Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 07, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'HNR | ' | ' |
Entity Registrant Name | 'HARVEST NATURAL RESOURCES, INC. | ' | ' |
Entity Central Index Key | '0000845289 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 42,104,038 | ' |
Entity Public Float | ' | ' | $122,116,759 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $120,897 | $72,627 |
Restricted cash | 148 | 1,000 |
Accounts receivable, net | 1,962 | 2,955 |
Advances to and receivables from equity affiliate | 0 | 656 |
Deferred income taxes | 81 | 821 |
Prepaid expenses and other | 2,030 | 1,460 |
TOTAL CURRENT ASSETS | 125,118 | 79,519 |
LONG-TERM RECEIVABLE - EQUITY AFFILIATE | 15,097 | 14,346 |
INVESTMENT IN EQUITY AFFILIATE | 485,401 | 412,823 |
PROPERTY AND EQUIPMENT: | ' | ' |
Oil and gas properties (successful efforts method) | 108,013 | 81,792 |
Other administrative property, net | 378 | 744 |
TOTAL PROPERTY AND EQUIPMENT, NET | 108,391 | 82,536 |
OTHER ASSETS | 873 | 7,613 |
TOTAL ASSETS | 734,880 | 596,837 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable, trade and other | 4,398 | 3,970 |
Accrued expenses | 22,659 | 30,748 |
Accrued interest | 380 | 624 |
Income taxes payable | 2,178 | 102 |
Current deferred tax liability | 43,162 | 0 |
Current portion - long term debt | 77,480 | 0 |
Note payable to noncontrolling interest owner | 6,109 | 0 |
Other current liabilities | 419 | 3,538 |
TOTAL CURRENT LIABILITIES | 156,785 | 38,982 |
LONG - TERM DEBT | 0 | 74,839 |
WARRANT DERIVATIVE LIABILITY | 1,953 | 5,470 |
LONG-TERM DEFERRED TAX LIABILITY | 29,787 | 0 |
OTHER LONG - TERM LIABILITIES | 558 | 1,108 |
COMMITMENTS AND CONTINGENCIES (See Note 13) | ' | ' |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value $0.01 a share; authorized 5,000 shares; outstanding, none | 0 | 0 |
Common stock, par value $0.01 a share; authorized 80,000 shares at December 31, 2013 and 2012; issued 48,666 and 45,882 shares at December 31, 2013 and 2012, respectively | 487 | 458 |
Additional paid-in capital | 276,083 | 263,646 |
Retained earnings | 92,282 | 181,378 |
Treasury stock, at cost, 6,551 shares at December 31, 2013 and (2012: 6,527 shares) | -66,222 | -66,145 |
TOTAL HARVEST STOCKHOLDERS' EQUITY | 302,630 | 379,337 |
NONCONTROLLING INTERESTS | 243,167 | 97,101 |
TOTAL EQUITY | 545,797 | 476,438 |
TOTAL LIABILITIES AND EQUITY | $734,880 | $596,837 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 80,000 | 80,000 |
Common stock, shares issued | 48,666 | 45,882 |
Treasury stock, shares | 6,551 | 6,527 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
EXPENSES: | ' | ' | ' |
Depreciation and amortization | $341 | $391 | $439 |
Exploration expense | 15,155 | 8,838 | 11,950 |
Impairment expense | 575 | 2,900 | 3,335 |
Dry hole costs | 0 | 685 | 40,003 |
General and administrative | 29,365 | 26,012 | 21,428 |
Total expenses | 45,436 | 38,826 | 77,155 |
LOSS FROM OPERATIONS | -45,436 | -38,826 | -77,155 |
OTHER NON-OPERATING INCOME (EXPENSE): | ' | ' | ' |
Investment earnings and other | 280 | 348 | 665 |
Loss on sale of interest in Harvest Holding | -22,994 | 0 | 0 |
Unrealized gain (loss) on derivatives | 3,517 | -600 | 9,786 |
Interest expense | -4,495 | -1,590 | -7,159 |
Debt conversion expense | 0 | -3,645 | 0 |
Loss on extinguishment of debt | 0 | -5,425 | -13,132 |
Foreign currency transaction losses | -820 | -113 | -132 |
Other non-operating expenses | -1,849 | -2,905 | -1,375 |
Total other non-operating income (expense) | -26,361 | -13,930 | -11,347 |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -71,797 | -52,756 | -88,502 |
INCOME TAX EXPENSE (BENEFIT) | 73,087 | -609 | 1,057 |
LOSS FROM CONTINUING OPERATIONS BEFORE EARNINGS FROM EQUITY AFFILIATES | -144,884 | -52,147 | -89,559 |
EARNINGS FROM EQUITY AFFILIATES | 72,578 | 67,769 | 73,451 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | -72,306 | 15,622 | -16,108 |
DISCONTINUED OPERATIONS: | ' | ' | ' |
Loss from discontinued operations | -5,150 | -14,410 | -14,007 |
Gain on sale of assets | 0 | 0 | 106,000 |
Income tax expense on discontinued operations | 0 | 0 | -5,748 |
Income (loss) from discontinued operations | -5,150 | -14,410 | 86,245 |
NET INCOME (LOSS) | -77,456 | 1,212 | 70,137 |
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 11,640 | 13,423 | 14,177 |
NET INCOME (LOSS) ATTRIBUTABLE TO HARVEST [COMPREHENSIVE INCOME (LOSS)] | ($89,096) | ($12,211) | $55,960 |
BASIC EARNINGS (LOSS) PER SHARE: | ' | ' | ' |
Income (loss) from continuing operations | ($2.12) | $0.06 | ($0.89) |
Discontinued operations | ($0.13) | ($0.39) | $2.53 |
Basic earnings (loss) per share | ($2.25) | ($0.33) | $1.64 |
DILUTED EARNINGS (LOSS) PER SHARE: | ' | ' | ' |
Income (loss) from continuing operations | ($2.12) | $0.06 | ($0.89) |
Discontinued operations | ($0.13) | ($0.39) | $2.53 |
Diluted earnings (loss) per share | ($2.25) | ($0.33) | $1.64 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
In Thousands, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2010 | $361,228 | $401 | $219,240 | $137,629 | ($65,543) | $69,501 |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 40,103 | ' | ' | ' | ' |
Issuance of common shares: | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 924 | 2 | 922 | 0 | 0 | 0 |
Exercise of stock options, shares | ' | 167 | ' | ' | ' | ' |
Restricted stock awards | 2,030 | 2 | 2,028 | 0 | 0 | 0 |
Restricted stock awards, Shares | ' | 273 | ' | ' | ' | ' |
Employee stock-based compensation | 2,611 | 0 | 2,611 | 0 | 0 | 0 |
Conversion of 8.25% senior convertible notes | 465 | 1 | 464 | 0 | 0 | 0 |
Conversion of 8.25% senior convertible notes, Shares | ' | 82 | ' | ' | ' | ' |
Purchase of treasury shares | -561 | 0 | 0 | 0 | -561 | 0 |
Tax benefits related to equity compensation | 2,535 | 0 | 2,535 | 0 | 0 | 0 |
Dividend to noncontrolling interest owner | 0 | ' | ' | ' | ' | ' |
Net income | 70,137 | 0 | 0 | 55,960 | 0 | 14,177 |
Ending Balance at Dec. 31, 2011 | 439,369 | 406 | 227,800 | 193,589 | -66,104 | 83,678 |
Ending Balance, Shares at Dec. 31, 2011 | ' | 40,625 | ' | ' | ' | ' |
Issuance of common shares: | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 719 | 1 | 718 | 0 | 0 | 0 |
Exercise of stock options, shares | ' | 122 | ' | ' | ' | ' |
Restricted stock awards | 1,566 | 2 | 1,564 | 0 | 0 | 0 |
Restricted stock awards, Shares | ' | 203 | ' | ' | ' | ' |
Employee stock-based compensation | 1,934 | 0 | 1,934 | 0 | 0 | 0 |
Conversion of 8.25% senior convertible notes | 29,107 | 49 | 29,058 | 0 | 0 | 0 |
Conversion of 8.25% senior convertible notes, Shares | ' | 4,932 | ' | ' | ' | ' |
Warrants issued | 2,572 | 0 | 2,572 | 0 | 0 | 0 |
Purchase of treasury shares | -41 | 0 | 0 | 0 | -41 | 0 |
Dividend to noncontrolling interest owner | 0 | ' | ' | ' | ' | ' |
Net income | 1,212 | 0 | 0 | -12,211 | 0 | 13,423 |
Ending Balance at Dec. 31, 2012 | 476,438 | 458 | 263,646 | 181,378 | -66,145 | 97,101 |
Ending Balance, Shares at Dec. 31, 2012 | ' | 45,882 | ' | ' | ' | ' |
Issuance of common shares: | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 122 | 0 | 122 | 0 | 0 | 0 |
Exercise of stock options, shares | ' | 20 | ' | ' | ' | ' |
Sales of common shares | 9,298 | 25 | 9,273 | 0 | 0 | 0 |
Sales of common shares, Shares | ' | 2,495 | ' | ' | ' | ' |
Restricted stock awards | 928 | 4 | 924 | 0 | 0 | ' |
Restricted stock awards, Shares | ' | 269 | ' | ' | ' | ' |
Employee stock-based compensation | 2,118 | 0 | 2,118 | 0 | 0 | 0 |
Purchase of treasury shares | -77 | 0 | 0 | 0 | -77 | 0 |
Increase in equity held by noncontrolling interests due to sale of interest in affiliate | 144,796 | ' | ' | ' | ' | 144,796 |
Dividend to noncontrolling interest owner | -10,370 | 0 | 0 | 0 | 0 | -10,370 |
Net income | -77,456 | 0 | 0 | -89,096 | 0 | 11,640 |
Ending Balance at Dec. 31, 2013 | $545,797 | $487 | $276,083 | $92,282 | ($66,222) | $243,167 |
Ending Balance, Shares at Dec. 31, 2013 | ' | 48,666 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) | Dec. 31, 2012 | Dec. 31, 2011 |
Percentage of senior convertible notes | 8.25% | 8.25% |
Common Stock [Member] | ' | ' |
Percentage of senior convertible notes | 8.25% | 8.25% |
Additional Paid-in Capital [Member] | ' | ' |
Percentage of senior convertible notes | 8.25% | 8.25% |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | ($77,456) | $1,212 | $70,137 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
Depletion, depreciation and amortization | 354 | 423 | 1,272 |
Impairment expense | 3,770 | 9,312 | 4,775 |
Dry hole costs | 0 | 5,617 | 40,467 |
Amortization of debt financing costs | 1,489 | 690 | 975 |
Amortization of discount on debt | 2,641 | 543 | 2,876 |
Foreign currency transaction loss | 436 | 0 | 0 |
Loss on sale of interest in Harvest Holding | 22,994 | 0 | 0 |
Gain on sale of assets | 0 | 0 | -106,225 |
Debt conversion expense | 0 | 2,915 | 0 |
Allowance for account and note receivable | 0 | 5,180 | 0 |
Write off of accounts payable, carry obligation | 0 | -3,596 | 0 |
Loss on early extinguishment of debt | 0 | 5,425 | 10,983 |
Earnings from equity affiliates | -72,578 | -67,769 | -73,451 |
Share-based compensation-related charges | 3,046 | 3,500 | 4,642 |
Unrealized (gain) loss on derivatives | -3,517 | 600 | -9,786 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts and notes receivable | 993 | 9,542 | -10,025 |
Prepaid expenses and other | 710 | -718 | 4,065 |
Other assets | 3,971 | -87 | -4,180 |
Accounts payable | 428 | -3,411 | -623 |
Accrued expenses | 3,790 | 4,757 | 7,475 |
Accrued interest | -244 | -238 | -942 |
Income taxes payable | 2,076 | -587 | 617 |
Deferred tax asset and liabilities | 73,689 | -821 | 0 |
Other current liabilities | -3,119 | 906 | 2,632 |
Other long term liabilities | -550 | 200 | -927 |
NET CASH USED IN OPERATING ACTIVITIES | -37,077 | -26,405 | -55,243 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from sale of assets | 0 | 0 | 218,823 |
Additions of property and equipment | -43,906 | -23,575 | -72,180 |
Additions to assets held for sale | 0 | 0 | -33,930 |
Advances (to) from equity affiliate | -531 | -414 | -682 |
Proceeds from sale of interest in equity affiliates, net | 124,045 | 0 | 1,385 |
(Increase) decrease in restricted cash | 852 | 200 | -1,200 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 80,460 | -23,789 | 112,216 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds from issuances of common stock | 9,420 | 719 | 924 |
Tax benefits related to equity compensation | 0 | 0 | 2,535 |
Proceeds from issuance of long-term debt | 0 | 66,480 | 0 |
Payments of long-term debt | 0 | 0 | -60,000 |
Treasury stock purchases | -77 | 0 | 0 |
Payments on note payable to noncontrolling interest owner | -4,260 | 0 | 0 |
Financing costs | -196 | -3,324 | -189 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 4,887 | 63,875 | -56,730 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 48,270 | 13,681 | 243 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 72,627 | 58,946 | 58,703 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 120,897 | 72,627 | 58,946 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid during the year for interest expense (net of capitalization) | 487 | 640 | 2,685 |
Cash paid during the year for income taxes | 495 | 216 | 8,241 |
Supplemental Schedule of Noncash Investing and Financing Activities: | ' | ' | ' |
Increase (decrease) in current liabilities related to additions of property and equipment | -13,926 | 10,500 | 3,416 |
Non-cash distribution of note payable to noncontrolling interest owner | $10,370 | $0 | $0 |
Organization
Organization | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Organization | ' | |||
Note 1 – Organization | ||||
Harvest Natural Resources, Inc. (“Harvest”) is an independent energy company engaged in the acquisition, exploration, development, production and disposition of oil and natural gas properties since 1989, when it was incorporated under Delaware law. | ||||
We have acquired and developed significant interests in the Bolivarian Republic of Venezuela (“Venezuela”). Our Venezuelan interests are owned through Harvest-Vinccler Dutch Holding, B.V., a Dutch private company with limited liability (“Harvest Holding”). Our ownership of Harvest Holding is through HNR Energia, B.V. (“HNR Energia”) in which we have a direct controlling interest. Prior to December 16, 2013, we indirectly owned 80 percent of Harvest Holding and we had one partner, Oil & Gas Technology Consultants (Netherlands) Coöperatie U.A., (“Vinccler”, a controlled affiliate of Venezolana de Inversiones y Construcciones Clerico, C.A.), which owned the remaining noncontrolling interest in Harvest Holding of 20 percent. We do not have a business relationship with Vinccler outside of Venezuela. On December 16, 2013, Harvest and HNR Energia entered into a Share Purchase Agreement (“Share Purchase Agreement”) with Petroandina Resources Corporation N.V. (“Petroandina”, a wholly owned subsidiary of Pluspetrol Resources Corporation B.V. (“Pluspetrol”)) and Pluspetrol to sell all of our 80 percent equity interest in Harvest Holding to Petroandina in two closings for an aggregate cash purchase price of $400 million. The first closing occurred on December 16, 2013 contemporaneously with the signing of the Share Purchase Agreement, when we sold a 29 percent equity interest in Harvest Holding for $125 million. This first transaction resulted in a loss on the sale of the interest in Harvest Holding of $23.0 million in the year ended December 31, 2013. As a result of this first sale, we indirectly own 51 percent of Harvest Holding beginning December 16, 2013 and the noncontrolling interest owners hold the remaining 49 percent with Petroandina having 29 percent and Vinccler continuing to own 20 percent. SeeNote 5 – Dispositions below for further information on this transaction. | ||||
Harvest Holding owns, indirectly through wholly owned subsidiaries, a 40 percent of Petrodelta, S.A. (“Petrodelta”). Corporación Venezolana del Petroleo S.A. (“CVP”) and PDVSA Social S.A. own the remaining 56 percent and 4 percent, respectively, of Petrodelta. Petroleos de Venezuela S.A. (“PDVSA”) owns 100 percent of CVP and PDVSA Social S.A. Through our indirect 51 percent in Harvest Holding, we indirectly own a net 20.4 percent interest in Petrodelta for the period from December 16, 2013 to date, and prior to December 16, 2013 we indirectly owned a 32 percent interest in Petrodelta through our indirect 80 percent interest in Harvest Holding during this period. | ||||
In addition to its 40 percent interest in Petrodelta, Harvest Holding also indirectly owns 100 percent of Harvest Vinccler S.C.A. (“Harvest Vinccler”). Harvest Vinccler’s main business purposes are to assist us in the management of Petrodelta and in negotiations with PDVSA. | ||||
In addition to our interests in Venezuela, we also have the following projects: | ||||
• | Offshore of the Republic of Gabon (“Gabon”) through the Dussafu Marin Permit (“Dussafu PSC”) (see Note 8 – Gabon), | |||
• | Mainly onshore in West Sulawesi in the Republic of Indonesia (“Indonesia”) through the Budong-Budong Production Sharing Contract (“Budong PSC”) (see Note 9 – Indonesia), and | |||
• | Offshore of the People’s Republic of China (“China”) through the Wab-21 Petroleum Contract (see Note 10 – China). |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Liquidity | ' |
Note 2 – Liquidity | |
Historically, our primary ongoing source of cash has been dividends from Petrodelta and the sale of oil and gas properties. Our primary use of cash has been to fund oil and gas exploration projects, principal payments on debt, interest, and general and administrative costs. We require capital principally to fund the exploration and development of new oil and gas properties. As is common in the oil and gas industry, we have various contractual commitments pertaining to exploration, development and production activities. See Note 8 – Gabon, Note 9 – Indonesia and Note 5 – Dispositions, Discontinued Operations for our contractual commitments. | |
The environments in which we operate are often difficult and the ability to operate successfully depends on a number of factors including our ability to control the pace of development, our ability to apply “best practices” in drilling and development, and the fostering of productive and transparent relationships with local partners, the local community and governmental authorities. Financial risks include our ability to control costs and attract financing for our projects. In addition, often the legal systems of certain countries are not mature, and their reliability can be uncertain. This may affect our ability to enforce contracts and achieve certainty in our rights to develop and operate oil and natural gas projects, as well as our ability to obtain adequate compensation for any resulting losses. Our strategy depends on our ability to have significant influence over operations and financial control. | |
Our operations are subject to various risks inherent in foreign operations. These risks may include, among other things, loss of revenue, property and equipment as a result of hazards such as expropriation, nationalization, war, insurrection, civil unrest, strikes and other political risks, increases in taxes and governmental royalties, being subject to foreign laws, legal systems and the exclusive jurisdiction of foreign courts or tribunals, renegotiation of contracts with governmental entities, changes in laws and policies, including taxes, governing operations of foreign-based companies, currency restrictions and exchange rate fluctuations and other uncertainties arising out of foreign government sovereignty over our international operations. Our international operations may also be adversely affected by the U.S. Foreign Corrupt Practices Act and similar worldwide anti-corruption laws, laws and policies of the United States affecting foreign policy, foreign trade, taxation and the possible inability to subject foreign persons to the jurisdiction of the courts in the United States. | |
As a result of the situation in Venezuela, the actions of the Venezuelan government which have and continue to adversely affect our operations and the expectation that dividends from Petrodelta will be minimal over the next few years, cash generated from operations has been limited and this has had a significant adverse effect on our ability to obtain financing to acquire and develop growth opportunities elsewhere. In the consolidated financial statements issued in the prior year, we discussed certain doubts about our ability to continue as a going concern. At the time of issuance, we expected that in 2013 we would not generate revenues, we would continue to generate losses from operations, and that our cash flows would not be sufficient to cover our operating expenses. While we believed that we would be able to raise additional capital through issuances of debt and/or equity or through sales of assets, our circumstances at such time raised substantial doubt about our ability to continue to operate as a going concern, and this was disclosed in the notes to the consolidated financial statements. | |
As discussed above under Share Purchase Agreement, on December 16, 2013, Harvest and HNR Energia entered into the Share Purchase Agreement with Petroandina and Pluspetrol, its parent, to sell all of our 80 percent equity interest in Harvest Holding to Petroandina in two closings for an aggregate cash purchase price of $400 million. The first closing occurred on December 16, 2013 contemporaneously with the signing of the Share Purchase Agreement, when we sold a 29 percent equity interest in Harvest Holding for $125 million. Proceeds from the December 2013 sale of the 29 percent equity interest in Harvest Holding are expected to be adequate to meet our short-term liquidity requirements. As discussed above and in Note 5 – Dispositions, Share Purchase Agreement below, on December 16, 2013, Harvest and HNR Energia entered into the Share Purchase Agreement with Petroandina and Pluspetrol to sell all of our 80 percent equity interest in Harvest Holding to Petroandina in two closings for an aggregate cash purchase price of $400 million. The first closing occurred on December 16, 2013 contemporaneously with the signing of the Share Purchase Agreement, when we sold a 29 percent equity interest in Harvest Holding for $125 million. The second closing, for the sale of a 51 percent equity interest in Harvest Holding for a cash purchase price of $275 million, will be subject to, among other things, approval by the holders of a majority of our common stock and approval by the Ministerio del Poder Popular de Petroleo y Mineria representing the Government of Venezuela (which indirectly owns the other 60 percent interest in Petrodelta). | |
We used a portion of the $125 million in proceeds from the sale of the 29 percent interest in Harvest Holding that we received on December 16, 2013, to redeem all of our 11% Senior Notes due 2014. The notes were redeemed on January 11, 2014, for $80.0 million, including principal and accrued and unpaid interest. The remaining $45.0 million of the proceeds from the sale of the 29 percent interest in Harvest Holding have been or will be used to pay costs associated with the sale of our Venezuelan interests, to pay severance costs, to make capital expenditures, to pay taxes related to the sale and for general operating expenses. Those remaining proceeds will also be used to repurchase certain outstanding warrants if our stockholders approve the sale of our remaining Venezuelan interests, and if a “Fundamental Change” is consummated under the terms of those warrants. | |
