Business
Harvest Oil & Gas Announces Second Quarter 2019 Results
Harvest Oil & Gas Announces Second Quarter 2019 Results.
About this update from Harvest Oil & Gas Corporation
[{"type":"text","content":"\nHOUSTON, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the second quarter of 2019 and the filing of its Form 10-Q with the Securities and Exchange Commission (“SEC”) on August 14, 2019. Harvest is the successor reporting company to EV Energy Partners, L.P.\n Key Highlights Average daily production was 112.3 MMcfe for the second quarter of 2019In July, announced a definitive agreement to sell oil and gas properties in the Barnett Shale for $72 million, subject to purchase price adjustments, which is expected to close in the third quarter of 2019In July, entered into a definitive agreement to sell certain oil and gas properties in the Mid-Continent area for $6.5 million, subject to purchase price adjustments, which is expected to close in the third quarter of 2019Paid down remaining $55 million of debt under credit facility during second quarter resulting in $0 debt outstanding under the credit facility as of June 30, 2019 Second Quarter 2019 Financial Results   Second Quarter First Quarter$ in millions unless noted otherwise 2019 2019Average daily production (MMcfe/d)  112.3   137.2 Total revenues $30.6  $43.8 Total assets  317.9   442.3 Net loss  (60.9)  (35.8)Adjusted EBITDAX (a non-GAAP  financial measure) (1)  6.9   12.4 Total debt  -   55.0 Net cash provided by operating activities  9.7   19.4 Additions to oil and natural gas properties (2)  1.4   0.4 _____________________        (1)  Adjusted EBITDAX is a Non-GAAP financial measure and is described in the attached table under “Non-GAAP Measures”(2)  Represents cash payments during the period  For the second quarter of 2019, Harvest reported a net loss of $60.9 million, or $(6.05) per basic and diluted weighted average share outstanding compared to a net loss of $35.8 million, or $(3.56) per basic and diluted weighted average share outstanding, for the first quarter of 2019. For the second quarter of 2018, a net loss of $595.6 million was re...