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Harvest Natural Resources CEO Discusses Q2 Results - Earnings Transcript

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 Edmiston

Thanks 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.

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