We are currently marketing our non-Venezuelan assets and talking to potential buyers, and we intend to continue our consideration of a possible sale for some or all of our non-Venezuelan assets if we are able to negotiate a sale or sales in transactions that our Board of Directors believes are in the best interests of the Company and its stockholders. In the meantime, we intend to operate our business in the ordinary course and may ultimately decide to keep our non-Venezuelan assets and acquire additional assets. | |
If the proposed sale of our remaining Venezuelan interests is completed and/or the sale of other non-Venezuelan assets are completed, a significant portion of our assets will be cash from the proceeds of such transactions. However, the timing of the sale of our remaining 51 percent interest in Harvest Holding or sales of other assets is beyond our control and we will continue to have operating and capital requirements until these sales are completed. Depending on the timing of these events, we anticipate using a portion of the proceeds from the sale of 51 percent interest in Harvest Holding to pay for expenses and other costs related to the transaction, which we estimate will be approximately $4 million; to pay taxes related to the transaction, which we estimate will be approximately $51.1 million. In addition, if we do not sell our non-Venezuelan assets before the sale of the 51 percent interest in Harvest Holding, then we estimate that we will need to retain a portion of the proceeds to fund projected general operating expenses and capital expenditures. Some of these costs will be paid from funds remaining from the proceeds of the initial sale of the 29 percent interest in Harvest Holding. If we sell our non-Venezuelan assets before the sale of the remaining 51 percent interest in Harvest Holding, then our requirements for projected general operating expenses and capital expenditures would be reduced. We will also use these funds to pay any severance or other costs during 2014 associated with the possible severance of some of our personnel in connection with a downsizing of the Company both related to the sale of our Venezuelan interests and related to any sale of our non-Venezuelan assets, if our Board of Directors determines that a downsizing would be in our best interests. We estimate these costs to be approximately $20 million. | |
Although we are currently marketing our non-Venezuelan assets and talking to potential buyers, we intend to operate our business in the ordinary course and may ultimately decide to keep our non-Venezuelan assets and acquire additional assets. Since we no longer have any obligations under the 11% Senior Notes due 2014, and given that we do not currently have any operating cash inflows, we may also decide to access additional capital through equity or debt sales; however, there can be no assurance that such financing will be available to the Company or on terms that are acceptable to the Company. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||||||
Note 3 – Summary of Significant Accounting Policies | |||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
The consolidated financial statements include the accounts of all wholly-owned and majority-owned subsidiaries. All intercompany profits, transactions and balances have been eliminated. Third-party interests in our majority-owned subsidiaries are presented as noncontrolling interests. | |||||||||||||||||||||
Presentation of Comprehensive Income (Loss) | |||||||||||||||||||||
We adopted ASU No. 2011-05 (ASU 2011-05), which is included in ASC 220, “Comprehensive Income”, effective January 1, 2012 and have elected to utilize the “single continuous statement” for presentation of all nonowner changes in stockholders’ equity. | |||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“USGAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||
Reporting and Functional Currency | |||||||||||||||||||||
The United States Dollar (“U.S. Dollar”) is the reporting and functional currency for all of our controlled subsidiaries and Petrodelta. Amounts denominated in non-U.S. Dollar currencies are re-measured into U.S. Dollars, and all currency gains or losses are recorded in the consolidated statements of operations and comprehensive income (loss). There are many factors that affect foreign exchange rates and the resulting exchange gains and losses, many of which are beyond our influence. | |||||||||||||||||||||
See Note 6 – Investment in Equity Affiliates and Note 7 – Venezuela for a discussion of currency exchange rates and currency exchange risk on Petrodelta’s and Harvest Vinccler’s businesses. | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash equivalents include money market funds and short term certificates of deposit with original maturity dates of less than three months. | |||||||||||||||||||||
Restricted Cash | |||||||||||||||||||||
Restricted cash is classified as current or non-current based on the terms of the agreement. Restricted cash at December 31, 2013 represents cash held in a U.S. bank used as collateral for a customs bond for the Dussafu PSC. Restricted cash at December 31, 2012 represents cash held in a U.S. bank used as collateral for a standby letter of credit issued in support of a performance bond for a joint study. | |||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||
Financial instruments, which potentially subject us to concentrations of credit risk, are primarily cash and cash equivalents, accounts receivable, dividend receivable, notes payable and derivative financial instruments. We maintain cash and cash equivalents in bank deposit accounts with commercial banks with high credit ratings, which, at times may exceed the federally insured limits. We have not experienced any losses from such investments. Concentrations of credit risk with respect to accounts receivable are limited due the nature of our receivables, which include primarily income tax receivables. In the normal course of business, collateral is not required for financial instruments with credit risk. | |||||||||||||||||||||
Investment in Equity Affiliates | |||||||||||||||||||||
We evaluate our investments in unconsolidated companies under ASC 323, “Investments – Equity Method and Joint Ventures.” Investments in which we have significant influence are accounted for under the equity method of accounting. Under the equity method, Investment in Equity Affiliates is increased by additional investments and earnings and decreased by dividends and losses. | |||||||||||||||||||||
We review our Investment in Equity Affiliates for impairment whenever events and circumstances indicate a loss in investment value is other than a temporary decline. There are many factors to consider when evaluating an equity investment for possible impairment. Currency devaluations, inflationary economies, and cash flow analysis are some of the factors we consider in our evaluation for possible impairment. At December 31, 2013, we reviewed our investment in Petrodelta taking into consideration the terms of the Share Purchase Agreement (see Note 5 – Dispositions, Share Purchase Agreement). The purchase price under the Share Purchase Agreement indicates a valuation that approximates the carrying value of our equity investment in Petrodelta, the dividend receivable and the advances to this equity affiliate. As such, we concluded that there was no impairment to our equity investment as of December 31, 2013. If the sale of the remaining 51 percent interest in Harvest Holding is completed, we expect to recognize a gain on the transaction. | |||||||||||||||||||||
We measure and disclose our noncontrolling interests in accordance with the provisions of ASC 810 “Consolidation”. Our noncontrolling interests relate to interests in Harvest Holding held by Petroandina (29 percent) and Vinccler (20 percent) (see Note 1 – Organization). | |||||||||||||||||||||
Oil and Gas Properties | |||||||||||||||||||||
The major components of property and equipment are as follows (in thousands): | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Unproved property costs | $ | 103,917 | $ | 78,453 | |||||||||||||||||
Oilfield inventories | 4,096 | 3,339 | |||||||||||||||||||
Other administrative property | 2,710 | 2,954 | |||||||||||||||||||
Total property and equipment | 110,723 | 84,746 | |||||||||||||||||||
Accumulated depreciation | (2,332 | ) | (2,210 | ) | |||||||||||||||||
Total property and equipment, net | $ | 108,391 | $ | 82,536 | |||||||||||||||||
Property and equipment are stated at cost less accumulated depletion, depreciation and amortization (“DD&A”). Costs of improvements that appreciably improve the efficiency or productive capacity of existing properties or extend their lives are capitalized. Maintenance and repairs are expensed as incurred. Upon retirement or sale, the cost of property and equipment, net of the related accumulated DD&A, is removed and, if appropriate, gains or losses are recognized in investment earnings and other. We did not record any depletion expense in the years ended December 31, 2013 and 2012 or 2011 as there was no production related to proved oil and gas properties other than properties classified as held for sale. | |||||||||||||||||||||
We follow the successful efforts method of accounting for our oil and gas properties. Under this method, exploration costs such as exploratory geological and geophysical costs, delay rentals and exploration overhead are charged against earnings as incurred. Costs of drilling exploratory wells are capitalized pending determination of whether proved reserves can be attributed to the area as a result of drilling the well. If management determines that proved reserves, as that term is defined in Securities and Exchange Commission (“SEC”) regulations, have not been discovered, capitalized costs associated with the drilling of the exploratory well are charged to expense. Costs of drilling successful exploratory wells, all development wells, and related production equipment and facilities are capitalized and depleted or depreciated using the unit-of-production method as oil and gas is produced. During the year ended December 31, 2013, we expensed no dry hole costs. During the year ended December 31, 2012, we expensed to dry hole costs $0.7 million related to the drilling of Karama-1 (“KD-1”) and first sidetrack, KD-1ST, on the Budong PSC. SeeNote 9 – Indonesia. | |||||||||||||||||||||
Leasehold acquisition costs are initially capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the holding period. Costs of maintaining and retaining unproved leaseholds, as well as impairment of unsuccessful leases, are included in exploration expense. Impairment is based on specific identification of the lease. Costs of expired or abandoned leases are charged to exploration expense, while costs of productive leases are transferred to proved oil and gas properties. | |||||||||||||||||||||
Proved oil and gas properties are reviewed for impairment at a level for which identifiable cash flows are independent of cash flows of other assets when facts and circumstances indicate that their carrying amounts may not be recoverable. In performing this review, future net cash flows are determined based on estimated future oil and gas sales revenues less future expenditures necessary to develop and produce the reserves. If the sum of these undiscounted estimated future net cash flows is less than the carrying amount of the property, an impairment loss is recognized for the excess of the property’s carrying amount over its estimated fair value, which is generally based on discounted future net cash flows. We did not have any proved oil and gas properties in 2013, 2012 or 2011. | |||||||||||||||||||||
Costs of drilling and equipping successful exploratory wells, development wells, asset retirement liabilities and costs to construct or acquire offshore platforms and other facilities, are depleted using the unit-of-production method based on total estimated proved developed reserves. Costs of acquiring proved properties, including leasehold acquisition costs transferred from unproved leaseholds, are depleted using the unit-of-production method based on total estimated proved reserves. All other properties are stated at historical acquisition cost, net of allowance for impairment, and depreciated using the straight-line method over the useful lives of the assets. | |||||||||||||||||||||
Unproved property costs, excluding oilfield inventories, consist of (in thousands): | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Budong PSC | $ | 4,470 | $ | 5,219 | |||||||||||||||||
Dussafu PSC | 99,447 | 73,234 | |||||||||||||||||||
Total unproved property costs | $ | 103,917 | $ | 78,453 | |||||||||||||||||
During the year ended December 31, 2013, we recorded impairment expense related to our Budong project in Indonesia ($0.6 million) and our project in Colombia ($3.2 million, which is reflected in discontinued operations). During the year ended December 31, 2012, we impaired the carrying value of Block 64 EPSA in Oman (which is reflected in discontinued operations) ($6.4 million) and WAB -21 in China ($2.9 million). During the year ended December 31, 2011, we impaired the carrying value of West Bay ($3.3 million). | |||||||||||||||||||||
Other Administrative Property | |||||||||||||||||||||
Furniture, fixtures and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, which range from three to five years. Leasehold improvements are recorded at cost and amortized using the straight-line method over the life of the applicable lease. For the year ended December 31, 2013, depreciation expense was $0.3 million ($0.4 million and $0.4 million for the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||||||
Other Assets | |||||||||||||||||||||
Other assets consist of deferred financing costs, a long-term receivable for value added tax (“VAT”) credits related to the Budong PSC, and prepaid expenses which are expected to be realized in the next 12 to 24 months. Deferred financing costs relate to specific financing and are amortized over the life of the financing to which the costs relate using the interest rate method. At December 31, 2013 the deferred financing costs were reclassified to prepaid expenses in current assets (see Note 11 – Debt). The VAT receivable is reimbursed through the sale of hydrocarbons. During the year ended December 31, 2013, a valuation allowance of $2.8 million was charged to general and administrative expenses on this VAT receivable which we do not expect to recover (see Note 9 – Indonesia). Other Assets at December 31, 2013 and 2012 also includes a blocked payment of $0.7 million net to our 66.667 percent interest related to our drilling operations in Gabon in accordance with the U.S. sanctions against Libya as set forth in Executive Order 13566 of February 25, 2011, and administered by the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”). See Note 13 – Commitments and Contingencies. | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Deferred financing costs | $ | 0 | $ | 3,111 | |||||||||||||||||
Long-term VAT receivable | 0 | 3,440 | |||||||||||||||||||
Long-term prepaid expenses | 139 | 328 | |||||||||||||||||||
Gabon PSC – blocked payment (net to our 66.667% interest) | 734 | 734 | |||||||||||||||||||
$ | 873 | $ | 7,613 | ||||||||||||||||||
Reserves | |||||||||||||||||||||
We measure and disclose our oil and gas reserves in accordance with the provisions of the SEC’s Modernization of Oil and Gas Reporting and ASC 932, “Extractive Activities – Oil and Gas” (“ASC 932”). All of our reserves are owned through our equity investment in Petrodelta. We do not have any wholly owned reserves at December 31, 2013 or 2012. | |||||||||||||||||||||
Capitalized Interest | |||||||||||||||||||||
We capitalize interest costs for qualifying oil and gas properties. The capitalization period begins when expenditures are incurred on qualified properties, activities begin which are necessary to prepare the property for production and interest costs have been incurred. The capitalization period continues as long as these events occur. The average additions for the period are used in the interest capitalization calculation. During the year ended December 31, 2013, we capitalized interest costs for qualifying oil and gas property additions of $8.3 million ($3.0 million and $2.3 million during the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||
Under ASC 480 “Distinguishing Liabilities From Equity”, certain of our financial instruments with anti-dilution protection features do not meet the conditions to obtain equity classification, as there are conditions which may require settlement by transferring assets, and are required to be carried as derivative liabilities, at fair value, with changes in fair value reflected in our consolidated statements of operations and comprehensive income (loss). See Note 12 – Warrant Derivative Liabilities for additional disclosures related to the warrant derivative financial instruments issued under the warrant agreements dated November 2010 in connection with a $60 million term loan facility (the “Warrants”). In the occurrence of a fundamental change, we are required to repurchase the Warrants at the higher of (1) the fair market value of the warrant and (2) a valuation based on a computation of the option value of the Warrant using the Black-Scholes calculation method using the assumptions described in the Warrant Agreement. A fundamental change is defined as “the occurrence of one of the following events: a) a person or group becomes the direct or indirect owner of more than 50% of the voting power of the outstanding common stock, b) a merger event or similar transaction in which the majority owners before the transaction fail to own a majority of the voting power of the Company after the transaction, and c) approval of a plan of liquidation or dissolution of the Company or sale of all or substantially all of the Company’s assets.” | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
We measure and disclose our fair values in accordance with the provisions of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the hierarchy are defined as follows: | |||||||||||||||||||||
• | Level 1 – Inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
• | Level 2 – Inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly. | ||||||||||||||||||||
• | Level 3 – Inputs to the valuation techniques that are unobservable for the assets or liabilities. | ||||||||||||||||||||
Financial instruments, which potentially subject us to concentrations of credit risk, are primarily cash and cash equivalents, accounts receivable, advances to equity affiliate, dividend receivable, long-term debt and warrant derivative liability. We maintain cash and cash equivalents in bank deposit accounts with commercial banks with high credit ratings, which, at times may exceed the federally insured limits. We have not experienced any losses from such investments. Concentrations of credit risk with respect to accounts receivable are limited due to the nature of our receivables. In the normal course of business, collateral is not required for financial instruments with credit risk. | |||||||||||||||||||||
The estimated fair value of cash, accounts receivable and accounts payable approximates their carrying value due to their short-term nature (Level 1). The estimated fair value of advances to equity affiliate and dividend receivable approximates their carrying value as it is the estimated amount we would receive from a third party to assume the receivables (Level 2). The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of ASC 825, Financial Instruments. The estimated fair value amounts have been determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The following table presents the estimated fair values of our fixed interest rate, long-term debt instrument (Level 2), excluding the embedded derivative. | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Carying | Fair | ||||||||||||||||||||
Value | Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
11% senior unsecured notes (Level 2) | $ | 77,480 | $ | 79,750 | |||||||||||||||||
As discussed in Note 11 – Debt, the 11% senior notes were redeemed at face value on January 11, 2014 following a notice of redemption issued in December 2013. Therefore, the fair value of our fixed interest debt instruments is stated at the redemption amount. | |||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial liabilities that were accounted for at fair value as of December 31, 2013 and 2012. As required by ASC 820, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value liabilities and their placement within the fair value hierarchy levels. See Note 12 – Warrant Derivative Liability for a description and discussion of our warrant derivative liability and Note 11 – Debt for a description of our long-term debt embedded derivative liability as well as a description of the valuation models and inputs used to calculate the fair value of these derivative liabilities. | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Warrant derivative liability | $ | 0 | $ | 0 | $ | 1,953 | $ | 1,953 | |||||||||||||
