Business
Harvest Oil & Gas Announces Third Quarter 2018 Results
Harvest Oil & Gas Announces Third Quarter 2018 Results.
About this update from Harvest Oil & Gas Corporation
[{"type":"text","content":"\nHOUSTON, Nov. 14, 2018 (GLOBE NEWSWIRE) -- Harvest Oil & Gas Corp. (OTCQX: HRST) (“Harvest” or the “Company”) today announced results for the third quarter of 2018 and the filing of its Form 10-Q with the Securities and Exchange Commission (“SEC”) on November 14, 2018. Harvest is the successor reporting company to EV Energy Partners, L.P., its predecessor.\n Key Highlights 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 2018Average 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 MMcfeCompleted the sale of certain interests in its Central Texas and Karnes County, Texas properties to Magnolia Oil & Gas Corporation (“Magnolia”) 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 (NYSE: MGY)Completed the sale of certain Eagle Ford formation rights and existing production in Lee County, Texas for $3.5 millionCommon stock and warrants commenced trading on the OTCQX® Best Market on September 20, 2018 under the tickers HRST and HRSTW, respectively Third Quarter 2018 Financial Results                   Third Quarter  Second Quarter (1)  $ in millions unless noted otherwise 2018 2018  Average daily production (MMcfe/d) 175.5   181.8   Total revenues 69.0   64.8   Total assets 545.5   689.5   Net loss (2) (9.8)  (595.6)  Adjusted EBITDAX (a non-GAAP financial measure) (3) 28.9   28.0   Total debt (4) 133.0   280.0   Net cash provided by operating activities 17.4   19.2   Additions to oil and natural gas properties 15.1   17.5    (1)  All amounts reflect the combined results of two months ended May 31, 2018 (Predecessor) and one month ended June 30, 2018 (Successor)(2)  Includes $1....