Business
Harvest Oil & Gas Announces Second Quarter 2020 Results
Harvest Oil & Gas Announces Second Quarter 2020 Results.
About this update from Harvest Oil & Gas Corporation
[{"type":"text","content":"\n HOUSTON, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the second quarter of 2020. Key Highlights Average daily production was 36.8 MMcfe for the second quarter of 2020On 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 stockOn July 7, 2020, the Company entered into a definitive agreement to sell its Appalachian Basin assets for consideration of $20.5 million, subject to customary purchase price adjustmentsOn August 4, 2020, the Company closed on its previously announced sale of its Michigan properties for $0.3 millionOn August 7, 2020, the Company announced a one-time cash distribution of $10.00 per share payable on August 24, 2020 to shareholders of record as of August 17, 2020 Second Quarter 2020 Financial Results              Second Quarter First Quarter$ in millions unless noted otherwise  2020 2020Average daily production (MMcfe/d)    36.8     36.5 Total revenues  $ 7.4   $ 9.5 Total assets (1)    175.0     181.5 Net income (loss)    (7.1)    6.0 Adjusted EBITDAX (2)    2.3     2.2 Total debt (1)    —     — Net cash provided by operating activities    2.2     1.1 Additions to oil and natural gas properties (3)    0.2     0.3  (1) As of June 30, 2020 and March 31, 2020.(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 second quarter of 2020, Harvest reported a net loss of $7.1 million, or $(7.00) per basic and diluted weighted average share outstanding, compared to net income of $6.0 million, or $5.87 and $5.79 per basic and di...