There were 1,853 press releases posted in the last 24 hours and 399,358 in the last 365 days.

Harvest Oil & Gas Announces Second Quarter 2019 Results

HOUSTON, 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.

Key Highlights

  • Average daily production was 112.3 MMcfe for the second quarter of 2019
  • In 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 2019
  • In 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 2019
  • Paid 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   2019
Average 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 reported, which reflects the combined results of two months ended May 31, 2018 (Predecessor) and one month ended June 30, 2018 (Successor). Included in the 2019 second quarter net loss were the following items:

  • $73.2 million of impairment of oil and natural gas properties primarily related to the Barnett Shale, which was held for sale as of June 30, 2019,
  • $13.6 million of non-cash gains on commodity derivatives,
  • $0.5 million of divestiture related expense contained in general and administrative expenses,
  • $0.7 million of litigation settlement expenses contained in general and administrative expenses, and
  • $0.7 million of stock-based compensation costs contained in general and administrative expenses.

Production for the second quarter of 2019 was 7.1 Bcf of natural gas, 146 MBbls of oil and 369 MBbls of natural gas liquids (NGLs), or 112.3 million cubic feet equivalent per day (MMcfe/d). This represents an 18 percent decrease from the first quarter of 2019 production of 137.2 MMcfe/d and a 38 percent decrease from the second quarter of 2018 production of 181.8 MMcfe/d. The decrease in production from the first quarter of 2019 was primarily due to the divestiture of oil and gas properties in the San Juan Basin that closed in April 2019, as well as a divestiture in the Mid-Continent area that closed in January 2019 and natural production declines. The decrease in production from the second quarter of 2018 was primarily due to the divestiture of the Central Texas and Karnes County, Texas properties that closed in August 2018, the Central Texas area divestiture that closed in December 2018,  the Mid-Continent area divestitures that closed in December 2018, January 2019, and April 2019, the San Juan Basin divestiture that closed in April 2019 and natural production declines.

Adjusted EBITDAX for the second quarter of 2019 was $6.9 million, a 45 percent decrease from the first quarter of 2019 and a 76 percent decrease from the second quarter of 2018. The decrease in Adjusted EBITDAX from the first quarter of 2019 was primarily due to the San Juan divestiture that closed in April 2019, the Mid-Continent area divestiture that closed in April 2019, and a decrease in realized natural gas and natural gas liquids prices, partially offset by an increase in realized hedge gains compared to the previous period, an increase in other income, and an increase in realized oil prices. The decrease in Adjusted EBITDAX from the second quarter of 2018 was primarily due to the divestitures that closed in 2018, January 2019 and April 2019, and a decrease in realized oil and natural gas liquids prices, partially offset by an increase in realized commodity hedge gains, an increase in other income, and an increase in realized natural gas prices. Adjusted EBITDAX is a Non-GAAP financial measures and is described in the attached table under “Non-GAAP Measures.”

Divestitures

Barnett Shale

As previously announced in July 2019, Harvest has entered into a definitive agreement to sell substantially all of its interests in the Barnett Shale for $72 million (subject to purchase price adjustments). The transaction is expected to close in the third quarter of 2019 and has an effective date of April 1, 2019.

Harvest’s Barnett Shale production for the first six months of 2019 averaged 54.5 MMcfe per day. The estimated proved reserves as of December 31, 2018 for the interests being divested, using SEC prices, were 276.6 Bcfe (62% natural gas, 37% natural gas liquids and 1% crude oil).

Mid-Continent Area

In July 2019, Harvest entered into a definitive agreement to sell certain oil and gas properties in the Mid-Continent area located in the Anadarko Basin and Scoop-Stack for $6.5 million (subject to purchase price adjustments). The transaction is expected to close in the third quarter of 2019 and has an effective date of January 1, 2019.

Harvest’s Mid-Continent production for the first six months of 2019 for the interests being divested averaged 7.8 MMcfe per day. The estimated proved reserves as of December 31, 2018 for the interests being divested, using SEC prices, were 18.5 Bcfe (61% natural gas, 19% natural gas liquids and 20% crude oil).

