Petrodelta and Petroandina will retain its 11.6% interest in Petrodelta, which it had purchased from HNR for $125M in Dec. 2013.
- HNR had warned several months ago that its future liquidity depended heavily on completing the sale.
Nov. 6, 2014, 6:40 AM
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Jul. 16, 2014, 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.
Jul. 11, 2014, 8:30 AM| Comment!
May. 12, 2014, 7:26 AM
May. 11, 2014, 5:30 PM
Apr. 4, 2014, 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.
Mar. 17, 2014, 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.
Mar. 17, 2014, 6:20 AM
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