Embedded derivative-debt | 0 | 0 | 0 | 0 | |||||||||||||||||
Total derivative liabilities | $ | 0 | $ | 0 | $ | 1,953 | $ | 1,953 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Warrant derivative liability | $ | 0 | $ | 0 | $ | 5,470 | $ | 5,470 | |||||||||||||
Embedded derivative-debt | 0 | 0 | 0 | 0 | |||||||||||||||||
Total derivative liabilities | $ | 0 | $ | 0 | $ | 5,470 | $ | 5,470 | |||||||||||||
We record the net change in the fair value of the derivative positions listed above in unrealized gain (loss) on warrant derivative liabilities in our consolidated statements of operations and comprehensive income (loss). During the year ended December 31, 2013, an unrealized gain of $3.5 million was recorded to reflect the change in fair value of the warrants ($0.6 million unrealized loss and $9.8 million unrealized gain during the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||||||
Changes in Level 3 Instruments Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
The following table provides a reconciliation of financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Beginning balance | $ | 5,470 | $ | 4,870 | |||||||||||||||||
Unrealized change in fair value | (3,517 | ) | 600 | ||||||||||||||||||
Ending balance | $ | 1,953 | $ | 5,470 | |||||||||||||||||
During the year ended December 31, 2013, there were no transfers between Level 1, Level 2 and Level 3 liabilities. | |||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||
We use a fair value based method of accounting for stock-based compensation. We utilize the Black-Scholes option pricing model to measure the fair value of stock options and stock appreciation rights (“SARs”). Restricted stock and restricted stock units (“RSUs”) are measured at their intrinsic values. See Note 15 – Stock-Based Compensations and Stock Purchase Plans. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Deferred income taxes reflect the net tax effects, calculated at currently enacted rates, of (a) future deductible/taxable amounts attributable to events that have been recognized on a cumulative basis in the financial statements or income tax returns, and (b) operating loss and tax credit carryforwards. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the benefit from the deferred tax asset will not be realized. | |||||||||||||||||||||
We classify interest related to income tax liabilities and penalties as applicable, as interest expense. | |||||||||||||||||||||
We do not provide deferred income taxes on undistributed earnings of our foreign subsidiaries for possible future remittances where we are able to assert that such earnings are permanently reinvested, or otherwise can be negotiated in a tax free manner, as part of our ongoing business. | |||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||
Our valuation and qualifying accounts are comprised of the deferred tax valuation allowance, investment valuation allowance and VAT receivable valuation allowance. Balances and changes in these accounts are, in thousands: | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Balance at | Charged to | Charged to | Deductions | Balance at | |||||||||||||||||
Beginning | Income | Other | From | End of | |||||||||||||||||
of Year | Accounts | Reserves | Year | ||||||||||||||||||
Credited | |||||||||||||||||||||
to Income | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Amounts deducted from applicable assets | |||||||||||||||||||||
Deferred tax valuation allowance | $ | 68,419 | $ | 0 | $ | 0 | $ | (8,843 | ) | $ | 59,576 | ||||||||||
Investment valuation allowance | 1,350 | 0 | 0 | 0 | 1,350 | ||||||||||||||||
VAT receivable valuation allowance | 0 | 2,792 | 0 | 0 | 2,792 | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Amounts deducted from applicable assets | |||||||||||||||||||||
Deferred tax valuation allowance | $ | 53,116 | $ | 15,303 | $ | 0 | $ | 0 | $ | 68,419 | |||||||||||
Investment valuation allowance | 1,350 | 0 | 0 | 0 | 1,350 | ||||||||||||||||
At December 31, 2011 | |||||||||||||||||||||
Amounts deducted from applicable assets | |||||||||||||||||||||
Deferred tax valuation allowance | $ | 46,905 | $ | 6,211 | $ | 0 | $ | 0 | $ | 53,116 | |||||||||||
Investment valuation allowance | 1,350 | 0 | 0 | 0 | 1,350 | ||||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||||
In January 2013, Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-01, which is included in ASC 210, “Balance Sheet”, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU No. 2013-01”). This update clarifies that the scope of ASU 2011-11: “Disclosures about Offsetting Assets and Liabilities” applies only to derivatives accounted for under ASC 815 “Derivatives and Hedging”, included bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. ASU No. 2013-01 is effective for fiscal years and interim periods within those years, beginning on or after January 1, 2013. Entities should provide the required disclosures retrospectively for all comparative periods presented. The adoption of this guidance impacted presentation disclosures only and did not have an impact on our consolidated financial position, results of operation or cash flows. | |||||||||||||||||||||
In February 2013, FASB issued ASU No. 2013-04, which is included in ASC 405, “Liabilities”, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date”. This update provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation with the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in USGAAP. Examples of obligations within the scope to ASU No. 2013-04 include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. ASU No. 2013-04 is effective for fiscal years and interim periods within those years beginning after December 15, 2013. Entities should provide the required disclosures retrospectively for all comparative periods presented. We are currently evaluating the impact of this guidance, but we expect that the adoption of this guidance will impact presentation disclosures only and will not have an impact on our consolidated financial position, results of operation or cash flows. | |||||||||||||||||||||
In July 2013, FASB issued ASU No. 2013-11 which is included in ASC 740 “Income Taxes”, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This update provides guidance regarding the presentation of unrecognized tax benefits when net operating loss carryforward, a similar tax loss, or a tax credit carryforward are not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. In such instances, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendment should be applied prospectively to all unrecognized tax benefits that exist at the effective date; however, retrospective application is permitted. The amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the impact of this guidance, but we expect that the adoption of this guidance will impact presentation disclosures only and will not have an impact on our consolidated financial position, results of operation or cash flows. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Note 4 – Earnings Per Share | |||||||||||||
Basic earnings per common share (“EPS”) are computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Income (loss) from continuing operations(a) | $ | (83,946 | ) | $ | 2,199 | $ | (30,285 | ) | |||||
Discontinued operations | (5,150 | ) | (14,410 | ) | 86,245 | ||||||||
Net income (loss) attributable to Harvest | $ | (89,096 | ) | $ | (12,211 | ) | $ | 55,960 | |||||
Weighted average common shares outstanding | 39,579 | 37,424 | 34,117 | ||||||||||
Effect of dilutive securities | 0 | 167 | 0 | ||||||||||
Weighted average common shares, diluted | 39,579 | 37,591 | 34,117 | ||||||||||
Basic Earnings (Loss) Per Share: | |||||||||||||
Income (loss) from continuing operations | $ | (2.12 | ) | $ | 0.06 | $ | (0.89 | ) | |||||
Discontinued operations | (0.13 | ) | (0.39 | ) | 2.53 | ||||||||
Basic earnings (loss) per share | $ | (2.25 | ) | $ | (0.33 | ) | $ | 1.64 | |||||
Diluted Earnings (Loss) Per Share: | |||||||||||||
Income (loss) from continuing operations | $ | (2.12 | ) | $ | 0.06 | $ | (0.89 | ) | |||||
Income (loss) from discontinued operations | (0.13 | ) | (0.39 | ) | 2.53 | ||||||||
Diluted earnings (loss) per share | $ | (2.25 | ) | $ | (0.33 | ) | $ | 1.64 | |||||
(a) | Net of net income attributable to noncontrolling interests. | ||||||||||||
The year ended December 31, 2013 per share calculations above exclude 4.2 million options and 2.5 million warrants because they were anti-dilutive. The year ended December 31, 2012 per share calculations above exclude 3.9 million options and 2.4 million warrants because they were anti-dilutive. The year ended December 31, 2011 per share calculations above exclude 3.7 million options and 1.6 million warrants because they were anti-dilutive. |
Dispositions
Dispositions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Dispositions | ' | ||||||||||||
Note 5 – Dispositions | |||||||||||||
Share Purchase Agreement | |||||||||||||
On December 16, 2013, Harvest and HNR Energia entered into the Share Purchase Agreement with Petroandina and Pluspetrol, its parent, to sell all of our 80 percent equity interest in Harvest Holding to Petroandina in two closings for an aggregate cash purchase price of $400 million. The first closing occurred on December 16, 2013 contemporaneously with the signing of the Share Purchase Agreement, when we sold a 29 percent equity interest in Harvest Holding for $125 million. This first transaction resulted in a loss on the sale of the interest in Harvest Holding of $23.0 million in the year ended December 31, 2013. As a result of this first sale, we indirectly own 51 percent of Harvest Holding beginning December 16, 2013 and the noncontrolling interest owners hold the remaining 49 percent with Petroandina having 29 percent and Vinccler continuing to own 20 percent. We will continue to consolidate Harvest Holding’s results until the sale of the remaining 51 percent interest has been completed. The second closing, for the sale of a 51 percent equity interest in Harvest Holding for a cash purchase price of $275 million, will be subject to, among other things, approval by the holders of a majority of our common stock and approval by the Ministerio del Poder Popular de Petroleo y Mineria representing the Government of Venezuela (which indirectly owns the other 60 percent interest in Petrodelta). | |||||||||||||
HNR Energia and Petroandina also entered into a Shareholders’ Agreement (the “Shareholders’ Agreement”) on December 16, 2013, regarding the shares of Harvest Holding. The Shareholders’ Agreement becomes effective upon any termination of the Share Purchase Agreement before the second closing of the sale of the remaining shares of Harvest Holding. | |||||||||||||
The Share Purchase Agreement provides for certain put/call rights and termination payments under certain circumstances. If the Share Purchase Agreement is terminated because of the failure to obtain authorization by our stockholders, we will be required to pay Petroandina a fee of $3.0 million, and Petroandina will have the right to sell back to HNR Energia its 29 percent interest in Harvest Holding. If we terminate the Share Purchase Agreement and accept a superior proposal, we must pay Petroandina a break-up fee equal to $9.6 million and Petroandina has the right to sell back to HNR Energia, and HNR Energia has the right to cause Petroandina to sell back to HNR Energia, its interest in Harvest Holding. We must also pay the reasonable out-of-pocket expenses of Petroandina incurred in connection with the Share Purchase Agreement, up to $4 million, if the Share Purchase Agreement is terminated as a result of our breach of a representation or warranty or covenant, and in certain instances Petroandina also has the right and option to sell to HNR Energia its 29 percent interest. HNR Energia has the right and option to purchase from Petroandina its 29 percent interest in Harvest Holding on termination of the Share Purchase Agreement in certain other circumstances. Harvest has guaranteed HNR Energia’s obligations under the Share Purchase Agreement and the Shareholders’ Agreement. | |||||||||||||
During the term of the Share Purchase Agreement, Harvest Holding may not pay any dividends to HNR Energia, and therefore would not benefit from any dividends paid by Petrodelta during this period. | |||||||||||||
Discontinued Operations | |||||||||||||
As a result of the decision to not request an extension of the First Phase or enter the Second Phase of the Exploration and Production Sharing Agreement (“EPSA”) Al Ghubar / Qarn Alam license (“Block 64 EPSA”), Block 64 was relinquished effective May 23, 2013. The carrying value of Block 64 EPSA of $6.4 million was considered impaired and a related impairment expense was recorded during the year ended December 31, 2012. Operations in Oman were terminated, and the field office was closed May 31, 2013. We have no continuing operations in Oman. | |||||||||||||
In February 2013, we signed farm-out agreements on Block VSM14 and Block VSM15 in Colombia. Under the terms of the farm-out agreements, we had a 75 percent beneficial working interest and our partners had a 25 percent carried interest for the minimum exploratory work commitments on each block. We requested the legal assignment of the interest by the Agencia Nacional de Hidrocarburos (“ANH”), Colombia’s oil and gas regulatory authority, and approval of us as operator. | |||||||||||||
We have received notices of default from our partners for failing to comply with certain terms of the farmout agreements for Block VSM 14 and Block VSM 15, followed by notices of termination on November 27, 2013. As discussed further in Note 13 — Commitments and Contingencies, our partners have filed for arbitration of claims related to these agreements. We have accrued $2.0 million as of December 31, 2013 related to this matter. After evaluating these circumstances, we determined that it was appropriate to fully impair the costs associated with these interests, and we recorded an impairment charge of $3.2 million during the year ended December 31, 2013. As we no longer have any interests in Colombia, we have reflected the results in discontinued operations. | |||||||||||||
On May 17, 2011, we closed the transaction to sell the Antelope Project. The sale had an effective date of March 1, 2011. We received cash proceeds of approximately $217.8 million which reflects increases to the purchase price for customary adjustments and deductions for transaction related costs. We do not have any continuing involvement with the Antelope Project. The related gain on the sale was reported in discontinued operations in the second quarter of 2011. | |||||||||||||
During the year ended December 31, 2012, we incurred $0.1 million of expense related to settlement of royalty payments to the Mineral Management Services, write-offs of $5.2 million of accounts and note receivable and $3.6 million of accounts payable, carry obligation related to the settlement of all outstanding claims with a private third party on the Antelope Project. The note receivable related to a prospect leasing cost financing arrangement. The note receivable plus accrued interest was approximately $3.3 million at December 31, 2011, and was secured by a portion of the production from the Bar F #1-20-3-2 in Utah. | |||||||||||||
Oman operations, Colombia operations and the Antelope Project have been classified as discontinued operations. Revenue and income (loss) are shown in the table below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Revenue applicable to discontinued operations: | |||||||||||||
Oman | $ | 0 | $ | 0 | $ | 0 | |||||||
Colombia | 0 | 0 | 0 | ||||||||||
Antelope Project | 0 | 0 | 6,488 | ||||||||||
$ | 0 | $ | 0 | $ | 6,488 | ||||||||
Income (loss) from discontinued operations: | |||||||||||||
Oman | $ | (674 | ) | $ | (12,711 | ) | $ | (11,371 | ) | ||||
Colombia | (4,476 | ) | 0 | 0 | |||||||||
Antelope Project | 0 | (1,699 | ) | 97,616 | |||||||||
$ | (5,150 | ) | $ | (14,410 | ) | $ | 86,245 | ||||||
Investment_in_Equity_Affiliate
Investment in Equity Affiliates | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Investment in Equity Affiliates | ' | ||||||||||||
Note 6 – Investment in Equity Affiliates | |||||||||||||
Venezuela – Petrodelta, S.A. | |||||||||||||
Petrodelta’s reporting and functional currency is the U.S. Dollar. HNR Finance owns a 40 percent interest in Petrodelta. As discussed further in Note 5 – Dispositions, Share Purchase Agreement, on December 16, 2013, Harvest and HNR Energia entered into the Share Purchase Agreement with Petroandina and Pluspetrol, its parent, to sell all of our 80 percent equity interest in Harvest Holding to Petroandina in two closings for an aggregate cash purchase price of $400 million. The first closing occurred on December 16, 2013 contemporaneously with the signing of the Share Purchase Agreement, when we sold a 29 percent equity interest in Harvest Holding for $125 million. This first transaction resulted in a loss on the sale of the interest in Harvest Holding of $23.0 million in the year ended December 31, 2013. | |||||||||||||
Petrodelta’s financial information is prepared in accordance with International Financial Reporting Standards (“IFRS”) which we have adjusted to conform to U.S. GAAP. The differences between IFRS and U.S. GAAP for which we adjust are: | |||||||||||||
• | Deferred income tax: IFRS allows the inclusion of non-monetary temporary differences impacted by inflationary adjustments, whereas U.S. GAAP does not. In addition, we have adjusted for the impact on deferred income tax of other adjustments to arrive at net income under U.S. GAAP. | ||||||||||||
• | Depletion expense: Oil and gas reserves used by Petrodelta in calculating depletion expense under IFRS are provided by MENPET. MENPET reserves are not prepared using the guidance on extractive activities for oil and gas (ASC 932). At least annually at yearend, we prepare reserve reports for Petrodelta’s oil and gas reserves using ASC 932. On a quarterly basis, we recalculate Petrodelta’s depletion using the most recent reserve report using ASC 932. | ||||||||||||
• | Windfall Profits Tax Credit: The April 2011 Windfall Profits Tax law included a provision wherein it considered that an exemption of the Windfall Profits Tax could be granted for the incremental production of projects and grass root developments until the specific investments are recovered. The projects deemed to qualify for the exemption have to be considered and approved on a case by case basis by MENPET. In March 2013, PDVSA requested from MENPET a Windfall Profits Tax exemption credit under provisions in the April 2011 Windfall Profits Tax law. The exemption was applied to several oil development projects, including Petrodelta. However, MENPET has not defined the projects qualifying for exemption or provided the guidance necessary to calculate the exemption. PDVSA issued to Petrodelta its estimated share of the exemption credit related to 2012 of $55.2 million ($36.4 million net of tax) based on PDVSA’s calculation and projects PDVSA deemed to qualify for the exemption. Petrodelta has not been provided with supporting documentation indicating the properties have been appropriately qualified by MENPET, the specific details for the exemption credit, such as which fields, production period or production, or the supporting calculations. Until MENPET either issues guidance on the exemption provisions in the law or issues payment forms including the exemption credit, or written approval from MENPET for this exemption credit is received by Petrodelta or us, we have and will continue to exclude the exemption credit from our equity earnings in Petrodelta. | ||||||||||||
• | Sports Law Overaccrual: The Organic Law on Sports, Physical Activity and Physical Education (“Sports Law”) was published in the Official Gazette on August 24, 2011. The purpose of the Sports Law is to establish the public service nature of physical education and the promotion, organization and administration of sports and physical activity. Funding of the Sports Law is by contributions made by companies or other public or private organizations that perform economic activities for profit in Venezuela. The contribution is one percent of annual net or accounting profit and is not deductible for income tax purposes. Per the Sports Law, contributions are to be calculated on an after-tax basis. However, in March 2012, CVP has instructed Petrodelta to calculate the contribution on a before-tax basis contrary to the Sports Law. As of December 31, 2013, the cumulative amount of overstatement of the liability by following this calculation method is $1.3 million ($0.3 million net to our 20.4 percent interest as of December 31, 2013). We have adjusted for the overaccrual of the Sports Law in the results reported for net income from equity affiliate during the applicable periods, i.e., the years ended December 31, 2013 and 2012. | ||||||||||||
