By a News Reporter-Staff News Editor at Ecology, Environment & Conservation -- Harvest Natural Resources, Inc. (NYSE: HNR) (Harvest or the Company) announced 2014 second quarter earnings and provided an operational update.
Harvest reported a second quarter net loss of approximately $1.7 million, compared with a net loss of $4.5 million for the same period last year. The second quarter results included exploration charges of $1.6 million and non-recurring charges of $3.2 million in impairment costs related to the Budong Budong block. Adjusted for exploration charges and non-recurring items, Harvest would have posted second quarter net income of approximately $3.1 million, or $0.07 per diluted share, before any adjustment for income taxes.
Petrodelta, S.A. (Petrodelta), Harvest's Venezuelan affiliate, reported second quarter operating income, before taxes and non-operating items, of $35.0 million ($7.14 million net to Harvest's equity, under IFRS). Petrodelta reported net income for the second quarter of $42.3 million ($8.63 million net to Harvest's equity interest, under IFRS). After adjustments to Petrodelta's IFRS earnings, primarily to conform to US GAAP, Harvest's equity interest in Petrodelta's earnings was $8.2 million, compared to $6.1 million for the same period during 2013.
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