Harvest is currently considering ways to return net proceeds from its asset sales to shareholders.

Updated 2019 Guidance

Subsequent to the announcement of the Barnett Shale and Mid-Continent area divestitures, Harvest has updated guidance for the third and fourth quarters of 2019 in the following table.

                     
($ in millions)     3Q 2019 (1)   4Q 2019 (1)  
Net Production                    
Natural Gas (Mmcf)     5,515   - 6,096     3,218   - 3,557    
Crude Oil (Mbbls)     130   - 144     108   - 119    
Natural Gas Liquids (Mbbls)     239   - 265     45   - 49    
Total Mmcfe     7,732   - 8,546     4,134   - 4,569    
                     
Average Daily Production (Mmcfe/d)     84   - 93     45   - 50    
                     
Net Transportation Margin / Other Income (2)     $0.3   - $0.5     $0.3   - $0.5    
                     
Average Price Differential vs NYMEX                    
Natural Gas ($/Mcf)     ($0.55 ) - ($0.25 )   ($0.55 ) - ($0.25 )  
Crude Oil ($/Bbl)     ($3.50 ) - ($1.50 )   ($4.00 ) - ($2.00 )  
NGL (% of NYMEX Crude Oil)     22%   - 26%     26%   - 30%    
                     
Expenses                    
Operating Expenses:                    
LOE and other     $16.9   - $18.7     $10.4   - $11.4    
Production Taxes (as % of revenue)     3.2%   - 3.8%     1.7%   - 2.3%    
        -       -    
General and administrative expense (3)     $4.3   - $5.3     $4.0   - $5.0    
                     
Capital Expenditures (4)     $0.8   - $1.5       - $0.5    
____________________
(1) Assumes Barnett Shale and Mid-Continent area divestitures close at the end of August 2019.
(2) Represents estimated transportation and marketing-related revenues less cost of purchased natural gas plus other income/(expense), net. 
(3) Excludes non-cash general and administrative expense, of which non-cash share-based compensation is a part. Also excludes any amounts for divestiture or acquisition related due diligence and transaction costs. 
(4) Represents estimates for drilling, capital workover and related capital expenditures.
 

Quarterly Report on Form 10-Q

Harvest’s financial statements and related footnotes are available in its Quarterly Report on Form 10-Q, which was filed on August 14, 2019, and is available through the Investor Relations/SEC Filings section of the Harvest website at http://www.hvstog.com.

About Harvest Oil & Gas Corp.

Harvest is an independent oil and gas company engaged in the efficient operation and development of onshore oil and gas properties in the continental United States. The Company’s assets consist primarily of producing and non-producing properties in the Barnett Shale, the Appalachian Basin (which includes the Utica Shale), Michigan, the Mid-Continent areas in Oklahoma, Texas, Kansas, and Louisiana, the Permian Basin, and the Monroe Field in Northern Louisiana. More information about Harvest is available on the internet at https://www.hvstog.com.

Forward Looking Statements

This press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends affecting the financial condition of its business. These forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. Please read the Company’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2018 and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. These risks include, but are not limited to, risks relating to pending asset sales, including risks relating to the consummation of such sales in accordance with their terms or at all, our inability to control our contract operator, EnerVest Operating, L.L.C., outside of the parameters of the Services Agreement, our ability to obtain needed capital or financing on satisfactory terms, fluctuations in prices of oil, natural gas and natural gas liquids and the length of time commodity prices remain depressed, our ability to maintain production levels through development drilling, risks associated with drilling and operating wells, the availability of drilling and production equipment, changes in applicable laws and regulations that adversely affect our operations and general economic conditions. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “indicate” and similar expressions are intended to identify forward-looking statements. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. Although the Company believes that the forward-looking statements contained in this press release are based upon reasonable assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