In addition to the adjustments to arrive at Petrodelta’s net income under U.S. GAAP, earnings from equity affiliate also reflect the amortization of the excess basis in equity affiliate using the unit-of-production method based on risk adjusted total current estimated reserves. | |||||||||||||
All amounts through Net Income under U.S. GAAP represent 100 percent of Petrodelta. Summary financial information has been presented below at December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Results under IFRS: | |||||||||||||
Revenues: | |||||||||||||
Oil sales | $ | 1,326,093 | $ | 1,263,264 | $ | 1,122,191 | |||||||
Gas sales | 4,000 | 3,350 | 3,497 | ||||||||||
Royalty * | (440,963 | ) | (423,069 | ) | (374,135 | ) | |||||||
889,130 | 843,545 | 751,553 | |||||||||||
Expenses: | |||||||||||||
Operating expenses | 151,661 | 121,023 | 77,236 | ||||||||||
Workovers | 29,168 | 17,302 | 28,508 | ||||||||||
Depletion, depreciation and amortization | 87,203 | 86,004 | 58,376 | ||||||||||
General and administrative | 26,345 | 31,753 | 11,297 | ||||||||||
Windfall profits tax | 234,453 | 291,355 | 237,632 | ||||||||||
Windfall profits credit | (55,168 | ) | 0 | 0 | |||||||||
473,662 | 547,437 | 413,049 | |||||||||||
Income from operations | 415,468 | 296,108 | 338,504 | ||||||||||
Gain on exchange rate | 169,582 | 0 | 0 | ||||||||||
Investment earnings and other | 15 | 13 | 610 | ||||||||||
Interest expense | (21,728 | ) | (7,017 | ) | (10,699 | ) | |||||||
Income before income tax | 563,337 | 289,104 | 328,415 | ||||||||||
Current income tax expense | 325,217 | 127,080 | 190,577 | ||||||||||
Deferred income tax expense (benefit) | (17,662 | ) | 76,030 | (94,622 | ) | ||||||||
Net income under IFRS | 255,782 | 85,994 | 232,460 | ||||||||||
Adjustments to increase (decrease) net income under IFRS: | |||||||||||||
Deferred income tax (expense) benefit | 9,080 | 78,968 | (49,545 | ) | |||||||||
Depletion expense | (20,352 | ) | 7,282 | 1,908 | |||||||||
Reversal of windfall profits tax credit | (55,168 | ) | 0 | 0 | |||||||||
Sports law over accrual | 1,313 | 2,536 | 0 | ||||||||||
Net income under U.S. GAAP | 190,655 | 174,780 | 184,823 | ||||||||||
Equity interest in equity affiliate | 40 | % | 40 | % | 40 | % | |||||||
Income before amortization of excess basis in equity affiliate | 76,262 | 69,912 | 73,929 | ||||||||||
Amortization of excess basis in equity affiliate | (3,684 | ) | (2,143 | ) | (1,863 | ) | |||||||
Earnings from equity affiliate included in income | $ | 72,578 | $ | 67,769 | $ | 72,066 | |||||||
* | As discussed below, royalties paid-in-kind have been adjusted to reflect market prices as required under U.S. GAAP. | ||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Financial Position under IFRS: | |||||||||||||
Current assets | $ | 1,906,595 | $ | 1,425,115 | |||||||||
Property and equipment | 717,449 | 538,351 | |||||||||||
Other assets | 181,116 | 70,468 | |||||||||||
Current liabilities | 1,652,806 | 1,180,559 | |||||||||||
Other liabilities | 136,298 | 93,101 | |||||||||||
Net equity | 1,016,056 | 760,274 | |||||||||||
Conversion Contract | |||||||||||||
On October 25, 2007, the Venezuelan Presidential Decree which formally transferred to Petrodelta the rights to the Petrodelta Fields subject to the conditions of the Conversion Contract was published in the Official Gazette. Petrodelta is governed by its own charter and bylaws and will engage in the exploration, production, gathering, transportation and storage of hydrocarbons from the Petrodelta Fields for a maximum of 20 years from that date. Petrodelta operates a portfolio of properties in eastern Venezuela including large proven oil fields as well as properties with substantial opportunities for both development and exploration. Petrodelta is to undertake its operations in accordance with Petrodelta’s business plan as set forth in its conversion contract. Under its conversion contract, work programs and annual budgets adopted by Petrodelta must be consistent with Petrodelta’s business plan. Petrodelta’s business plan may be modified by a favorable decision of the shareholders owning at least 75 percent of the shares of Petrodelta. | |||||||||||||
Sales Contract | |||||||||||||
The sale of oil and gas by Petrodelta to the Venezuelan government is pursuant to a Contract for Sale and Purchase of Hydrocarbons with PDVSA Petroleo S.A. (“PPSA”) signed on January 17, 2008. The form of the agreement is set forth in the Conversion Contract. Crude oil delivered from the Petrodelta Fields to PPSA is priced with reference to Merey 16 published prices, weighted for different markets, and adjusted for variations in gravity and sulphur content, commercialization costs and distortions that may occur given the reference price and prevailing market conditions. Merey 16 published prices are quoted and sold in U.S. Dollars. Natural gas delivered from the Petrodelta Fields to PPSA is priced at $1.54 per thousand cubic feet. Natural gas deliveries are paid in Bolivars, but the pricing for natural gas is referenced to the U.S. Dollar. PPSA is obligated to make payment to Petrodelta of each invoice within 60 days of the end of the invoiced production month by wire transfer, in U.S. Dollars in the case of payment for crude oil and natural gas liquids delivered, and in Bolivars in the case of payment for natural gas delivered, in immediately available funds to the bank accounts designated by Petrodelta. | |||||||||||||
When the Sales Contract was executed, Petrodelta was producing only one type of crude, Merey 16. Beginning in October 2011, the Ministry of the People’s Power for Petroleum and Mining (“MENPET”) determined that Petrodelta’s production flowing through the COMOR transfer point was a heavier type of crude, Boscan. Since Petrodelta was producing only Merey 16 when the Sales Contract was executed, the Boscan gravity and sulphur correction factors and crude pricing formula are not included in the Sales Contract. However, under the Sales Contract, PPSA is obligated to receive all of Petrodelta’s production. All production deliveries for all of Petrodelta’s fields have been certified by MENPET and acknowledged by PPSA. All pricing factors to be used in the Merey 16 and Boscan pricing formulas have been provided by and certified by MENPET to Petrodelta. | |||||||||||||
Since the Sales Contract provides for only one crude pricing formula, the Sales Contract had to be amended to include the Boscan pricing formula to allow Petrodelta to invoice PPSA for El Salto crude oil deliveries. Petrodelta received a draft amendment to the Sales Contract from PDVSA Trade and Supply. The pricing formula in the draft amendment has been used to accrue revenue for El Salto field deliveries from October 1, 2011 through December 31, 2013. Except for the inclusion of the Boscan pricing formula to be used in invoicing El Salto crude oil deliveries, all other terms and conditions of the Sales Contract remain in force. On January 31, 2013, Petrodelta’s board of directors endorsed the amendment to the Sales Contract. The amendment has been approved by CVP’s board of directors. HNR Finance, as shareholder, has agreed to the contract amendment. | |||||||||||||
CVP’s board of directors reviewed the amendment on April 30, 2013. A certificate of CVP’s final board resolution approving the amendment dated April 30, 2013 was received by Petrodelta on May 23, 2013. The remaining steps for the contract amendment are to (1) inform MENPET of the approval, (2) receive approval from Petrodelta’s shareholders to amend the Sales Contract including the Boscan formula, and (3) sign the contract amendment with PDVSA Trade and Supply. Once the Sales Contract is executed, PPSA will be invoiced for the deliveries. As of December 31, 2013, revenues of $756.7 million ($352.7 million as of December 31, 2012) for El Salto remain uninvoiced to PPSA pending execution of the amendment. | |||||||||||||
Payments to Contractors | |||||||||||||
As discussed in previous filings, PDVSA has failed to pay on a timely basis certain amounts owed to contractors that PDVSA has contracted to do work for Petrodelta. PDVSA, through PPSA, purchases all of Petrodelta’s oil production. PDVSA and its affiliates have reported shortfalls in meeting their cash requirements for operations and planned capital expenditures, and PDVSA has fallen behind in certain of its payment obligations to its contractors, including contractors engaged by PDVSA to provide services to Petrodelta. In addition, PDVSA has fallen behind in certain of its payment obligations to Petrodelta, which payments Petrodelta would otherwise use to pay its contractors, including Harvest Vinccler. As a result, Petrodelta has experienced, and is continuing to experience, difficulty in retaining contractors who provide services for Petrodelta’s operations. We cannot provide any assurance as to whether or when PDVSA will become current on its payment obligations. Inability to retain contractors or to pay them on a timely basis is having an adverse effect on Petrodelta’s operations and on Petrodelta’s ability to carry out its business plan. | |||||||||||||
Harvest Vinccler has advanced certain costs on behalf of Petrodelta. These costs include consultants in engineering, drilling, operations, seismic interpretation, and employee salaries and related benefits for Harvest Vinccler employees seconded into Petrodelta. Currently, we have three employees seconded into Petrodelta. Costs advanced are invoiced on a monthly basis to Petrodelta. Harvest Vinccler is considered a contractor to Petrodelta,and as such, Harvest Vinccler is also experiencing the slow payment of invoices. During the year ended December 31, 2013, Harvest Vinccler advanced to Petrodelta $0.5 million for continuing operations costs. Petrodelta and Petrodelta’s board have not indicated that the advances are not payable, nor that they will not be paid. At December 31, 2013, we reclassified $0.8 million of the Advances to Affiliate to a long-term receivable due to slow payment and age of the advances. Although payment is slow and the balance is increasing, payments continue to be received. | |||||||||||||
Windfall Profits Tax | |||||||||||||
In April 2011, the Venezuelan government published in the Official Gazette the Law Creating a Special Contribution on Extraordinary Prices and Exorbitant Prices in the International Hydrocarbons Market (“Windfall Profits Tax”). In February 2013, the Venezuelan government published in the Official Gazette an amendment to the Windfall Profits Tax. The amended Windfall Profits Tax establishes new levels for contribution of extraordinary and exorbitant prices to the Venezuelan government. Extraordinary prices are considered to be equal to or lower than $80 per barrel, and exorbitant prices are considered to be over $80 per barrel. | |||||||||||||
Royalty Cap | |||||||||||||
Royalties are paid at 33.33 percent with the 30 percent royalty paid in kind and the 3.33 percent royalty paid in cash. The amended Windfall Profits Tax also sets a new royalty cap per barrel of $80 ($70 per barrel in 2012). The law does not specify whether the cap on royalties is applicable to royalties paid in-cash, in-kind, or both. Per instructions received from PDVSA, Petrodelta reports royalties, whether paid in-cash or in-kind, at $80 per barrel (royalty barrels x $80). Per our interpretation of the Windfall Profits Tax law and as required under U.S. GAAP, the $80 cap on royalty barrels should only be applied to the 3.33 percent royalty which Petrodelta pays in cash. The revenues and royalties in the table above have been adjusted to report royalties paid in-kind at the oil price applicable for the period. For the year ended December 31, 2013, the reduction to oil sales due to the $80 cap applied to all royalty barrels was $38.4 million ($12.1 million net to our percent interest for the period) ($113.7 million [$36.4 million net to our 32 percent interest] and $85.0 million [$27.2 million net to our 32 percent interest] for the years ended December 31, 2012 and 2011, respectively). While both methods of reporting result in the same amount being reported for net sales, our method results in prices per barrel of oil which are consistent with the prices expected under the Sales Contract. | |||||||||||||
Functional Currency | |||||||||||||
Petrodelta’s functional and reporting currency is the U.S. Dollar. PPSA is obligated to make payment to Petrodelta in U.S. Dollars in the case of payment for crude oil and natural gas liquids delivered. In addition, major contracts for capital expenditures and lease operating expenditures are denominated in U.S. Dollars. Any dividend paid by Petrodelta will be made in U.S. Dollars. | |||||||||||||
Petrodelta has currency exchange risk from fluctuations of the official prevailing exchange rate that applies to their operating costs denominated in Venezuela Bolivars (“Bolivars”). The monetary assets that are exposed to exchange rate fluctuations are cash, accounts receivable, prepaid expenses and other current assets. The monetary liabilities that are exposed to exchange rate fluctuations are accounts payable, accruals, current and deferred income tax and other tax obligations and other current liabilities. All monetary assets and liabilities incurred at the official Bolivar exchange rate are settled at the official Bolivar exchange rate. The official prevailing currency exchange rate was increased from 4.3 Bolivars per U.S. Dollar to 6.3 Bolivars per U.S. Dollar in February 2013. Petrodelta reflected a gain of approximately $169.6 million on revaluation of its non-income tax related assets and liabilities during the year ended December 31, 2013 primarily related to the February 2013 devaluation. | |||||||||||||
As a result of legislation enacted in December 2013 and January and February of 2014, Venezuela now has a multiple exchange rate system. Most of Petrodelta’s transactions are subject to a fixed official exchange rate of 6.3. In addition, there is a variable official exchange rate system in which the exchange rate is determined through auctions (11.3 rate as of December 31, 2013). The third system is not yet available as the government has not yet specified the scope of application and mechanics. The financial information is prepared using the official fixed exchange rate (6.3 from February 2013 through December 2013). At December 31, 2013, the balances in Petrodelta’s Bolivar denominated monetary assets and liabilities accounts that are exposed to exchange rate changes are 1,011 million Bolivars and 6,683 million Bolivars, respectively. | |||||||||||||
Petrodelta’s results were also impacted by PDVSA changing its policy with respect to invoicing for disbursements made in Bolivars on behalf of Petrodelta to require that such invoices be denominated in U.S. dollars rather than Bolivars. This change was implemented in the fourth quarter of 2013 with retroactive application to certain transactions occurring in 2011 and thereafter. As a result of this change, Petrodelta recorded a $14.2 million foreign currency loss in the three months ended December 31, 2013. | |||||||||||||
Collective Labor Agreement | |||||||||||||
On February 11, 2014, the Collective Labor Agreement for the period from October 1, 2013 thru October 1, 2015, between the employees of the oil industry represented by the Venezuelan Unitary Federation of workers of the oil, gas, and derivatives (FUTPV) and PDVSA was signed. The Collective Labor Agreement establishes a salary raise and payroll and retirement benefits which has a significant impact on Petrodelta’s payroll cost. The most significant impact is a step increase of salary around 90%, where 59% is to be retroactive from October 1, 2013, then a 23% raise from May 1, 2014 and finally the remaining portion to be adjusted on January 1, 2015. | |||||||||||||
Dividends | |||||||||||||
On November 12, 2010, Petrodelta’s board of directors declared a dividend of $30.6 million, $12.2 million net to HNR Finance. Petrodelta shareholder approval of the dividend was received on March 14, 2011. Due to Petrodelta’s liquidity constraints caused by PDVSA’s insufficient monetary support and contractual adherence, as of May 2, 2012, this dividend has not been received, although it is due and payable. Petrodelta’s board of directors declared this dividend and has never indicated that the dividend is not payable, nor that it will not be paid. The dividend receivable is classified as a long-term receivable at December 31, 2013 and 2012 due to the uncertainty in the timing of payment. There is uncertainty with respect to the timing of the receipt of this dividend and whether future dividends will be declared and/or paid. During the term of the Share Purchase Agreement, Harvest Holding may not pay any dividends to HNR Energia, and therefore would not benefit from any dividends paid by Petrodelta during this period. Should this receivable be paid and subsequently distributed to Harvest Holding’s shareholders prior to the second closing sale to Petroandina, we would not receive any portion of the dividend. | |||||||||||||
Fusion Geophysical, LLC (“Fusion”) | |||||||||||||
On January 28, 2011, Fusion Geophysical, LLC’s (“Fusion”) 69 percent owned subsidiary, FusionGeo, Inc., was acquired by a private purchaser pursuant to an Agreement and Plan of Merger. We received $1.4 million for our equity investment. |
Venezuela_Other
Venezuela - Other | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Venezuela - Other | ' |
Note 7 – Venezuela – Other | |
See also Note 6 – Investment in Equity Affiliates, Venezuela – Petrodelta, S.A. for further information regarding our Venezuela operations. | |
Harvest Vinccler’s functional and reporting currency is the U.S. Dollar. They do not have currency exchange risk other than the official prevailing exchange rate that applies to their operating costs denominated in Venezuela Bolivars (“Bolivars”). During the year ended December 31, 2013, Harvest Vinccler exchanged approximately $1.6 million ($1.5 million during the year ended December 31, 2012) and received an average exchange rate of 6.9 Bolivars (5.16 Bolivars during the year ended December 31, 2012) per U.S. Dollar. | |
The monetary assets that are exposed to exchange rate fluctuations are cash, accounts receivable, prepaid expenses and other current assets. The monetary liabilities that are exposed to exchange rate fluctuations are accounts payable, accruals, current and deferred income tax and other tax obligations and other current liabilities. All monetary assets and liabilities incurred at the official Bolivar exchange rate are settled at the official Bolivar exchange rate. At December 31, 2013, the balances in Harvest Vinccler’s Bolivar denominated monetary assets and liabilities accounts that are exposed to exchange rate changes are 10.2 million Bolivars and 7.2 million Bolivars, respectively. Therefore a change in the exchange rate is not expected to have a material impact on results of operations or our financial position. |
Gabon
Gabon | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Gabon | ' |
Note 8 – Gabon | |
We are the operator of the Dussafu PSC with a 66.667 percent ownership interest. Located offshore Gabon, adjacent to the border with the Republic of Congo, the Dussafu PSC covers an area of 680,000 acres with water depths up to 1,650 feet. | |
The Dussafu PSC partners and the Republic of Gabon, represented by the Ministry of Mines, Energy, Petroleum and Hydraulic Resources, entered into the third exploration phase of the Dussafu PSC with an effective date of May 28, 2012. The Direction Generale Des Hydrocarbures (“DGH”) agreed to lengthen the third exploration phase to four years until May 27, 2016. | |
During 2011, we drilled our first exploratory well, Dussafu Ruche Marin-1 (“DRM-1”), and two appraisal sidetracks. DRM-1 and sidetracks discovered oil of approximately 149 feet of pay within the Gamba and Middle Dentale Formations. DRM-1 and sidetracks are currently suspended pending further exploration and development activities. Operational activities during 2012 included completion of the time processing of 545 square kilometers of seismic, which was acquired in the fourth quarter of 2011, and well planning. | |
Well planning progressed during 2012 to drill an exploration well in the fourth quarter of 2012 on the Tortue prospect. DTM-1 well was spud November 19, 2012. DTM-1 was drilled with the Scarabeo 3 semi-submersible drilling unit. On January 4, 2013, we announced that DTM-1 had reached the Dental Formation and discovered oil in both the Gamba and Dentale formations. The first appraisal sidetrack of DTM-1 (“DTM-1ST1”) was spud in January 12, 2013 and drilled to a total depth of 11,385 feet in the Dentale Formation and found 65 feet of pay in the primary Dentale reservoir. Work on DTM-1 and DTM-1ST1 was suspended pending future appraisal and development activities. | |
Geoscience, reservoir engineering and economic studies have progressed and a field development plan is being prepared for a cluster field development of both the Ruche and Tortue discoveries along with existing pre-salt discoveries at Walt Whitman and Moubenga. Planning and contracting for a 3D seismic acquisition survey over the outer half of the license took place. Acquisition of a 1,260 square kilometer survey commenced in October 2013, and the first high quality seismic products are expected to be available during the second quarter of 2014. The new 3D seismic data should also enhance the placement of future development wells in the Ruche and Tortue development program. | |
