Business
Harvest Oil & Gas Announces First Quarter 2019 Results
Harvest Oil & Gas Announces First Quarter 2019 Results.
About this update from Harvest Oil & Gas Corporation
[{"type":"text","content":"\nHOUSTON, May 15, 2019 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the first quarter of 2019 and the filing of its Form 10-Q with the Securities and Exchange Commission (“SEC”) on May 15, 2019. Harvest is the successor reporting company to EV Energy Partners, L.P.\n Key Highlights Generated a net loss of $35.8 million, or $(3.56) per basic and diluted weighted average share outstanding, and Adjusted EBITDAX of $12.4 million for the first quarter of 2019Average daily production was 137.2 MMcfe for the first quarter of 2019Completed the sale of oil and gas properties in the San Juan Basin in New Mexico and Colorado for $37.2 million in April 2019, net of purchase price adjustmentsCompleted the sale of certain assets in the Mid-Continent area for $4.1 million, net of purchase price adjustments, in January and April 2019, which included $0.9 million of preferential rights to purchase expected to close during the second quarter of 2019Borrowing base re-determined at $110 million on May 2, 2019Reduced outstanding borrowings under the credit facility to $8 million, as of May 14, 2019 First Quarter 2019 Financial Results         First Quarter Fourth Quarter$ in millions unless noted otherwise 2019 2018Average daily production (MMcfe/d) 137.2  144.9 Total revenues (1) 43.8  47.9 Total assets (2) 442.3  534.5 Net (loss) income (1) (3) (35.8) 34.3 Adjusted EBITDAX (a non-GAAP  financial measure) (1)(4) 12.4  9.0 Total debt (2) 55.0  115.0 Net cash provided by operating activities 19.4  19.6 Additions to oil and natural gas properties (5) 0.4  5.1  ______________________(1) Includes royalty adjustment of $5.0 million in the fourth quarter. See Note 13 of the Notes to Consolidated Financial Statements included under “Item 8. Financial Statements and Supplementary Data” contained in the Form 10-K filed March 29, 2019. Excluding this royalty adjustment, for the fourth quarter, total revenue would have been $52.9 million, net income would have been $39.3 million and Adjusted EBITDAX would have been $14.0 mi...