November 16, 2018
Harvest Oil & Gas Corporation on Wednesday reported a Q3 net loss of nearly $10 million, down considerably from the $595.6 million loss for the second quarter of 2018.
Harvest is the successor reporting company to EV Energy Partners, L.P., with Harvest now EV’s new name after emerging from Chapter 11 bankruptcy restructuring.
The company also reported a 3Q decrease in production when compared to 2Q 2018, mostly from the divestiture of Central Texas and Karnes County properties that closed on August 31, 2018 — but an increase in production is noted when comparing 3Q to the third quarter of last year.
That increase was primarily due to increased drilling activity and the adoption of a new revenue recognition standard in 2018.
Key Highlights from Harvest’s 3Q Earnings Statement:
- Generated Adjusted EBITDAX of $28.9 million and a net loss of $9.8 million, or $(0.97) per basic and diluted weighted average share outstanding for the third quarter of 2018
- Average daily production was 175.5 MMcfe for the third quarter of 2018, which was at the high end of the guidance range of 167 to 176 MMcfe
- Completed the sale of certain interests in its Central Texas and Karnes County, Texas properties to Magnolia Oil & Gas Corporation for a total consideration of $133.3 million in cash (net of preliminary purchase price adjustments) and 4.2 million shares of Magnolia common stock
- Completed the sale of certain Eagle Ford formation rights and existing production in Lee County, Texas for $3.5 million
- Common stock and warrants commenced trading on the OTCQX® Best Market on September 20, 2018 under the tickers HRST and HRSTW, respectively