See Note 13 – Commitments and Contingencies for a discussion of legal matters related to our Gabon operations. | |
The Dussafu PSC represents $103.4 million of unproved oil and gas properties including inventory on our December 31, 2013 balance sheet ($76.4 million at December 31, 2012). |
Indonesia
Indonesia | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Indonesia | ' |
Note 9 – Indonesia | |
In 2007, we entered into a Farmout Agreement to acquire a 47 percent interest in the Budong PSC located mostly onshore West Sulawesi, Indonesia. In April 2008, the Government of Indonesia approved the assignment to us of the 47 percent interest in the Budong PSC. Our partner is the operator through the exploration phase as required by the terms of the Budong PSC, and we have an option to become operator, if approved by the Government of Indonesia and SKK Migas in any subsequent development and production phase. | |
We acquired our original 47 percent interest in the Budong PSC by committing to fund the first phase of the exploration program up to a cap of $17.2 million, including the acquisition of 2-D seismic and drilling of the first two exploration wells under a Farmout Agreement with our partner in the Budong PSC. Prior to drilling the first exploration well, our partner had a one-time option to increase the level of the carried interest to a maximum of $20.0 million. On September 15, 2010, our partner exercised their option to increase the carry obligation by $2.7 million to a total of $19.9 million. The additional carry increased our ownership by 7.4 percent to 54.4 percent. On March 3, 2011, the Government of Indonesia approved this change in ownership interest. | |
On January 14, 2011, we exercised our first refusal right to a proposed transfer of interest by the operator to a third party, which allowed us to acquire an additional 10 percent ownership in the Budong PSC at a cost of $3.7 million payable ten business days after completion of the first exploration well. The $3.7 million was paid on April 18, 2011. Closing of this acquisition increased our participating ownership interest in the Budong PSC to 64.4 percent with our cost sharing interest becoming 64.51 percent until first commercial production. On August 11, 2011, the Government of Indonesia approved this change in ownership interest. | |
The initial exploration term of the Budong PSC was due to expire on January 15, 2013. In September 2012, the operator of the Budong PSC, on behalf of us and the other co-venturer, submitted a request to BPMIGAS under the terms of the Budong PSC for a four-year extension of the initial six-year exploration term of the Budong PSC. In January 2013, we received written approval from SKK Migas of the four-year extension of the initial six-year exploration term. | |
In November 2012, the Indonesia constitutional court declared BPMIGAS, Indonesia’s oil and gas regulatory authority, to be unconstitutional. In January 2013, SKK Migas, the Special Task Force for oil and gas upstream sector, was formed to replace BPMIGAS. | |
In December 2012, we signed a farmout agreement with the operator of the Budong PSC to acquire an additional 7.1 percent participating interest and to become operator of the Budong PSC. We assumed the role of operator effective March 25, 2013. Closing of this acquisition on April 22, 2013 increased our participating ownership interest in the Budong PSC to 71.5 percent with our cost sharing interest becoming 72 percent until first commercial production. The consideration for this transaction is that we will fund 100 percent of the costs of the first exploration well of the four-year extension to the Budong PSC. If the exploration well is not drilled by October 2014 (within 18 months of the date of approval from the Government of Indonesia of this transaction), our partner has the right to give us notice that the consideration for the additional 7.1 percent participating interest must be paid in cash for $3.2 million. | |
We have satisfied all work commitments for the current exploration phase of the Budong PSC. However, the extension of the initial exploration term includes an exploration well, which if not drilled by January 2016, results in the termination of the Budong PSC. | |
During the initial exploration period, the Budong PSC covered 1.35 million acres. The Budong PSC includes a ten-year exploration period and a 20-year development phase. Pursuant to the terms of the Budong PSC, at the end of the first three-year exploration phase, 45 percent of the original area was to be relinquished to SKK Migas. In January 2010, 35 percent of the original area was relinquished and ten percent of the required relinquishment was deferred until 2011. In January 2011, the deferred ten percent of the original total contract area was relinquished to SKK Migas. The Budong PSC currently covers 0.75 million acres. However, pursuant to the request for extension of the initial exploration term, the contract area held by the Budong PSC at the beginning of the extension period should be reduced, per the terms of the Budong PSC, from the current 55 percent to 20 percent of the original contract area. If the full amount of the required relinquishment is required, 0.3 million acres would remain in the Budong PSC contract area. In January 2013, our partner, on our behalf, submitted a relinquishment proposal of 10 percent to SKK Migas. The retained area will contain all the areas of geological interest to the Budong PSC partners. | |
Operational activities during 2012 focused on a review of geological and geophysical data obtained from the drilling of LG-1 and KD-1 wells to upgrade the prospectivity of the block and to define a prospect for potential drilling in 2013. We have completed remapping of both the Lariang and Karama Basins with eight leads in the Lariang Basin and five leads in the Karama Basin having been identified. The identification of these leads is the basis for the four-year extension request of the first six-year exploration term. | |
Operational activities during 2013 included continued work on an exploration program targeting the Pliocene and Miocene targets encountered in the previous two wells. Land access and acquisition; environmental studies; construction and upgrades to access roads, bridges, and well site; permitting; and tender prequalification and procurement are on-going. | |
We are actively discussing the sale of our interests in Budong, and based on indications of interest received in December 2013, we determined that is it was appropriate to recognize an impairment expense of $0.6 million and a charge included in general and administrative expenses related to a valuation allowance on VAT we do not expect to recover of $2.8 million. The Budong PSC represents $4.6 million of unproved oil and gas properties including inventory on our December 31, 2013 balance sheet ($5.3 million at December 31, 2012). |
China
China | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
China | ' |
Note 10 – China | |
In December 1996, we acquired a petroleum contract with China National Offshore Oil Corporation (“CNOOC”) for the WAB-21 area. The WAB-21 petroleum contract covers 6.2 million acres in the South China Sea, with an option for an additional 1.25 million acres under certain circumstances, and lies within an area which is the subject of a border dispute between China and Socialist Republic of Vietnam (“Vietnam”). Vietnam has executed an agreement on a portion of the same offshore acreage with another company. The border dispute has lasted for many years, and there has been limited exploration and no development activity in the WAB-21 area due to the dispute. Due to the border dispute between China and Vietnam, we have been unable to pursue an exploration program during Phase One of the contract. As a result, we have obtained license extensions, with the current extension in effect until May 31, 2013. The Joint Management Committee has approved an extension of the license until May 31, 2015. We are meeting with CNOOC in April 2013 to discuss the ratification of the extension. Regular meetings are held with CNOOC with contingent work programs being planned and annual budgets being set. While no assurance can be given, we believe we will continue to receive contract extensions so long as the border disputes persist. Even though there continues to be increasing activity on the Vietnamese blocks which we believe confirms our view of WAB-21’s prospectivity, we impaired the carrying value of WAB-21 of $2.9 million during the year ended December 31, 2012 due to our continued inability to pursue an exploration program. However, we continue to seek permission to acquire regional 2-D seismic and localized 3-D seismic. |
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Note 11 – Debt | |||||||||
Debt consists of the following (in thousands): | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Senior notes, unsecured, with interest at 11% | $ | 79,750 | $ | 79,750 | |||||
Discount on 11% senior unsecured notes | (2,270 | ) | (4,911 | ) | |||||
Less current portion | (77,480 | ) | 0 | ||||||
$ | 0 | $ | 74,839 | ||||||
On October 11, 2012, we closed the sale of $79.8 million aggregate principal amount of 11 percent senior unsecured notes due October 11, 2014. Under the terms of the notes, interest is payable quarterly in arrears on January 1, April 1, July 1 and October 1, beginning January 1, 2013. The 11 percent senior unsecured notes are general unsecured obligations, ranking equally in right of payment with all our future senior unsecured indebtedness. The senior unsecured notes are structurally subordinated to indebtedness and other liabilities of our subsidiaries. | |||||||||
The 11 percent senior unsecured notes were issued at a price of 96 percent of principal amount. The original issue discount (“OID”) is recorded as a Discount on Debt. Warrants to purchase up to 0.8 million shares of our common stock with an exercise price of $10.00 per share were issued in connection with the 11 percent senior unsecured notes. The fair value of the warrants is recorded as Discount on Debt. The OID and Discount on Debt are being amortized over the life of the debt. | |||||||||
Financing costs associated with the 11 percent senior unsecured notes are recorded in other assets and are amortized over the life of the notes. The balance for financing costs, substantially all of which relates to the 11 percent senior unsecured notes, was $1.3 million at December 31, 2013 ($3.2 million at December 31, 2012). | |||||||||
As discussed in Note 2 – Liquidity, we used a portion of the $125 million in proceeds from the sale of the 29 percent interest in Harvest Holding that we received on December 16, 2013, to redeem all of our 11% Senior Notes due 2014. The notes were redeemed on January 11, 2014, for $80.0 million, including principal and accrued and unpaid interest. As a result of the redemption, we will record a loss on extinguishment of debt of approximately $3.6 million during the three months ended March 31, 2014. This loss is primarily includes the write off of the discount on debt ($2.3 million) and the expensing of financing costs related to the term loan facility ($1.3 million). | |||||||||
In the event that a sale of assets (farm-outs are not included in the definition of a sale of assets in the indenture) for more than $5.0 million in the aggregate occurs, within 30 days of such event, we are required to make an offer to all noteholders of our 11 percent senior unsecured notes to purchase the maximum principal amount of our 11 percent senior unsecured notes that may be purchased out of the sales proceeds at an offer price in cash in an amount equal to 105.5 percent of the principal amount plus accrued and unpaid interest, if any. In the event of a change in control or a sale of Petrodelta, the noteholders of our 11 percent senior unsecured notes have the right to require us to repurchase all or any part of the 11 percent senior unsecured notes at a repurchase price equal to 101 percent in the case of a change in control or 105.5 percent in the case of a sale of Petrodelta plus accrued interest. | |||||||||
As of December 31, 2012, we assessed the prepayment requirements and concluded that this feature met the criteria to be considered an embedded derivative. We considered the probabilities of these events occurring and determined that the derivative had a value of $0 million at December 31, 2012. Due to the notice of redemption issued on December 11, 2013 prior to a sale of assets, change in control or sale of Petrodelta, we determined that this feature was not an embedded derivative at December 31, 2013. | |||||||||
On February 17, 2010, we closed an offering of $32.0 million in aggregate principal amount of our 8.25 percent senior convertible notes. Under the terms of the notes, interest was payable semi-annually in arrears on March 1 and September 1 of each year, beginning September 1, 2010. The senior convertible notes matured on March 1, 2013 unless earlier redeemed, repurchased or converted. The notes were convertible into shares of our common stock at a conversion rate of 175.2234 shares of common stock per $1,000 principal amount of senior convertible notes, equivalent to a conversion price of approximately $5.71 per share of common stock. The 8.25 percent senior convertible notes were general unsecured obligations, ranking equally with all of our other unsecured senior indebtedness, if any, and senior in right of payment to any of our subordinated indebtedness, if any. | |||||||||
Non-cash payment of debt during the year ended December 31, 2011 was $0.5 million of senior convertible notes converted into 0.1 million share of common stock at a conversion rate of $5.71 per share. Non-cash payment of debt during the year ended December 31, 2012 was $25.5 million of the senior convertible notes exchanged for 4.6 million shares of common stock at an effective exchange price of $5.59 per share. The difference between the exchange price and the market price on the date of the transaction is recorded as debt conversion expense on our consolidated statements of operations and comprehensive income (loss). The remaining balance of the senior convertible notes, $6.0 million, was repaid by way of a non-cash exchange for approximately $10.5 million of the 11 percent senior unsecured notes, the value of which was agreed to by us and the noteholder that the noteholder would have otherwise attained had the noteholder converted the note into shares of common stock. The difference between the value of the senior convertible notes exchanged and the senior unsecured notes received is recorded as a loss on extinguishment of debt on our consolidated statements of operations and comprehensive income (loss). | |||||||||
Financing costs associated with the 8.25 percent senior convertible notes were amortized over the life of the notes and were recorded in other assets. In connection with the exchange of convertible notes into our common stock, we reclassified $0.6 million of deferred financing costs to additional paid in capital. Financing costs for the convertible notes were fully amortized or reclassified at December 31, 2012 ($1.0 million at December 31, 2011). | |||||||||
On October 29, 2010, we closed a $60.0 million term loan facility with MSD Energy Investments Private II, LLC (“MSD Energy”), an affiliate of MSD Capital, L.P., as the sole lender under the term loan facility. Under the terms of the term loan facility, interest was paid on a monthly basis at the initial rate of 10 percent and had a maturity of October 28, 2012. The initial rate of interest was scheduled to increase to 15 percent on July 28, 2011, the Bridge Date. Financing costs associated with the term loan facility were being amortized over the remaining life of the loan and were recorded in other assets. See Note 15 – Stock-Based Compensation and Stock Purchase Plans – Common Stock Warrants for a discussion of the warrants that were issued in connection with the $60.0 million term loan facility. | |||||||||
In May 2011, we prepaid our $60 million term loan facility. The early repayment resulted in a loss on extinguishment of debt of $13.1 million. The loss on extinguishment of debt includes the write off of the discount on debt ($10.6 million), a prepayment premium of 3.5 percent of the amount outstanding ($2.1 million), and expensing of financing costs related to the term loan facility ($0.4 million). | |||||||||
The principal payment requirements for our debt outstanding at December 31, 2013 are as follows (in thousands): | |||||||||
2014 | $ | 79,750 | |||||||
$ | 79,750 | ||||||||
Warrant_Derivative_Liabilities
Warrant Derivative Liabilities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Warrant Derivative Liabilities | ' | ||||||||||||
Note 12 – Warrant Derivative Liabilities | |||||||||||||
The Warrants, which have anti-dilution protection features, do not meet the conditions to obtain equity classification under ASC 480 “Distinguishing Liabilities From Equity” as there are conditions which may require settlement by transferring assets. These Warrants are required to be carried as derivative liabilities, at fair value, with current changes in fair value reflected in our consolidated statements of operations and comprehensive income. As of December 31, 2013, the Warrants consisted of 1,826,001 warrants (1,720,334 at December 31, 2012) issued under the warrant agreements dated November 2010 in connection with a $60 million term loan facility. The fair value of the Warrants as of December 31, 2013 was $1.07 per warrant ($3.18 per warrant at December 31, 2012). | |||||||||||||
In the occurrence of a fundamental change, we are required to repurchase the Warrants at the higher of (1) the fair market value of the warrant and (2) a valuation based on a computation of the option value of the Warrant using the Black-Scholes calculation method using the assumptions described in the warrant agreement. A fundamental change is defined as the occurrence of one of the following events: a) a person or group becomes the direct or indirect owner of more than 50 percent of the voting power of the outstanding common stock, b) a merger event or similar transaction in which the majority owners before the transaction fail to own a majority of the voting power of the Company after the transaction, and c) approval of a plan of liquidation or dissolution of the Company or sale of all or substantially all of the Company’s assets. | |||||||||||||
Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques (such the Monte Carlo model) are highly volatile and sensitive to changes in the trading market price of our common stock. Since derivative financial instruments are initially and subsequently carried at fair value, our income will reflect the volatility in these estimate and assumption changes. | |||||||||||||
The Monte Carlo model is used on the Warrants to reasonably value the potential future exercise price adjustments triggered by the anti-dilution provisions. This requires Level 3 inputs (see Note 3 – Summary of Significant Accounting Policies, Financial Instruments and Fair Value Measurements) which are based on our estimates of the probability and timing of potential future financings and fundamental transactions. The assumptions summarized in the following table were used to calculate the fair value of the warrant derivative liability that was outstanding as of any of the balance sheet dates presented on our consolidated balance sheets: | |||||||||||||
Fair Value | |||||||||||||
Hierarchy | As of December 31, | ||||||||||||
Level | 2013 | 2012 | |||||||||||
Significant assumptions (or ranges): | |||||||||||||
Stock price | Level 1 input | $ | 4.52 | $ | 9.07 | ||||||||
Term (years) | 1.83 | 2.83 | |||||||||||
Volatility | Level 2 input | 94 | % | 70 | % | ||||||||
Risk-free rate | Level 1 input | 0.34 | % | 0.33 | % | ||||||||
Dividend yield | Level 2 input | 0 | % | 0 | % | ||||||||
Scenario probability (fundamental change event/debt raise/equity raise) | Level 3 input | 60%/40%/0 | % | 0%/80%/20 | % | ||||||||
Inherent in the Monte Carlo valuation model are assumptions related to expected stock price volatility, expected life, risk-free interest rate and dividend yield. As part of our overall valuation process, management employs processes to evaluate and validate the methodologies, techniques and inputs, including review and approval of valuation judgments, methods, models, process controls, and results. These processes are designed to help ensure that the fair value measurements and disclosures are appropriate, consistently applied, and reliable. We estimate the volatility of our common stock based on historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury yield curve as of the valuation dates for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which we anticipate to remain at zero. | |||||||||||||