 
Operating Statistics
                           
    Successor     Predecessor    
                        Combined
    Three Months   One Month     Two Months   Three Months
    Ended   Ended     Ended   Ended
    June 30, 2019   June 30, 2018     May 31, 2018   Jun 30, 2018
Production data:                  
Oil (MBbls)     146     107       261     368
Natural gas liquids (MBbls)     369     215       405     620
Natural gas (MMcf)     7,131     3,612       7,001     10,613
Net production (MMcfe)     10,222     5,548       10,994     16,542
Average sales price per unit: (1)                          
Oil (Bbl)   $ 55.13   $ 66.53     $ 67.31   $ 67.08
Natural gas liquids (Bbl)     14.95     26.55       26.27     26.37
Natural gas (Mcf)     2.32     2.40       2.08     2.19
Mcfe     2.95     3.88       3.89     3.89
Average unit cost per Mcfe:                          
Production costs:                          
Lease operating expenses   $ 2.13   $ 1.69     $ 1.62   $ 1.64
Production taxes     0.14     0.17       0.17     0.17
Total     2.27     1.86       1.79     1.81
Depreciation, depletion and amortization     0.43     0.49       1.75     1.33
General and administrative expenses     0.65     0.37       0.72     0.60

________________________
(1)  Prior to realized $2.8 million net hedge gains on settlements of commodity derivatives for the three months ended June 30, 2019.

                           
    Successor     Predecessor    
                        Combined
    Six Months   One Month     Five Months   Six Months
    Ended   Ended     Ended   Ended
    June 30, 2019   June 30, 2018     May 31, 2018   Jun 30, 2018
Production data:                  
Oil (MBbls)     324     107        662      769
Natural gas liquids (MBbls)     853     215        1,040      1,255
Natural gas (MMcf)     15,506     3,612        16,982      20,594
Net production (MMcfe)     22,571     5,548        27,193      32,741
Average sales price per unit: (1)                          
Oil (Bbl)   $ 53.96   $ 66.53     $  64.14   $  64.47
Natural gas liquids (Bbl)     18.25     26.55        25.86      25.98
Natural gas (Mcf)     2.60     2.40        2.41      2.41
Mcfe     3.25     3.88        4.06      4.03
Average unit cost per Mcfe:                          
Production costs:                          
Lease operating expenses   $ 1.99   $ 1.69     $  1.67   $  1.67
Production taxes     0.16     0.17        0.20      0.19
Total     2.15     1.86        1.87      1.86
Depreciation, depletion and amortization     0.41     0.49        1.70      1.49
General and administrative expenses     0.58     0.37        0.58      0.54

________________________
(1)  
Prior to realized $3.5 million and $1.6 million of net hedge gains on settlements of commodity derivatives for the six months ended June 30, 2019 and 2018, respectively.

 
 
Unaudited Condensed Consolidated Balance Sheets
($ in thousands, except number of shares)
               
    June 30, 2019     December 31, 2018
ASSETS              
Current assets:              
Cash and cash equivalents   $  13,650       $  6,313  
Equity securities      —          47,082  
Accounts receivable:              
Oil, natural gas and natural gas liquids revenues      29,252          40,176  
Other      1,355          4,496  
Derivative asset      14,137          15,452  
Other current assets      944          2,314  
Total current assets      59,338          115,833  
               
Oil and natural gas properties, net of accumulated depreciation, depletion              
and amortization; June 30, 2019, $7,175; December 31, 2018, $12,950      159,388          405,688  
Assets held for sale      87,260          —  
Long-term derivative asset      4,781          8,499  
Other assets      7,112          4,474  
Total assets   $  317,879       $  534,494  
               
LIABILITIES AND EQUITY              
Current liabilities:              
Accounts payable and accrued liabilities   $  25,095       $  26,146  
Derivative liability      —          1,165  
Other current liabilities      731          —  
Total current liabilities      25,826          27,311  
               
