Thu, May 28, 12:47 PM
Thu, May 21, 12:47 PM
Tue, May 19, 2:31 PM
- Harvest Natural Resources (HNR -6.2%) CEO James Edmiston said in today's earnings conference call that the company's surging stock price last week was “irregular” and could signal interest from a potential buyer, although no one has made a formal approach or offer.
- HNR stock surged beginning May 11 from $0.65/share to as high as $1.44 before leveling off; the company faces a possible de-listing from the NYSE at less than $1/share.
- Edmiston also said he had little to report on the ongoing negotiations to resolve the potential sale of Venezuelan assets, but that he is continuing to work toward that end with the country's government.
- There's no stock surge today after reporting a Q1 adjusted EPS loss of $0.09 on $183M in revenues, down 6.5% Y/Y; the CEO said HNR is suffering from a "significant exchange rate distortion” in its international oil and gas production.
Tue, May 19, 9:15 AM
Tue, May 19, 7:21 AM
Fri, May 15, 12:45 PM
Thu, May 14, 12:45 PM
Tue, Apr. 21, 11:28 AM
- Venezuelan state oil company PDVSA says it prefers Harvest Natural Resources (HNR -4.8%) to leave the country but wants it to sell a project stake to a company with the financial strength to make major investments.
- HNR has been seeking to sell its stake in joint venture Petrodelta following years complaining that PDVSA is not allowing it to collect dividends, but PDVSA's president says HNR "only want(s) to get the dividend, not invest" in the project.
- The buyer of HNR's stake should be willing to pay a bonus to the government and put in ~$600M over five years to boost Petrodelta output to 100K bbl/day from 40K, PDVSA's president says.
Wed, Apr. 15, 12:45 PM
Wed, Apr. 15, 9:18 AM
Wed, Apr. 15, 8:57 AM
- Harvest Natural Resources (NYSE:HNR) -27.7% premarket after disclosing an update to its discussions with PDVSA toward reaching an agreement for an amicable exit from Petrodelta.
- HNR says that its "intermittent discussions have not led to any offer or terms that would be remotely fair and equitable to Harvest's shareholders, and PDVSA has been so advised."
- The disclosure takes some of the air out of yesterday's report that PDVSA had offered to buy HNR's Venezuelan assets, which propelled HNR shares to a 129% gain.
Tue, Apr. 14, 1:56 PM| 2 Comments
Mon, Mar. 30, 8:17 AM
- Harvest Natural Resources (NYSE:HNR) -5.7% premarket after its Q4 net loss widens to ~$180M and warning that it is facing a severe cash crunch and will consider restructuring if it fails to obtain sufficient funding.
- HNR says it is experiencing severe liquidity constraints brought about by the failure of the Venezuelan government to approve the company's sale of its Venezuelan assets, the failure to pay dividends and other contractual breaches related to its Petrodelta joint venture with Petroleos de Venezuela.
- The Q4 loss was mostly due to the writedown of its investment in the Petrodelta JV; HNR also calls its Dussafu project off Gabon “economically marginal” due to the collapse in oil prices.
Mon, Mar. 30, 7:29 AM
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.
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