All our warrant derivative contracts are recorded at fair value and are classified as warrant derivative liability on the consolidated balance sheet. The following table summarizes the effect on our income (loss) associated with changes in the fair values of our warrant derivative financial instruments: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Unrealized gain (loss) on warrant derivatives | $ | 3,517 | $ | (600 | ) | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
Note 13 – Commitments and Contingencies | |||||||||||||||||||||
We have employment contracts with five executive officers which provide for annual base salaries, eligibility for bonus compensation and various benefits. The contracts provide for a lump sum payment as a multiple of base salary in the event of termination of employment without cause. In addition, these contracts provide for payments as a multiple of base salary and bonus, excise tax reimbursement, outplacement services and a continuation of benefits in the event of termination without cause following a change in control. By providing one year notice, these agreements may be terminated by either party on or after May 31, 2013. | |||||||||||||||||||||
We have regional/technical offices in Singapore and field offices in Jakarta, Indonesia and Port Gentil, Gabon to support field operations in those areas. At December 31, 2013 we had the following lease commitments for office space (in thousands): | |||||||||||||||||||||
Payments Due by Period | |||||||||||||||||||||
Total | Less than | 1-2 Years | 3-4 Years | After | |||||||||||||||||
1 Year | 4 Years | ||||||||||||||||||||
Office leases | $ | 583 | $ | 521 | $ | 62 | $ | 0 | $ | 0 | |||||||||||
We have various contractual commitments pertaining to exploration, development and production activities. We entered the third exploration phase of the Dussafu PSC on May 28, 2012. In January 2013, the Budong PSC partners were granted a four year extension of the initial six year exploration term of the Budong PSC to January 15, 2017. The extension of the initial exploration term includes an exploration well, which if not drilled by January 2016, results in the termination of the Budong PSC. If we do not drill an exploration well before October 2014, our partner has the right to give us notice that the consideration for the additional 7.1 percent participating interest must be paid in cash for $3.2 million. See Note 9 – Indonesia. These work commitments are non-discretionary; however, we do have the ability to control the pace of expenditures. | |||||||||||||||||||||
Kensho Sone, et al. v. Harvest Natural Resources, Inc., in the United States District Court, Southern District of Texas, Houston Division. On July 24, 2013, 70 individuals, all alleged to be citizens of Taiwan, filed an original complaint and application for injunctive relief relating to the Company’s interest in the WAB-21 area of the South China Sea. The complaint alleges that the area belongs to the people of Taiwan and seeks damages in excess of $2.9 million and preliminary and permanent injunctions to prevent the Company from exploring, developing plans to extract hydrocarbons from, conducting future operations in, and extracting hydrocarbons from, the WAB-21 area. The Company has filed a motion to dismiss and intends to vigorously defend these allegations. | |||||||||||||||||||||
The following related class action lawsuits were filed on the dates specified in the United States District Court, Southern District of Texas: John Phillips v. Harvest Natural Resources, Inc., James A. Edmiston and Stephen C. Haynes (March 22, 2013) (“Phillips case”); Sang Kim v. Harvest Natural Resources, Inc., James A. Edmiston, Stephen C. Haynes, Stephen D. Chesebro’, Igor Effimoff, H. H. Hardee, Robert E. Irelan, Patrick M. Murray and J. Michael Stinson (April 3, 2013); Chris Kean v. Harvest Natural Resources, Inc., James A. Edmiston and Stephen C. Haynes (April 11, 2013); Prastitis v. Harvest Natural Resources, Inc., James A. Edmiston and Stephen C. Haynes (April 17, 2013); Alan Myers v. Harvest Natural Resources, Inc., James A. Edmiston and Stephen C. Haynes (April 22, 2013); and Edward W. Walbridge and the Edward W. Walbridge Trust v. Harvest Natural Resources, Inc., James A. Edmiston and Stephen C. Haynes (April 26, 2013). The complaints allege that the Company made certain false or misleading public statements and demand that the defendants pay unspecified damages to the class action plaintiffs based on stock price declines. All of these actions have been consolidated into the Phillips case. The Company and the other named defendants have filed a motion to dismiss and intend to vigorously defend the consolidated lawsuits. | |||||||||||||||||||||
In June 2012, the operator of the Budong PSC received notice of a claim related to the ownership of part of the land comprising the Karama-1 (“KD-1”) drilling site. The claim asserts that the land on which the drill site is located is partly owned by the claimant. The operator purchased the site from local landowners in January 2010, and the purchase was approved by BPMIGAS, Indonesia’s oil and gas regulatory authority. The claimant is seeking compensation of 16 billion Indonesia Rupiah (approximately $1.4 million, $1.0 million net to our 71.61 percent cost sharing interest) for land that was purchased at a cost of $4,100 in January 2010. On March 8, 2013, the court ruled to dismiss the claim because the claim had not been filed against the proper parties to the claim. On March 19, 2013, the claimant filed an appeal against the judgment. We dispute the claim and plan to vigorously defend against it. | |||||||||||||||||||||
In May 2012, Newfield Production Company (“Newfield”) filed notice pursuant to the Purchase and Sale Agreement between Harvest (US) Holdings, Inc. (“Harvest US”), a wholly owned subsidiary of Harvest, and Newfield dated March 21, 2011 (the “PSA”) of a potential environmental claim involving certain wells drilled on the Antelope Project. The claim asserts that locations constructed by Harvest US were built on, within, or otherwise impact or potentially impact wetlands and other water bodies. The notice asserts that, to the extent of potential penalties or other obligations that might result from potential violations, Harvest US must indemnify Newfield pursuant to the PSA. In June 2012, we provided Newfield with notice pursuant to the PSA (1) denying that Newfield has any right to indemnification from us, (2) alleging that any potential environmental claim related to Newfield’s notice would be an assumed liability under the PSA and (3) asserting that Newfield indemnify us pursuant to the PSA. We dispute Newfield’s claims and plan to vigorously defend against them. | |||||||||||||||||||||
On May 31, 2011, the United Kingdom branch of our subsidiary, Harvest Natural Resources, Inc. (UK), initiated a wire transfer of approximately $1.1 million ($0.7 million net to our 66.667 percent interest) intending to pay Libya Oil Gabon S.A. (“LOGSA”) for fuel that LOGSA supplied to our subsidiary in the Netherlands, Harvest Dussafu, B.V., for the company’s drilling operations in Gabon. On June 1, 2011, our bank notified us that it had been required to block the payment in accordance with the U.S. sanctions against Libya as set forth in Executive Order 13566 of February 25, 2011, and administered by OFAC, because the payee, LOGSA, may be a blocked party under the sanctions. The bank further advised us that it could not release the funds to the payee or return the funds to us unless we obtain authorization from OFAC. On October 26, 2011, we filed an application with OFAC for return of the blocked funds to us. Until that application is approved, the funds will remain in the blocked account, and we can give no assurance when OFAC will permit the funds to be released. Our October 26, 2011 application for the return of the blocked funds remains pending with OFAC. | |||||||||||||||||||||
Robert C. Bonnet and Bobby Bonnet Land Services vs. Harvest (US) Holdings, Inc., Branta Exploration & Production, LLC, Ute Energy LLC, Cameron Cuch, Paula Black, Johnna Blackhair, and Elton Blackhair in the United States District Court for the District of Utah. This suit was served in April 2010 on Harvest and Elton Blackhair, a Harvest employee, alleging that the defendants, among other things, intentionally interfered with plaintiffs’ employment agreement with the Ute Indian Tribe – Energy & Minerals Department and intentionally interfered with plaintiffs’ prospective economic relationships. Plaintiffs seek actual damages, punitive damages, costs and attorney’s fees. We dispute plaintiffs’ claims and plan to vigorously defend against them. On October 29, 2013, we learned that the court administratively closed the case. The case was recently reopened as a result of the Circuit Court of Appeals’ ruling against Plaintiffs’ discovery request. We dispute Plaintiffs’ claims and plan to vigorously defend against them. | |||||||||||||||||||||
Uracoa Municipality Tax Assessments. Harvest Vinccler S.C.A., a subsidiary of Harvest Holding (“Harvest Vinccler”), has received nine assessments from a tax inspector for the Uracoa municipality in which part of the Uracoa, Tucupita and Bombal fields are located as follows: | |||||||||||||||||||||
• | Three claims were filed in July 2004 and allege a failure to withhold for technical service payments and a failure to pay taxes on the capital fee reimbursement and related interest paid by PDVSA under the Operating Service Agreement (“OSA”). Harvest Vinccler has filed a motion with the Tax Court in Barcelona, Venezuela, to enjoin and dismiss one of the claims and has protested with the municipality the remaining claims. | ||||||||||||||||||||
• | Two claims were filed in July 2006 alleging the failure to pay taxes at a new rate set by the municipality. Harvest Vinccler has filed a protest with the Tax Court in Barcelona, Venezuela, on these claims. | ||||||||||||||||||||
• | Two claims were filed in August 2006 alleging a failure to pay taxes on estimated revenues for the second quarter of 2006 and a withholding error with respect to certain vendor payments. Harvest Holding has filed a protest with the Tax Court in Barcelona, Venezuela, on one claim and filed a protest with the municipality on the other claim. | ||||||||||||||||||||
• | Two claims were filed in March 2007 alleging a failure to pay taxes on estimated revenues for the third and fourth quarters of 2006. Harvest Vinccler has filed a protest with the municipality on these claims. | ||||||||||||||||||||
Harvest Vinccler disputes the Uracoa tax assessments and believes it has a substantial basis for its positions based on the interpretation of the tax code by SENIAT (the Venezuelan income tax authority), as it applies to operating service agreements, Harvest Holding has filed claims in the Tax Court in Caracas against the Uracoa Municipality for the refund of all municipal taxes paid since 1997. | |||||||||||||||||||||
Libertador Municipality Tax Assessments. Harvest Vinccler has received five assessments from a tax inspector for the Libertador municipality in which part of the Uracoa, Tucupita and Bombal fields are located as follows: | |||||||||||||||||||||
• | One claim was filed in April 2005 alleging the failure to pay taxes at a new rate set by the municipality. Harvest Vinccler has filed a protest with the Mayor’s Office and a motion with the Tax Court in Barcelona, Venezuela, to enjoin and dismiss the claim. On April 10, 2008, the Tax Court suspended the case pending a response from the Mayor’s Office to the protest. If the municipality’s response is to confirm the assessment, Harvest Holding will defer to the Tax Court to enjoin and dismiss the claim. | ||||||||||||||||||||
• | Two claims were filed in June 2007. One claim relates to the period 2003 through 2006 and seeks to impose a tax on interest paid by PDVSA under the OSA. The second claim alleges a failure to pay taxes on estimated revenues for the third and fourth quarters of 2006. Harvest Vinccler has filed a motion with the Tax Court in Barcelona, Venezuela, to enjoin and dismiss both claims. | ||||||||||||||||||||
• | Two claims were filed in July 2007 seeking to impose penalties on tax assessments filed and settled in 2004. Harvest Vinccler has filed a motion with the Tax Court in Barcelona, Venezuela, to enjoin and dismiss both claims. | ||||||||||||||||||||
Harvest Vinccler disputes the Libertador allegations set forth in the assessments and believes it has a substantial basis for its position. As a result of the SENIAT’s interpretation of the tax code as it applies to operating service agreements, Harvest Vinccler has filed claims in the Tax Court in Caracas against the Libertador Municipality for the refund of all municipal taxes paid since 2002. | |||||||||||||||||||||
On May 4, 2012, Harvest Vinccler learned that the Political Administrative Chamber of the Supreme Court of Justice issued a decision dismissing one of Harvest Vinccler’s claims against the Libertador Municipality. Harvest Vinccler continues to believe that it has sufficient arguments to maintain its position in accordance with the Venezuelan Constitution. Harvest Vinccler plans to present a request of Constitutional Revision to the Constitutional Chamber of the Supreme Court of Justice once it is notified officially of the decision. Harvest Vinccler has not received official notification of the decision. Harvest Vinccler is unable to predict the effect of this decision on the remaining outstanding municipality claims and assessments. | |||||||||||||||||||||
On February 21, 2014, Tecnica Vial and Flamingo, our partners in Colombia on Blocks VSM14 and VSM15, respectively, filed for arbitration of claims related to the farmout agreements for each block. We had received notices of default from our partners for failing to comply with certain terms of the farmout agreements, followed by notices of termination on November 27, 2013. We determined that it was appropriate to fully impair the costs associated with these interests, and we recorded an impairment charge of $3.2 million during the year ended December 31, 2013 which includes an accrual of $2 million related to this matter. We intend to vigorously defend the arbitration. | |||||||||||||||||||||
We are a defendant in or otherwise involved in other litigation incidental to our business. In the opinion of management, there is no such litigation that will have a material adverse effect on our financial condition, results of operations and cash flows. |
Taxes
Taxes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Taxes | ' | ||||||||||||||||
Note 14 – Taxes | |||||||||||||||||
Taxes on Income | |||||||||||||||||
The tax effects of significant items comprising our net deferred income taxes are as follows: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Foreign | United States | Foreign | United States | ||||||||||||||
And Other | And Other | ||||||||||||||||
(in thousands) | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Operating loss carryforwards | $ | 58,051 | $ | 2,928 | $ | 54,231 | $ | 4,498 | |||||||||
Stock-based compensation | — | 8,056 | — | 8,091 | |||||||||||||
Accrued compensation | — | 598 | — | 739 | |||||||||||||
Oil and gas properties | 1,606 | 1,015 | — | — | |||||||||||||
Alternative minimum tax credit | — | 4,501 | — | 2,261 | |||||||||||||
Other | — | 145 | — | 861 | |||||||||||||
Total deferred tax assets | 59,657 | 17,243 | 54,231 | 16,450 | |||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Tax on unremitted earnings of foreign subsidiaries | — | (89,900 | ) | — | — | ||||||||||||
Accrued income | — | — | (1,005 | ) | — | ||||||||||||
Prepaids | — | (198 | ) | — | (373 | ) | |||||||||||
Other liabilities | — | (82 | ) | — | (35 | ) | |||||||||||
Fixed assets | — | (12 | ) | — | (28 | ) | |||||||||||
Total deferred tax liabilities | — | (90,192 | ) | (1,005 | ) | (436 | ) | ||||||||||
Net deferred tax asset (liability) | 59,657 | (72,949 | ) | 53,226 | 16,014 | ||||||||||||
Valuation allowance | (59,576 | ) | — | (52,427 | ) | (15,992 | ) | ||||||||||
Net deferred tax asset (liability) after valuation allowance | $ | 81 | $ | (72,949 | ) | $ | 799 | $ | 22 | ||||||||
After assessing the possible actions which management may take in 2014 and the next few years, as discussed further below, during the year ended December 31, 2013, we recognized a deferred tax liability of $89.9 million related to income tax on undistributed earnings for foreign subsidiaries. | |||||||||||||||||
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets (“DTAs”). A significant piece of objective negative evidence evaluated was the cumulative losses incurred in our foreign operating entities over the three-year period ended December 31, 2013. Such objective evidence limits the ability to consider other subjective evidence such as our projections for future growth. We have therefore placed a valuation allowance (“VA”) on all of our foreign DTAs with the exception of $0.1 million related to NOL carryforwards in Venezuela which would be realized upon settlement of uncertain tax positions. | |||||||||||||||||
Management also reviewed the earnings history of our U.S. operations and determined that, while the Company does not have domestic production, it is expected to have sufficient taxable income in the U.S. related to the expected sale of the remaining equity interest in Harvest Holding. This is expected to allow the Company the ability to utilize the benefits related to its deferred tax assets which previously had a valuation allowance. As such, the Company has released the valuation allowances on the U.S. deferred tax assets. | |||||||||||||||||
The components of loss from continuing operations before income taxes are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Loss before income taxes | |||||||||||||||||
United States | $ | (31,072 | ) | $ | (33,841 | ) | $ | (30,309 | ) | ||||||||
Foreign | (40,725 | ) | (18,915 | ) | (58,193 | ) | |||||||||||
Total | $ | (71,797 | ) | $ | (52,756 | ) | $ | (88,502 | ) | ||||||||
The provision (benefit) for income taxes on continuing operations consisted of the following at December 31: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Current: | |||||||||||||||||
United States | $ | 2,279 | $ | (717 | ) | $ | — | ||||||||||
Foreign | 44 | 929 | 3,693 | ||||||||||||||
2,323 | 212 | 3,693 | |||||||||||||||
Deferred: | |||||||||||||||||
United States | 72,971 | (22 | ) | — | |||||||||||||
Foreign | (2,207 | ) | (799 | ) | (2,636 | ) | |||||||||||
70,764 | (821 | ) | (2,636 | ) | |||||||||||||
$ | 73,087 | $ | (609 | ) | $ | 1,057 | |||||||||||
A comparison of the income tax expense (benefit) on continuing operations at the federal statutory rate to our provision for income taxes is as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Income tax expense (benefit) from continuing operations: | |||||||||||||||||
Tax expense (benefit) at U.S. statutory rate | $ | (25,129 | ) | $ | (17,938 | ) | $ | (30,805 | ) | ||||||||
Effect of foreign source income and rate differentials on foreign income | 204 | 239 | 4,887 | ||||||||||||||
Tax gain associated with sale of interest in Harvest Holding | 7,474 | — | — | ||||||||||||||
Subpart F income | 16,615 | — | — | ||||||||||||||
Tax on unremitted earnings of foreign subsidiaries | 89,900 | — | — | ||||||||||||||
Expired losses | 1,356 | — | — | ||||||||||||||
Other changes in valuation allowance | (10,643 | ) | 10,331 | 28,169 | |||||||||||||
Change in applicable statutory rate | (404 | ) | — | — | |||||||||||||
Other permanent differences | (2,546 | ) | 1,431 | — | |||||||||||||
Return to accrual and other true-ups | 2,919 | 1,257 | — | ||||||||||||||
Debt exchange | — | 2,758 | — | ||||||||||||||
Warrant derivatives | (1,180 | ) | — | (1,445 | ) | ||||||||||||
Liability for uncertain tax positions | (5,553 | ) | 799 | 237 | |||||||||||||
Other | 74 | 514 | 14 | ||||||||||||||
Total income tax expense – continuing operations | 73,087 | (609 | ) | 1,057 | |||||||||||||
Income tax expense (benefit) from discontinued operations: | |||||||||||||||||
Total income tax expense (benefit) – discontinued operations | — | — | 5,748 | ||||||||||||||
Total income tax expense (benefit) | $ | 73,087 | $ | (609 | ) | $ | 6,805 | ||||||||||
Rate differentials for foreign income result from tax rates different from the U.S. tax rate being applied in foreign jurisdictions. | |||||||||||||||||
At December 31, 2013, we have the following net operating losses available for carryforward (in thousands): | |||||||||||||||||
United States | $ | 8,364 | Available for up to 20 years from 2012 | ||||||||||||||
Indonesia | 54,435 | Available for up to 5 years from 2011 | |||||||||||||||
Gabon | 23,268 | Available for up to 3 years from 2010 | |||||||||||||||
Oman | 25,174 | Available for up to 5 years from 2009 | |||||||||||||||
The Netherlands | 109,634 | Available for up to 9 years from 2007 | |||||||||||||||
Venezuela | 3,043 | Available for up to 3 years from 2010 | |||||||||||||||
Colombia | 1,214 | Available indefinitely | |||||||||||||||