Asset retirement obligations      102,108          117,529  
Long–term debt, net      —          115,000  
Liabilities held for sale      10,618          —  
Other long–term liabilities      1,804          1,036  
               
Commitments and contingencies              
               
Mezzanine equity      135          79  
               
Stockholders' equity:              
Common stock - $0.01 par value; 65,000,000 shares authorized;              
10,141,512 shares issued and 10,117,472 shares outstanding as of              
June 30, 2019; 10,054,816 shares issued and 10,042,468 shares              
outstanding as of December 31, 2018      101          100  
Additional paid-in capital      250,414          249,717  
Treasury stock at cost - 24,040 shares at June 30, 2019; 12,348              
shares at December 31, 2018      (414 )        (247 )
Retained earnings (accumulated deficit)      (72,713 )        23,969  
Total stockholders' equity      177,388          273,539  
Total liabilities and equity   $  317,879       $  534,494  
                   


Unaudited Condensed Consolidated Statements of Operations
($ in thousands, except per share/unit data)
                           
    Successor     Predecessor    
                        Combined
    Three Months   One Month     Two Months   Three Months
    Ended   Ended     Ended   Ended
    June 30, 2019   June 30, 2018     May 31, 2018   Jun 30, 2018
Revenues:                          
Oil, natural gas and natural gas liquids revenues   $ 30,129     $ 21,535       $ 42,749     $ 64,284  
Transportation and marketing–related revenues     458       185         340       525  
Total revenues     30,587       21,720         43,089       64,809  
                           
Operating costs and expenses:                          
Lease operating expenses     21,754       9,375         17,828       27,203  
Cost of purchased natural gas     315       129         242       371  
Dry hole and exploration costs           43         40       83  
Production taxes     1,450       970         1,818       2,788  
Accretion expense on obligations     2,168       789         1,279       2,068  
Depreciation, depletion and amortization     4,373       2,730         19,194       21,924  
General and administrative expenses     6,653       2,029         7,923       9,952  
Impairment of oil and natural gas properties     73,151                      
(Gain) loss on sales of oil and natural gas properties     (5 )     (19 )       7       (12 )
Total operating costs and expenses     109,859       16,046         48,331       64,377  
                           
Operating income (loss)     (79,272 )     5,674         (5,242 )     432  
                           
Other income (expense), net:                          
Gain (loss) on derivatives, net     16,430       (4,232 )       45       (4,187 )
Interest expense     (1,315 )     (1,199 )       (3,176 )     (4,375 )
Other income, net     2,965       27         474       501  
Total other income (expense), net     18,080       (5,404 )       (2,657 )     (8,061 )
                           
Reorganization items, net           (808 )       (587,325 )     (588,133 )
                           
Loss before income taxes     (61,192 )     (538 )       (595,224 )     (595,762 )
                           
Income tax benefit     285               148       148  
                           
Net loss   $ (60,907 )   $ (538 )     $ (595,076 )   $ (595,614 )
                           
Basic and diluted earnings per share / unit:                          
Net loss   $ (6.05 )   $ (0.05     $ (11.81 )      
                           
Weighted average common shares / units outstanding:                          
Basic     10,064       10,000         49,369        
Diluted     10,064       10,000         49,369        


                           
    Successor     Predecessor    
                        Combined
    Six Months   One Month     Five Months   Six Months
    Ended   Ended     Ended   Ended
    June 30, 2019   June 30, 2018     May 31, 2018   Jun 30, 2018
Revenues:                          
Oil, natural gas and natural gas liquids revenues   $ 73,415     $ 21,535       $ 110,307     $ 131,842  
Transportation and marketing–related revenues     1,018       185         724       909  
Total revenues     74,433       21,720         111,031       132,751  
                           
