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Harvest Natural Resources, Inc. (HNR)

  • Yesterday, 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.
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  • 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    • Harvest Natural Resources (NYSE:HNR) -20% premarket after announcing it has withdrawn its request for international arbitration proceedings against Venezuela over what it had considered the thwarting of its investments in the country.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.
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  • 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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  • Fri, Jan. 2, 12:50 PM
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  • 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.
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  • Oct. 28, 2014, 12:46 PM
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  • 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.
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  • 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.
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  • 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.
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  • 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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  • Nov. 29, 2013, 11:31 AM
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  • Nov. 25, 2013, 12:46 PM
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  • Nov. 20, 2013, 8:10 AM
    • Harvest Natural Resources (HNR+24.2% premarket after announcing receipt of a revised $400M proposal from Pluspetrol for the company's interests in Venezuela.
    • Under the proposal, Pluspetrol would purchase HNR's 32% interest in Petrodelta by purchasing HNR Energia's 80% interest in Harvest-Vinccler Dutch Holding in two separate and independent transactions.
    • Also, negotiations with Vitol concerning a sale of its 67% interest in the Dussafu Marine Permit offshore Gabon terminated after failing to reach agreement.
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  • Nov. 12, 2013, 12:53 PM
    • Heard during the Q&A session of Harvest Natural's (HNR -29.2%) earnings call (I, II):
    • HNR says its cash burn rate is $2M/month; in the most recent quarter, it reported $4M cash on its balance sheet.
    • Says debt outstanding is due Oct. 2014, and quarterly interest runs ~$2.2M.
    • Asked about what can be done to raise capital, HNR says it can raise money through equity or bridge loans, and is looking at all options.
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Company Description
Harvest Natural Resources, Inc. is an energy company engaged in the acquisition, exploration, development, production and disposition of oil and natural gas properties.