As a result of the first closing sale to Petroandina, the Company realized a tax gain of $47.5 million which is included in U.S. taxable income pursuant to the provisions of the Internal Revenue Code. The Company utilized $10.8 million of available losses from prior years as well as a current year tax loss of $36.7 million to offset income resulting from the sale resulting in no regular tax for the year ended December 31, 2013 leaving $8.4 million of losses available to offset taxable income in future periods. However, as a result of the alternative minimum tax provisions, we did incur AMT of $2.1 million increasing the amount of the AMT credit carryforward. | |||||||||||||||||
During the year, the Company released $5.6 million from our reserve for uncertain tax positions. This was primarily related to resolution of a Dutch tax issue regarding treatment of certain costs charged to our Dutch affiliate. However, a portion of this amount was offset by an adjustment to the valuation allowance, resulting in a net impact of $2.2 million. | |||||||||||||||||
If the U.S. operating loss carryforwards are ultimately realized, there would be no amounts credited to additional paid in capital for tax benefits associated with deductions for income tax purposes related to stock options and convertible debt. | |||||||||||||||||
Accumulated Undistributed Earnings of Foreign Subsidiaries | |||||||||||||||||
As of December 31, 2013, the book-tax outside basis difference in our foreign subsidiary resulting from unremitted earnings was approximately $334.8 million. Prior to 2013, no U.S. taxes had been recorded on these earnings as it was our practice and intention to reinvest the earnings of our non-U.S. subsidiaries in those operations. | |||||||||||||||||
Under ASC 740-30-25-17, no deferred tax liability must be recorded if sufficient evidence shows that the subsidiary has invested or will invest the undistributed earnings or that the earnings will be remitted in a tax-free manner. Management must consider numerous factors in determining timing and amounts of possible future distribution of these earnings to the parent company and whether a U.S. deferred tax liability should be recorded for these earnings. These factors include the future operating and capital requirements of both the parent company and the subsidiaries, remittance restrictions imposed by foreign governments or financial agreements and tax consequences of the remittance, including possible application of U.S. foreign tax credits and limitations on foreign tax credits that may be imposed by the Internal Revenue Code and regulations. | |||||||||||||||||
During the fourth quarter of 2013, management evaluated numerous factors related to the timing and amounts of possible future distribution of these earnings to the parent company, with consideration of the pending sale of the remaining equity interest in Harvest Holding as well as possible sales of other non-U.S. assets. While we will continue to invest the undistributed earnings to the extent possible and operate the Company’s business in the normal course, management is also considering distributions to the Company’s shareholders which could include the distribution of proceeds from the sales of assets by the Company’s foreign subsidiaries to the U.S. parent company resulting in U.S. taxable income. Because management is pursuing various alternatives, a determination was made that it was appropriate to record a deferred tax liability associated with the unremitted earnings of our foreign subsidiaries of $89.9 million in the fourth quarter of 2013. This liability includes $51.1 million which could become payable currently upon the sale of the remaining interest in Harvest Holding and is therefore reflected as a current deferred tax liability. | |||||||||||||||||
Accounting for Uncertainty in Income Taxes | |||||||||||||||||
The FASB issued ASC 740-10 (prior authoritative literature: Financial Interpretation No. [“FIN”] 48, “Accounting for Uncertainty in Income Taxes – An Interpretation of FASB Statement No. 109 [“FIN 48”]) to create a single model to address accounting for uncertainty in tax positions. FIN 48 clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. FIN 48 also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||||||||||||||||
We or one of our subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, we are no longer subject to U.S. federal, state and local tax examinations by tax authorities for years before 2009. Our primary income tax jurisdictions and their respective open audit years are: | |||||||||||||||||
Tax Jurisdiction | Open Audit Years | ||||||||||||||||
United States | 2010 – 2013 | ||||||||||||||||
The Netherlands | 2010 – 2013 | ||||||||||||||||
Singapore | 2009 – 2013 | ||||||||||||||||
United Kingdom | 2012 – 2013 | ||||||||||||||||
Venezuela | 2009 – 2013 | ||||||||||||||||
Colombia | 2013 | ||||||||||||||||
In January 2014, the IRS began an audit of our tax returns for 2011 and 2012. | |||||||||||||||||
A reconciliation of the beginning amount, and current year additions, of unrecognized tax benefits follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of year | $ | 5,871 | $ | 5,072 | |||||||||||||
Additions for tax positions of prior years | — | 799 | |||||||||||||||
Reductions for tax positions of prior years | (5,553 | ) | — | ||||||||||||||
Balance at end of year | $ | 318 | $ | 5,871 | |||||||||||||
The release of the reserve for uncertain tax positions of $5.6 million during the year ended December 31, 2013 is primarily related to the resolution of a Dutch tax matter regarding treatment of certain costs charged to our Dutch affiliate. However, a portion of this amount was offset by an adjustment to the valuation allowance resulting in a net tax benefit of $2.2 million. If the above tax benefits were recognized, the full amount would affect the effective tax rate. We have accrued interest of $0.0 million, and penalty of $0.1 million. We believe that it is likely that remaining amount for the uncertain tax position will be resolved within the next twelve months, and the amount of unrecognized tax benefits will significantly decrease. |
StockBased_Compensation_and_St
Stock-Based Compensation and Stock Purchase Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation and Stock Purchase Plans | ' | ||||||||||||||||
Note 15 – Stock-Based Compensation and Stock Purchase Plans | |||||||||||||||||
Total share-based compensation expense, which includes stock options, restricted stock, stock appreciation rights (“SARs”), and restricted stock units (“RSUs”), totaled $2.3 million for the year ended December 31, 2013 ($5.2 million and $4.8 million for the years ended December 31, 2012 and 2011, respectively). All awards utilize the straight line method of amortization over vesting terms. RSUs and SARs can be cash settled and are accounted for as liability instruments. | |||||||||||||||||
The cash flows resulting from tax deductions in excess of the compensation cost recognized for share-based awards (excess tax benefits) are classified as financing cash flows. The actual tax benefit realized from share-based awards during the year ended December 31, 2011 was $2.5 million. We did not realize tax benefits from share-based awards during the years ended December 31, 2013 or 2012. | |||||||||||||||||
Long Term Incentive Plans | |||||||||||||||||
As of December 31, 2013, we had several long term incentive plans under which stock options, restricted stock, SARs and RSUs can be granted to eligible participants including employees, non-employee directors and consultants of our Company or subsidiaries: | |||||||||||||||||
• | 2010 Long Term Incentive Plan, as amended (“2010 Plan”) – Provides for the issuance of up to 2,725,000 shares of our common stock in satisfaction of stock options, SARs, restricted stock, RSUs and other stock-based awards. No more than 700,000 shares may be granted as restricted stock and no individual may be granted more than 1,000,000 stock options or SARs. The 2010 Plan also permits the granting of performance awards to eligible employees and consultants. In the event of a change in control, all outstanding stock options and SARs become immediately exercisable to the extent permitted by the plan, and any restrictions on restricted stock and RSUs lapse. | ||||||||||||||||
• | 2006 Long Term Incentive Plan (“2006 Plan”) – Provides for the issuance of up to 1,825,000 shares of our common stock in satisfaction of stock options, SARs and restricted stock. No more than 325,000 shares may be granted as restricted stock, and no individual may be granted more than 900,000 stock options or SARs and not more than 175,000 shares of restricted stock during any period of three consecutive calendar years. The 2006 Plan also permits the granting of performance awards to eligible employees and consultants. In the event of a change in control, all outstanding stock options and SARs become immediately exercisable to the extent permitted by the plan, and any restrictions on restricted stock lapse. | ||||||||||||||||
• | 2004 Long Term Incentive Plan (“2004 Plan”) – Provides for the issuance of up to 1,750,000 shares of our common stock in satisfaction of stock options, SARs and restricted stock. No more than 438,000 shares may be granted as restricted stock, and no individual may be granted more than 438,000 stock options and not more than 110,000 shares of restricted stock over the life of the plan. The 2004 Plan also permits the granting of performance awards to eligible employees and consultants. In the event of a change in control, all outstanding stock options and SARs become immediately exercisable to the extent permitted by the plan, and any restrictions on restricted stock lapse. | ||||||||||||||||
• | 2001 Long Term Stock Incentive Plan (“2001 Plan”) – Provides for the issuance of up to 1,697,000 shares of our common stock in the form of Incentive Stock Options and Non-Qualified Stock Options. No officer may be granted more than 500,000 stock options during any one fiscal year, as adjusted for any changes in capitalization, such as stock splits. In the event of a change in control, all outstanding options become immediately exercisable to the extent permitted by the plan. | ||||||||||||||||
Stock Options | |||||||||||||||||
Stock options granted under the plans must be no less than the fair market value of our common stock on the date of grant. Stock options granted under the plans generally are exercisable in varying cumulative periodic installments after one year. Stock options granted under the plans expire five to ten years from the date of grant. Stock options to purchase 52,333 common shares remained available for grant as of December 31, 2013 (85,006 as of December 31, 2012). | |||||||||||||||||
The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model which uses assumptions for the risk-free interest rate, volatility, dividend yield and the expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the option. Expected volatility is based on historical volatilities of our stock. We do not assume any dividend yield since we do not pay dividends. The expected term of options granted is the weighted average life of stock options and represents the period of time that options are expected to be outstanding. | |||||||||||||||||
We also consider an estimated forfeiture rate for these stock option awards, and we recognize compensation cost only for those shares that are expected to vest, on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. The forfeiture rate is based on historical experience. | |||||||||||||||||
Stock option transactions under our various stock-based employee compensation plans are presented below: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in thousands, except exercise price) | |||||||||||||||||
Options outstanding as of December 31, 2012 | 3,897 | $ | 9.62 | 2.6 years | $ | 3,064 | |||||||||||
Granted | 920 | 4.8 | |||||||||||||||
Exercised | (20 | ) | (6.10 | ) | |||||||||||||
Cancelled | (64 | ) | (6.74 | ) | |||||||||||||
Options outstanding as of December 31, 2013 | 4,733 | $ | 8.74 | 2.1 years | $ | 0 | |||||||||||
Options exercisable as of December 31, 2013 | 2,905 | $ | 9.85 | 1.3 years | $ | 0 | |||||||||||
Of the options outstanding, 2.9 million were exercisable at weighted-average exercise price of 9.85 as of December 31, 2013 (2.5 million at $10.12 at December 31, 2012; 2.2 million at $10.15 at December 31, 2011). | |||||||||||||||||
During the year ended December 31, 2013, we awarded stock options vesting over three years to purchase 920,004 of our common shares to our employees and executive officers (451,298 and 498,500 stock options during the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||
The value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
For options granted during: | |||||||||||||||||
Weighted average fair value | $ | 3.06 | $ | 2.85 | $ | 5.92 | |||||||||||
Weighted average expected life | 5 years | 5 years | 5 years | ||||||||||||||
Expected volatility (1) | 79.4 | % | 67.3 | % | 61.3 | % | |||||||||||
Risk-free interest rate | 1.3 | % | 0.7 | % | 1.8 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
(1) | Expected volatilities are based on historical volatilities of our stock. | ||||||||||||||||
A summary of our unvested stock option awards as of December 31, 2013, and the changes during the year then ended is presented below: | |||||||||||||||||
Unvested Stock Options | Outstanding | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
(in thousands, except per share amount) | |||||||||||||||||
Unvested as of December 31, 2012 | 1,380 | $ | 4.88 | ||||||||||||||
Granted | 920 | 3.06 | |||||||||||||||
Vested | (452 | ) | (4.27 | ) | |||||||||||||
Forfeited | (20 | ) | (3.04 | ) | |||||||||||||
Unvested as of December 31, 2013 | 1,828 | 4.14 | |||||||||||||||
In September 2005, we issued 225,000 options at an exercise price of $10.91, and 165,000 options at an exercise price of $10.80, both from the 2004 Plan. From the 2001 Plan, we issued 85,000 options at an exercise price of $10.80. These grants all contained performance requirements. The performance requirements state that the average closing price of the Company’s common stock must equal or exceed $20 per share for ten consecutive trading days for these options to vest. These options are included as unvested options in the tables above. | |||||||||||||||||
The total intrinsic value of stock options exercised during the year ended December 31, 2013 was $0.1 million (2012: $0.3 million; 2011: $1.4 million). The total fair value of stock options that vested during the year ended December 31, 2013, was $1.9 million ($1.9 million and $2.7 million during the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||
As of December 31, 2013, there was $3.1 million of total future compensation cost related to unvested stock option awards that are expected to vest. That cost is expected to be recognized over a weighted average period of 2.1 years. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
Restricted stock is issued on the grant date, but cannot be sold or transferred. Restricted stock granted to directors vest one year after date of grant. Restricted stock granted to employees vest at the third year after date of grant. Vesting of the restricted stock is dependent upon the employee’s continued service to Harvest. | |||||||||||||||||
A summary of our restricted stock awards as of December 31, 2013, and the changes during the year then ended is presented below: | |||||||||||||||||
Restricted Stock | Outstanding | Weighted | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested as of December 31, 2012 | 284,750 | $ | 8.93 | ||||||||||||||
Granted | 190,002 | 4.8 | |||||||||||||||
Vested | (160,600 | ) | (7.23 | ) | |||||||||||||
Forfeited | 0 | ||||||||||||||||
Unvested as of December 31, 2013 | 314,152 | 7.3 | |||||||||||||||
On July 18, 2013, we awarded 100,002 shares of restricted stock to directors and 90,000 shares to employees as long-term incentives (0 and 179,050 shares during the years ended December 31, 2012 and 2011, respectively). In each of the years 2012 and 2011, we awarded 2,000 shares to new hire employees as employment inducement grants under a New York Stock Exchange (“NYSE”) exception (there were no such awards during the year ended December 31, 2013). The restricted stock issued in 2013 had an aggregate fair value at the date of grant of $0.9 million ($0.01 million and $2.0 million during the years ended December 31, 2012 and 2011, respectively). The restricted stock is scheduled to vest at the third year after date of grant for employees and one year after date of grant for directors. The value of the restricted stock that vested during the year ended December 31, 2013 was $1.2 million ($0.8 million and $3.4 million during the years ended December 31, 2012 and 2011, respectively). The weighted average grant date fair value of awards granted in 2012 was $5.85 and in 2011 it was $11.21. | |||||||||||||||||
As of December 31, 2013 there was $0.8 million of total future compensation cost related to unvested restricted stock awards that are expected to vest. That cost is expected to be recognized over a weighted average period of 1.4 years. | |||||||||||||||||
Stock Appreciation Rights (“SARs”) | |||||||||||||||||
All SAR awards granted to date have been granted outside of active long-term incentive plans and are held by Harvest employees. SARs granted in 2009 vest ratably over three years beginning with the third year of grant. SARs granted in 2012 vest ratably over three years beginning in the first year of grant. Vesting of SARs is dependent upon the employee’s continued service to Harvest. SAR awards are settled either in cash or Harvest common stock if available through an equity compensation plan. For recording of compensation, we assume the SAR award will be cash-settled and record compensation expense based on the fair value of the SAR awards at the end of each period. | |||||||||||||||||
SAR award transactions under our employee compensation plans are presented below: | |||||||||||||||||
Stock Appreciation Rights | SARs | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in thousands) | |||||||||||||||||
SARs outstanding as of December 31, 2012 | 932,202 | $ | 4.99 | ||||||||||||||
Granted | 213,996 | 4.8 | |||||||||||||||
Exercised | 0 | ||||||||||||||||
Cancelled | (19,000 | ) | (5.12 | ) | |||||||||||||
SARs outstanding as of December 31, 2013 | 1,127,198 | $ | 4.95 | 3.26 years | $ | 0 | |||||||||||
SARs exercisable as of December 31, 2013 | 394,394 | $ | 4.91 | 2.84 years | $ | 0 | |||||||||||
Of the SAR awards outstanding, 74,997 were exercisable at weighted-average exercise price of $4.60 as of December 31, 2012 and 83,000 were exercisable at weighted-average exercise price of $4.60 at December 31, 2011. | |||||||||||||||||
During the year ended December 31, 2013, we awarded 213,996 SARs vesting over three years to our employees and executive officers (707,202 and 0 during the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||
The value of each SAR award is estimated on the date of grant using the Black-Scholes option pricing model using the assumptions discussed above. | |||||||||||||||||
A summary of our unvested SAR awards as of December 31, 2013, and the changes during the year then ended is presented below: | |||||||||||||||||
Unvested Stock Appreciation Rights | Outstanding | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested as of December 31, 2012 | 857,205 | $ | 6.18 | ||||||||||||||
Granted | 213,996 | 2.73 | |||||||||||||||
Vested | (323,063 | ) | (2.46 | ) | |||||||||||||
Forfeited | (15,334 | ) | (2.47 | ) | |||||||||||||
Unvested as of December 31, 2013 | 732,804 | 2.54 | |||||||||||||||
No SAR awards were exercised during the years ended December 2013 and 2011. The total intrinsic value of SAR awards exercised during the year ended December 31, 2012 was $0.3 million. The total fair value of SAR awards that vested during the year ended December 31, 2013, was $0.8 million ($0.3 million and $0.2 million during the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||
In September 2005, we issued 250,000 stock units with performance requirements at an exercise price of $10.80. The performance requirements are that the average closing price of the Company’s common stock must equal or exceed $25 per share for ten consecutive trading days for these stock units to vest. Upon vesting and exercise, the holder is entitled to 100 percent of the fair market value of the Company’s common stock on exercise date less the exercise price of $10.80. The settlement of these stock units would be a cash payment. These stock units are in addition to the units reflected in the tables above. | |||||||||||||||||
As of December 31, 2013, there was $1.2 million of total future compensation cost related to unvested SAR awards that are expected to vest. That cost is expected to be recognized over a weighted average period of 1.8 years. | |||||||||||||||||
Restricted Stock Units (“RSUs”) | |||||||||||||||||
All RSU awards granted to date have been granted outside of active long-term incentive plans, are held by Harvest employees and directors, and are settled either in cash or Harvest common stock if available through an equity compensation plan. RSU awards granted in 2009 vest ratably over three years beginning with the third year of grant. RSU awards granted in 2012 to employees vest at the third year after date of grant. RSU awards granted in 2012 to directors vest one year after date of grant. Vesting of the RSU awards is dependent upon the employee’s and director’s continued service to Harvest. | |||||||||||||||||
