Exhibit 99.1
Harvest Natural Resources, Inc.
SELECTED CONSOLIDATED FINANCIAL DATA
The following table sets forth our selected consolidated financial data for each of the years in the five-year period ended December 31, 2008. In December 2007, we changed our accounting method for oil and gas exploration and development activities to the successful efforts method from the full cost method. Financial information for 2007 has been restated to reflect the correction of an error related to deferred tax adjustments to reconcile our share of Petrodelta’s Net Income reported under IFRS to that required under accounting principles generally accepted in the United States of America (“GAAP”) and recorded within our Net income from unconsolidated equity affiliates. SeeNotes to the Consolidated Financial Statements, Note 1 — Organization and Summary of Significant Accounting Policies — Restatementincluded in Exhibit 99.3 to this Current Report on Form 8-K. The selected consolidated financial data have been derived from and should be read in conjunction with our annual audited consolidated financial statements, including the notes thereto.
| Year Ended December 31, | ||||||||||||||||||||
| 20071,3 | ||||||||||||||||||||
| 20081 | Restated | 20061 | 2005 | 2004 | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
Statement of Operations: | ||||||||||||||||||||
| Total revenues | $ | — | $ | 11,217 | $ | 59,506 | $ | 236,941 | $ | 186,066 | ||||||||||
| Operating income (loss) | (54,440 | ) | (19,536 | ) | 574 | 104,571 | 70,547 | |||||||||||||
| Net income from Unconsolidated Equity Affiliates | 34,576 | 55,297 | — | — | — | |||||||||||||||
| Net income (loss) attributable to Harvest | (21,464 | ) | 60,118 | (62,502 | ) | 38,876 | 18,414 | |||||||||||||
| Net income (loss) attributable to Harvest per common share: | ||||||||||||||||||||
| Basic | $ | (0.63 | ) | $ | 1.65 | $ | (1.68 | ) | $ | 1.05 | $ | 0.51 | ||||||||
| Diluted | $ | (0.63 | ) | $ | 1.59 | $ | (1.68 | ) | $ | 1.01 | $ | 0.48 | ||||||||
| Weighted average common shares outstanding | ||||||||||||||||||||
| Basic | 34,073 | 36,550 | 37,225 | 36,949 | 36,128 | |||||||||||||||
| Diluted | 34,073 | 37,950 | 37,225 | 38,444 | 38,122 | |||||||||||||||
| As of December 31, | ||||||||||||||||||||
| 20071,3 | ||||||||||||||||||||
| 20081 | Restated | 20061 | 2005 | 2004 | ||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||
| Total assets | $ | 362,266 | $ | 417,071 | $ | 468,365 | $ | 451,377 | $ | 433,019 | ||||||||||
| Long-term debt, net of current maturities | — | — | 66,977 | — | — | |||||||||||||||
Total Harvest stockholders’ equity2 | 273,242 | 316,647 | 281,409 | 337,975 | 295,615 | |||||||||||||||
| (1) | Activities under our former OSA in Venezuela are reflected under the equity method of accounting effective April 1, 2006. The results of Petrodelta’s operations from April 1, 2006 until December 31, 2007 are reflected in 2007 when Petrodelta was formed. | |
| (2) | No cash dividends were declared or paid during the periods presented. | |
| (3) | SeeManagement’s Discussion and Analysis of Financial Condition and Results of Operationscontained in Exhibit 99.2 to this Current Report on Form 8-K for information on the restatement of 2007. |