Operating costs and expenses:                          
Lease operating expenses     44,954       9,375         45,372       54,747  
Cost of purchased natural gas     714       129         557       686  
Dry hole and exploration costs     39       43         122       165  
Production taxes     3,643       970         5,343       6,313  
Accretion expense on obligations     4,378       789         3,176       3,965  
Depreciation, depletion and amortization     9,345       2,730         46,196       48,926  
General and administrative expenses     13,023       2,029         15,648       17,677  
Restructuring costs                   5,211       5,211  
Impairment of oil and natural gas properties     99,279               3       3  
(Gain) loss on sales of oil and natural gas properties     (18 )     (19 )       5       (14 )
Total operating costs and expenses     175,357       16,046         121,633       137,679  
                           
Operating income (loss)     (100,924 )     5,674         (10,602 )     (4,928 )
                           
Other income (expense), net:                          
Gain (loss) on derivatives, net     (344 )     (4,232 )       444       (3,788 )
Interest expense     (2,834 )     (1,199 )       (13,652 )     (14,851 )
Gain on equity securities     4,593                      
Other income, net     2,827       27         776       803  
Total other income (expense), net     4,242       (5,404 )       (12,432 )     (17,836 )
                           
Reorganization items, net           (808 )       (587,325 )     (588,133 )
                           
Loss before income taxes     (96,682 )     (538 )       (610,359 )     (610,897 )
                           
Income tax expense                   (166 )     (166 )
                           
Net loss   $ (96,682 )   $ (538 )     $ (610,525 )   $ (611,063 )
                           
Basic and diluted earnings per share / unit:                          
Net loss   $ (9.62 )   $ (0.05 )     $ (12.12 )      
                           
Weighted average common shares / units outstanding:                          
Basic     10,053       10,000         49,369        
Diluted     10,053       10,000         49,369        
                                 


Unaudited Condensed Consolidated Statements of Cash Flows
($ in thousands)
                     
    Successor     Predecessor
    Six Months   One Month     Five Months
    Ended   Ended     Ended
    June 30, 2019   June 30, 2018     May 31, 2018
Cash flows from operating activities:                    
Net loss   $  (96,682 )   $  (538 )     $  (610,525 )
Adjustments to reconcile net loss to net cash flows provided by                    
operating activities:                    
Accretion expense on obligations      4,378        789          3,176  
Depreciation, depletion and amortization      9,345        2,730          46,196  
Equity–based compensation cost      763        —          3,784  
Impairment of oil and natural gas properties      99,279        —          3  
(Gain) loss on sales of oil and natural gas properties      (18 )      (19 )        5  
Gain on equity securities      (4,593 )      —          —  
(Gain) loss on derivatives, net      344        4,232          (444 )
Cash settlements of matured derivative contracts      3,525        —          3,099  
Reorganization items, net      —        —          573,304  
Other      1,218        60          248  
Changes in operating assets and liabilities:                    
Accounts receivable      14,066        876          (3,518 )
Other current assets      1,369        (354 )        1,853  
Accounts payable and accrued liabilities      (1,532 )      1,490          4,405  
Other, net      (2,382 )      (790 )        69  
Net cash flows provided by operating activities       29,080        8,476          21,655  
                     
Cash flows from investing activities:                    
Additions to oil and natural gas properties      (1,794 )      (7,220 )        (29,727 )
Reimbursements related to oil and natural gas properties      2,069        —          652  
Proceeds from sale of oil and natural gas properties      41,458        16          3  
Proceeds from sale of equity securities      51,675        —          —  
Other      26        —          26  
Net cash flows provided by (used in) investing activities      93,434        (7,204 )        (29,046 )
                     
Cash flows from financing activities:                    
Repayment of long-term debt borrowings      (115,000 )      (17,000 )        —  
Long–term debt borrowings      —        —          34,000  
Loan costs incurred      —        —          (2,813 )
Purchase of treasury stock      (167 )      —          —  
Contributions from general partner      —        —          40  
Other      (10 )      —          —  
Net cash flows provided by (used in) financing activities      (115,177 )      (17,000 )        31,227  
                     
Increase (decrease) in cash, cash equivalents and restricted cash      7,337        (15,728 )        23,836  
Cash, cash equivalents and restricted cash – beginning of period      6,313        28,732          4,896  
Cash, cash equivalents and restricted cash – end of period   $  13,650     $  13,004       $  28,732  

