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Harvest Oil & Gas Announces First Quarter 2020 Results
Harvest Oil & Gas Announces First Quarter 2020 Results.
About this update from Harvest Oil & Gas Corporation
[{"type":"text","content":"\n HOUSTON, May 29, 2020 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRSTD) (“Harvest” or the “Company”) today announced results for the first quarter of 2020. Key Highlights Average daily production was 36.5 MMcfe for the first quarter of 2020In January 2020, the Company unwound certain commodity derivative contracts in conjuncton with closed divestitures for cash settlements received of $1.1 millionOn May 8, 2020, the Company completed a one-for-ten reverse stock split of its common stockOn May 15, 2020, the Company filed a Form 15 with the U.S. Securities and Exchange Commission to voluntarily deregister its common stock First Quarter 2020 Financial Results             First Quarter Fourth Quarter$ in millions unless noted otherwise  2020 2019Average daily production (MMcfe/d)   36.5   53.1 Total revenues  $9.5  $16.1 Total assets (1)   181.5   180.2 Net income (loss)   6.0   (22.1)Adjusted EBITDAX (2)   2.2   (0.6)Total debt (1)   —   — Net cash provided by operating activities   1.1   3.7 Additions to oil and natural gas properties (3)   0.3   (0.8) (1)   As of March 31, 2020 and December 31, 2019.(2)   Adjusted EBITDAX is a Non-GAAP financial measure and is defined and reconciled under “Non-GAAP Measures” below.(3)   Represents cash payments during the period. For the first quarter of 2020, Harvest reported net income of $6.0 million, or $5.87 and $5.79 per basic and diluted weighted average share outstanding, respectively, compared to a net loss of $22.1 million, or $(21.71) per basic and diluted weighted average share outstanding, for the fourth quarter of 2019. For the first quarter of 2019, a net loss of $35.8 million or $(35.62) per basic and diluted weighted average share outstanding was reported. Included in the 2020 first quarter net income were the following items: $1.6 million of impairment of oil and natural gas properties primarily related to the write down of properties located ...