Harvest Natural Resources Inc, an oil and gas producer, posted a bigger fourth-quarter loss after taking two charges related to the planned sale of assets to exit Venezuela. Net loss attributable to the company widened to $112.7 million, or $3.02 per share, in the fourth quarter ended Dec. 31, from $23.1 million, or 59 cents per share, a year earlier.The results include a loss on the completed portion of the sale of its 32 percent stake in a joint venture with Petroleos de Venezuela SA to Argentina's Pluspetrol .Harvest Natural said it also recorded an income-tax expense of $75.2 million, which was partly related to the recording of any future tax liability when it completed the sale.
Harvest Natural Resources, Inc. is a petroleum exploration and production company engaged in the exploration, development and production of properties in geological basins with proven active hydrocarbon systems. Shares of HNR traded higher by 6.63% or $0.27/share to $4.34. In the past year, the shares have traded as low as $2.45 and as high as $6.08. On average, 389974 shares of HNR exchange hands on a given day and today's volume is recorded at 544595.
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