Actual results may differ materially from the company’s expectations due to changes in operating performance, project or drilling schedules, oil and gas prices as well as other technical, political and economic factors.
Additional detailed information concerning a number of factors that could cause actual results to differ materially from today’s information is readily available in the company’s SEC filings under the heading risk factors and disclosure regarding our reserves. Investors are urged to consider closely the disclosure in our Form-10K which is available from the SEC or on our website.
At this time, I would like to turn the call over to James Edmiston, Harvest Natural Resources’ President and Chief Executive Officer.
James EdmistonThanks Keith and thank you for joining us this morning. I trust you’ve had a chance to review our earnings release this morning and I’m going to provide a brief operation summary and then Steve is going to go over the second quarter financials.I’ll discuss briefly that our previously announced transaction involving our Venezuela business and after that we’ll open up for questions.So starting with Petrodelta, operationally Petrodelta delivered about 3.3 million barrels of oil or 36,418 barrels of oil per day to PDVSA during the second quarter compared with 2.8 million barrels or 30,680 barrels per day in the same period one year ago. That’s an increase of about 19% year-on-year. Current productions north of 39,000 barrels of oil per day. July averaged about 37,500 barrels of oil per day and on July 17th Petrodelta eclipse the 40,000 barrel a day mark for the first time.Two drilling rigs are currently active in the field, one in El Salto and one in Temblador, while our third rig, a new build modular rig is currently rigging up in the Isleno field and should begin operations in September. Petrodelta is currently scheduled to receive two additional new modular rigs in the remainder of the year. So as we indicated in the previous call we expect both CapEx and production growth to be higher in the second half.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV