Harvest Natural posts 4Q profit on lower costs

HOUSTON

Oil and gas company Harvest Natural Resources Inc. said Tuesday that it posted a fourth-quarter profit as exploration and other expenses fell.

The results topped Wall Street estimates amd its shares jumped 51 cents, or 9.2 percent, to $6.07 in midday trading Tuesday.

The company has assets in the United States, Venezuela, Indonesia, West Africa, China and Oman.

Harvest said it earned $5.1 million, or 15 cents per share, for the quarter ended Dec. 31 compared with a loss of $16.8 million, or 51 cents per share, a year ago.

Analysts surveyed by Thomson Reuters expected Harvest to post profit of 8 cents per share.

Harvest Natural reported revenue of $181,000 during the quarter and recognized income of $14 million from its equity affiliates compared with $11 million in the year-ago quarter.

The company said it earned $13 million in the quarter from its 32 percent stake in Petrodelta SA, Harvest's Venezuelan affiliate under majority control by the Venezuelan government.

Expenses fell to $5.8 million in the quarter from $26.4 million in the year-ago quarter when it also recorded a $10.8 million charge for dry holes.

For the year, Harvest reported a loss of $3.1 million, or 9 cents per share, versus a loss of $21.5 million, or 63 cents per share, for 2008. Income from equity affiliates totaled $35.8 million for 2009, up from $34.6 million in 2008.