Non-GAAP Measures

The Company defines Adjusted EBITDAX as net (loss) income plus income taxes; interest expense, net; depreciation, depletion and amortization; accretion expense on obligations; loss (gain) on derivatives, net; cash settlements of matured commodity derivative contracts; non-cash equity-based compensation; impairment of oil and natural gas properties; non-cash oil inventory adjustment; dry hole and exploration costs; gain on sales of oil and natural gas properties; reorganization items, net; and (gain) loss on equity securities.

Adjusted EBITDAX is used by the Company’s management to provide additional information and statistics relative to the performance of the business, including (prior to the creation of any reserves) the cash return on investment. The Company believes this financial measure may indicate to investors whether or not it is generating cash flow at a level that can support or sustain quarterly interest expense and capital expenditures. Adjusted EBITDAX should not be considered as an alternative to net income, operating income, cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX excludes some, but not all, items that affect net income and operating income and this measure may vary among companies. Therefore, Harvest’s Adjusted EBITDAX may not be comparable to similarly titled measures of other companies.

 
Reconciliation of Net Loss to Adjusted EBITDAX
($ in thousands)
                               
    Three Months Ended   Six Months Ended
    Successor   Combined   Successor   Successor   Combined
    Jun 30,   Jun 30,   Mar 31,   Jun 30,   Jun 30,
    2019
  2018
  2019
  2019
  2018
Net loss   $ (60,907 )   $ (595,614 )   $ (35,775 )   $ (96,682 )   $ (611,063 )
                               
Add:                              
Income taxes     (285 )     (148 )     285             166  
Interest expense, net     1,315       4,375       1,519       2,834       14,850  
Depreciation, depletion and amortization     4,373       21,924       4,972       9,345       48,926  
Accretion expense on obligations     2,168       2,068       2,210       4,378       3,965  
Loss (gain) on derivatives, net     (16,430 )     4,187       16,774       344       3,788  
Cash settlements of matured commodity derivative contracts     2,807             717       3,524       1,559  
Non-cash equity-based compensation     664       3,197       99       763       3,784  
Impairment of oil and natural gas properties     73,151             26,128       99,279       3  
Non-cash oil inventory adjustment           (204 )                 (204 )
Dry hole and exploration costs           83       39       39       165  
Gain on sales of oil and natural gas properties     (5 )     (12 )     (13 )     (18 )     (14 )
Reorganization items, net (1)           588,133                   588,133  
(Gain) loss on equity securities                 (4,593 )     (4,593 )      
Adjusted EBITDAX   $ 6,851     $ 27,989     $ 12,362     $ 19,213     $ 54,058  
________________________
(1) 
Represent costs, gains and losses directly associated with the Company’s filing for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code since the petition date, and also includes adjustments to reflect the carrying value of certain liabilities subject to compromise at their estimated allowed claim amounts, as such adjustments are determined.


Total Current Hedge Position                          
                           
Period   Index   Swap Volume   Swap Price            
Natural Gas (MMBtus):                          
Jul - Dec 2019   NYMEX    12,880,000   $  2.77            
Jan - Dec 2020   NYMEX    23,790,000      2.71            
                           
Crude (Bbls):                          
Jul - Dec 2019   WTI    372,600   $  63.37            
Jan - Dec 2020   WTI    667,950      60.51            
                           
Ethane (Bbls):                          
Jul - Dec 2019   Mt Belvieu    322,000   $  11.51            
Jan - Dec 2020   Mt Belvieu    512,400      11.91            
                           
Propane (Bbls):                          
Jul - Dec 2019   Mt Belvieu    165,600   $  32.76            
Jan - Dec 2020   Mt Belvieu    256,200      29.23            
                           

Harvest Oil & Gas Corp., Houston, TX
Ryan Stash
713-651-1144
hvstog.com

 

Primary Logo