A summary of our RSU awards as of December 31, 2013, and the changes during the year then ended is presented below: | |||||||||||||||||
Restricted Stock Units | Outstanding | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested as of December 31, 2012 | 530,006 | $ | 9.07 | ||||||||||||||
Granted | 0 | ||||||||||||||||
Vested | (202,668 | ) | (4.12 | ) | |||||||||||||
Forfeited | (5,000 | ) | (4.52 | ) | |||||||||||||
Unvested as of December 31, 2013 | 322,338 | 4.52 | |||||||||||||||
During 2012, we awarded 388,000 RSU awards to employees and directors (none during 2011). The RSU awards issued in 2012 had an aggregate fair value at their date of grant of $2.0 million. The 202,668 RSU awards which vested in 2013 were settled in cash. The value of the RSU awards that vested during the year ended December 31, 2013 was $0.8 million ($0.4 million and $0.6 million during the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||
As of December 31, 2013 there was $0.5 million of total future compensation cost related to unvested RSU awards expected to vest. That cost is expected to be recognized over a weighted average period of 1.3 years. | |||||||||||||||||
Common Stock Warrants | |||||||||||||||||
In connection with a $60 million term loan facility issued in November 2010, we issued (1) 1.2 million warrants exercisable at any time on or after the closing date of the term loan facility for a period of five years from the closing date on a cashless exercise basis at $15 per share until July 28, 2011, the Bridge Date, at which time the exercise price per share would be repriced to equal the lower of $15 or 120 percent of the average closing bid price of Harvest’s common stock for the 20 trading days immediately preceding the Bridge Date (“Tranche A”); (2) 0.4 million warrants exercisable at any time on or after the closing date of the term loan facility for a period of five years from the closing date on a cashless exercise basis at $20 per share until the Bridge Date, at which time the exercise price per share would be repriced to equal the lower of $15 or 120 percent of the average closing bid price of Harvest’s common stock for the 20 trading days immediately preceding the Bridge Date (“Tranche B”); and (3) 4.4 million warrants exercisable at any time on or after the Bridge Date for a period of five years from the Bridge Date on a cashless exercise basis at the lower of $15 per share or 120 percent of the average closing price of Harvest’s common stock for the 20 trading days immediately preceding the Bridge Date (“Tranche C”) (“collectively “the Warrants”). Tranche C was redeemable by Harvest for $0.01 per share at any time prior to the Bridge Date in conjunction with the repayment of the loan prior to the Bridge Date. | |||||||||||||||||
On May 17, 2011, in connection with the payment of the term loan facility, we redeemed all of Tranche C at $0.01 per share. The cost to redeem Tranche C ($44,000) was expensed to loss on extinguishment of debt in the six months ended June 30, 2011. | |||||||||||||||||
On July 28, 2011, the Bridge Date, Tranche A and Tranche B were repriced to $14.78 per warrant which is the lower of $15 or 120 percent of the average closing bid price of Harvest’s common stock for the 20 trading days immediately preceding the Bridge Date. | |||||||||||||||||
The Warrants include anti-dilution provisions which adjust the number of warrants and the exercise price per warrant based on the issuance of additional shares. Under the anti-dilution provision, 105,667 additional warrants were issued in the year ended December 31, 2013 (118,327 and 2,007 additional warrants during the years ended December 31, 2012 and 2011, respectively). In addition, the exercise price per share for all Warrants was repriced to $12.95 per warrant. The Warrants are classified as a liability on our consolidated balance sheets and marked to market. | |||||||||||||||||
If a fundamental change occurs, we are required to repurchase the Warrants at the higher of (1) the fair market value of the warrant and (2) a valuation based on a computation of the option value of the Warrant using the Black-Scholes calculation method using the assumptions described in the Warrant Agreement. A fundamental change is defined as “the occurrence of one of the following events: a) a person or group becomes the direct or indirect owner of more than 50% of the voting power of the outstanding common stock, b) a merger event or similar transaction in which the majority owners before the transaction fail to own a majority of the voting power of the Company after the transaction, and c) approval of a plan of liquidation or dissolution of the Company or sale of all or substantially all of the Company’s assets.” The completion of the second closing sale to Petroandina, assuming no prior fundamental change event, would result in a fundamental change event requiring the repurchase of the Warrants. See Note 12 – Warrant Derivative Liabilities for the impact on the valuation of the warrant derivative liabilities. | |||||||||||||||||
In connection with the 11 percent senior unsecured notes issued October 11, 2012, we issued warrants to purchase up to 0.7 million share of our common stock with an exercise price of $10.00 per share. The warrants can be exercised at any time up until the three-year anniversary of the closing. The Black-Scholes option pricing model was used in pricing the warrants. On the date of issuance in the year ended December 31, 2012, we recorded a credit to additional paid in capital of $2.8 million for the fair value of the warrants with a corresponding discount on debt on our consolidated balance sheet. | |||||||||||||||||
The dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding at December 31, 2013 were: | |||||||||||||||||
Warrants | |||||||||||||||||
Date Issued | Expiration Date | Exercise Price | Issued | Outstanding | |||||||||||||
(in thousands) | |||||||||||||||||
Nov-10 | Nov-15 | $ | 12.95 | 1,600 | 1,600 | ||||||||||||
Oct-11 | Nov-15 | 12.95 | 2 | 2 | |||||||||||||
Mar-12 | Nov-15 | 12.95 | 73 | 73 | |||||||||||||
Aug-12 | Nov-15 | 12.95 | 30 | 30 | |||||||||||||
Oct-12 | Nov-15 | 12.95 | 15 | 15 | |||||||||||||
Jul-13 | Nov-15 | 12.95 | 29 | 29 | |||||||||||||
Oct-13 | Nov-15 | 12.95 | 22 | 22 | |||||||||||||
Nov-13 | Nov-15 | 12.95 | 55 | 55 | |||||||||||||
Oct-12 | Oct-15 | 10 | 687 | 687 | |||||||||||||
2,513 | 2,513 | ||||||||||||||||
Operating_Segments
Operating Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Operating Segments | ' | ||||||||||||
Note 16 – Operating Segments | |||||||||||||
We regularly allocate resources to and assess the performance of our operations by segments that are organized by unique geographic and operating characteristics. The segments are organized in order to manage regional business, currency and tax related risks and opportunities. Operations included under the heading “United States” include corporate management, cash management, business development and financing activities performed in the United States and other countries, which do not meet the requirements for separate disclosure. All intersegment revenues, other income and equity earnings, expenses and receivables are eliminated in order to reconcile to consolidated totals. Corporate general and administrative and interest expenses are included in the United States segment and are not allocated to other operating segments. In previous years, charges for intersegment general and administrative and interest expenses were included in results for the respective operating segments, and operating segment assets included intersegment receivables and loans. Segment income (loss) and operating segment assets for prior periods have been adjusted to conform to the current presentation method in which intersegment items are eliminated from each segment’s results and assets. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Segment Income (Loss) Attributable to Harvest | |||||||||||||
Venezuela | $ | 58,640 | $ | 51,584 | $ | 54,974 | |||||||
Gabon | (12,908 | ) | (2,902 | ) | (6,158 | ) | |||||||
Indonesia | (9,213 | ) | (4,052 | ) | (45,416 | ) | |||||||
United States | (120,465 | ) | (42,431 | ) | (33,685 | ) | |||||||
Income (loss) from continuing operations (a) | (83,946 | ) | 2,199 | (30,285 | ) | ||||||||
Discontinued operations | (5,150 | ) | (14,410 | ) | 86,245 | ||||||||
Net income (loss) attributable to Harvest | $ | (89,096 | ) | $ | (12,211 | ) | $ | 55,960 | |||||
(a) | Net of net income attributable to noncontrolling interest. | ||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Operating Segment Assets | |||||||||||||
Venezuela | $ | 500,946 | $ | 428,992 | |||||||||
Gabon | 107,851 | 80,908 | |||||||||||
Indonesia | 5,004 | 9,587 | |||||||||||
United States | 121,050 | 77,037 | |||||||||||
734,851 | 596,524 | ||||||||||||
Discontinued operations | 29 | 313 | |||||||||||
Total Assets | $ | 734,880 | $ | 596,837 | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Note 17 – Related Party Transactions | |
In November 2013, the Company sold 1,704,800 shares of its common stock in private placements to twelve purchasers for a price of $3.15 per share resulting in $5.4 million of proceeds from the sale. 246,000 shares of common stock sold in these transactions were sold to six officers and directors of the Company for the same purchase price of $3.15 per share or a total of $0.8 million. | |
On December 12, 2013, Harvest-Vinccler made an in-kind distribution to its shareholders of a note receivable from HNR Energia that it held. As a result, Vinccler received a $10.4 million note. HNR Energia paid $4.3 million of the amount owed on the note leaving $6.1 million outstanding as of December 31, 2013. Principal and interest are payable upon the maturity date of June 30, 2016. Interest accrues at a rate of US dollar based LIBOR plus 0.5%. |
Quarterly_Financial_Data_unaud
Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (unaudited) | ' | ||||||||||||||||
Note 18 – Quarterly Financial Data (unaudited) | |||||||||||||||||
Summarized quarterly financial data is as follows: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(amounts in thousands, except per share data) | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Expenses | $ | (5,171 | ) | $ | (9,653 | ) | $ | (9,516 | ) | $ | (21,096 | ) | |||||
Non-operating loss | 2,253 | (1,273 | ) | (7,764 | ) | (19,577 | ) | ||||||||||
Loss from continuing operations before income taxes | (2,918 | ) | (10,926 | ) | (17,280 | ) | (40,673 | ) | |||||||||
Income tax expense (benefit) | 39 | (1,415 | ) | (765 | ) | 75,228 | |||||||||||
Loss from continuing operations | (2,957 | ) | (9,511 | ) | (16,515 | ) | (115,901 | ) | |||||||||
Earnings (loss) from equity affiliate | 49,471 | 7,602 | 25,747 | (10,242 | ) | ||||||||||||
Income (loss) from continuing operations | 46,514 | (1,909 | ) | 9,232 | (126,143 | ) | |||||||||||
Discontinued operations | (485 | ) | (1,006 | ) | (2,586 | ) | (1,073 | ) | |||||||||
Net income (loss) | 46,029 | (2,915 | ) | 6,646 | (127,216 | ) | |||||||||||
Less: net income (loss) attributable to noncontrolling interest | 9,932 | 1,551 | 4,693 | (4,536 | ) | ||||||||||||
Net income (loss) attributable to Harvest | $ | 36,097 | $ | (4,466 | ) | $ | 1,953 | $ | (122,680 | ) | |||||||
Basic Earnings (Loss) per Share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.93 | $ | (0.09 | ) | $ | 0.12 | $ | (2.99 | ) | |||||||
Discontinued operations | (0.01 | ) | (0.03 | ) | (0.07 | ) | (0.03 | ) | |||||||||
Net income (loss) attributable to Harvest | $ | 0.92 | $ | (0.12 | ) | $ | 0.05 | $ | (3.02 | ) | |||||||
Diluted Earnings (Loss) per Share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.92 | $ | (0.09 | ) | $ | 0.12 | $ | (2.99 | ) | |||||||
Discontinued operations | (0.01 | ) | (0.03 | ) | (0.07 | ) | (0.03 | ) | |||||||||
Net income (loss) attributable to Harvest | $ | 0.91 | $ | (0.12 | ) | $ | 0.05 | $ | (3.02 | ) | |||||||
Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(amounts in thousands, except per share data) | |||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Expenses | $ | (8,128 | ) | $ | (7,837 | ) | $ | (6,694 | ) | $ | (16,167 | ) | |||||
Non-operating loss | (2,279 | ) | (3,085 | ) | (1,734 | ) | (6,832 | ) | |||||||||
Loss from continuing operations before income taxes | (10,407 | ) | (10,922 | ) | (8,428 | ) | (22,999 | ) | |||||||||
Income tax expense (benefit) | (1,220 | ) | (1,022 | ) | 1,723 | (90 | ) | ||||||||||
Loss from continuing operations | (9,187 | ) | (9,900 | ) | (10,151 | ) | (22,909 | ) | |||||||||
Earnings from equity affiliate | 16,896 | 22,829 | 20,299 | 7,745 | |||||||||||||
Income (loss) from continuing operations | 7,709 | 12,929 | 10,148 | (15,164 | ) | ||||||||||||
Discontinued operations | (5,427 | ) | (2,164 | ) | (347 | ) | (6,472 | ) | |||||||||
Net income (loss) | 2,282 | 10,765 | 9,801 | (21,636 | ) | ||||||||||||
Less: net income attributable to noncontrolling interest | 3,322 | 4,540 | 4,050 | 1,511 | |||||||||||||
Net income (loss) attributable to Harvest | $ | (1,040 | ) | $ | 6,225 | $ | 5,751 | $ | (23,147 | ) | |||||||
Basic Earnings (Loss) per Share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.13 | $ | 0.23 | $ | 0.16 | $ | (0.43 | ) | ||||||||
Discontinued operations | (0.16 | ) | (0.06 | ) | (0.01 | ) | (0.16 | ) | |||||||||
Net income (loss) attributable to Harvest | $ | (0.03 | ) | $ | 0.17 | $ | 0.15 | $ | (0.59 | ) | |||||||
Diluted Earnings (Loss) per Share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.12 | $ | 0.21 | $ | 0.16 | $ | (0.43 | ) | ||||||||
Discontinued operations | (0.14 | ) | (0.06 | ) | (0.01 | ) | (0.16 | ) | |||||||||
Net income (loss) attributable to Harvest | $ | (0.02 | ) | $ | 0.15 | $ | 0.15 | $ | (0.59 | ) | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||
The consolidated financial statements include the accounts of all wholly-owned and majority-owned subsidiaries. All intercompany profits, transactions and balances have been eliminated. Third-party interests in our majority-owned subsidiaries are presented as noncontrolling interests. | |||||||||||||||||||||
Presentation of Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Presentation of Comprehensive Income (Loss) | |||||||||||||||||||||
We adopted ASU No. 2011-05 (ASU 2011-05), which is included in ASC 220, “Comprehensive Income”, effective January 1, 2012 and have elected to utilize the “single continuous statement” for presentation of all nonowner changes in stockholders’ equity. | |||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“USGAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||||||
Reporting and Functional Currency | ' | ||||||||||||||||||||
Reporting and Functional Currency | |||||||||||||||||||||
The United States Dollar (“U.S. Dollar”) is the reporting and functional currency for all of our controlled subsidiaries and Petrodelta. Amounts denominated in non-U.S. Dollar currencies are re-measured into U.S. Dollars, and all currency gains or losses are recorded in the consolidated statements of operations and comprehensive income (loss). There are many factors that affect foreign exchange rates and the resulting exchange gains and losses, many of which are beyond our influence. | |||||||||||||||||||||
See Note 6 – Investment in Equity Affiliates and Note 7 – Venezuela for a discussion of currency exchange rates and currency exchange risk on Petrodelta’s and Harvest Vinccler’s businesses. | |||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash equivalents include money market funds and short term certificates of deposit with original maturity dates of less than three months. | |||||||||||||||||||||
Restricted Cash | ' | ||||||||||||||||||||
Restricted Cash | |||||||||||||||||||||
Restricted cash is classified as current or non-current based on the terms of the agreement. Restricted cash at December 31, 2013 represents cash held in a U.S. bank used as collateral for a customs bond for the Dussafu PSC. Restricted cash at December 31, 2012 represents cash held in a U.S. bank used as collateral for a standby letter of credit issued in support of a performance bond for a joint study. | |||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||
Financial instruments, which potentially subject us to concentrations of credit risk, are primarily cash and cash equivalents, accounts receivable, dividend receivable, notes payable and derivative financial instruments. We maintain cash and cash equivalents in bank deposit accounts with commercial banks with high credit ratings, which, at times may exceed the federally insured limits. We have not experienced any losses from such investments. Concentrations of credit risk with respect to accounts receivable are limited due the nature of our receivables, which include primarily income tax receivables. In the normal course of business, collateral is not required for financial instruments with credit risk. | |||||||||||||||||||||
Investment in Equity Affiliates | ' | ||||||||||||||||||||
Investment in Equity Affiliates | |||||||||||||||||||||
We evaluate our investments in unconsolidated companies under ASC 323, “Investments – Equity Method and Joint Ventures.” Investments in which we have significant influence are accounted for under the equity method of accounting. Under the equity method, Investment in Equity Affiliates is increased by additional investments and earnings and decreased by dividends and losses. | |||||||||||||||||||||
We review our Investment in Equity Affiliates for impairment whenever events and circumstances indicate a loss in investment value is other than a temporary decline. There are many factors to consider when evaluating an equity investment for possible impairment. Currency devaluations, inflationary economies, and cash flow analysis are some of the factors we consider in our evaluation for possible impairment. At December 31, 2013, we reviewed our investment in Petrodelta taking into consideration the terms of the Share Purchase Agreement (see Note 5 – Dispositions, Share Purchase Agreement). The purchase price under the Share Purchase Agreement indicates a valuation that approximates the carrying value of our equity investment in Petrodelta, the dividend receivable and the advances to this equity affiliate. As such, we concluded that there was no impairment to our equity investment as of December 31, 2013. If the sale of the remaining 51 percent interest in Harvest Holding is completed, we expect to recognize a gain on the transaction. | |||||||||||||||||||||
We measure and disclose our noncontrolling interests in accordance with the provisions of ASC 810 “Consolidation”. Our noncontrolling interests relate to interests in Harvest Holding held by Petroandina (29 percent) and Vinccler (20 percent) (see Note 1 – Organization). | |||||||||||||||||||||
Oil and Gas Proper | ' | ||||||||||||||||||||
Oil and Gas Properties | |||||||||||||||||||||
The major components of property and equipment are as follows (in thousands): | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Unproved property costs | $ | 103,917 | $ | 78,453 | |||||||||||||||||
Oilfield inventories | 4,096 | 3,339 | |||||||||||||||||||
Other administrative property | 2,710 | 2,954 | |||||||||||||||||||
Total property and equipment | 110,723 | 84,746 | |||||||||||||||||||
Accumulated depreciation | (2,332 | ) | (2,210 | ) | |||||||||||||||||
Total property and equipment, net | $ | 108,391 | $ | 82,536 | |||||||||||||||||
Property and equipment are stated at cost less accumulated depletion, depreciation and amortization (“DD&A”). Costs of improvements that appreciably improve the efficiency or productive capacity of existing properties or extend their lives are capitalized. Maintenance and repairs are expensed as incurred. Upon retirement or sale, the cost of property and equipment, net of the related accumulated DD&A, is removed and, if appropriate, gains or losses are recognized in investment earnings and other. We did not record any depletion expense in the years ended December 31, 2013 and 2012 or 2011 as there was no production related to proved oil and gas properties other than properties classified as held for sale. | |||||||||||||||||||||
We follow the successful efforts method of accounting for our oil and gas properties. Under this method, exploration costs such as exploratory geological and geophysical costs, delay rentals and exploration overhead are charged against earnings as incurred. Costs of drilling exploratory wells are capitalized pending determination of whether proved reserves can be attributed to the area as a result of drilling the well. If management determines that proved reserves, as that term is defined in Securities and Exchange Commission (“SEC”) regulations, have not been discovered, capitalized costs associated with the drilling of the exploratory well are charged to expense. Costs of drilling successful exploratory wells, all development wells, and related production equipment and facilities are capitalized and depleted or depreciated using the unit-of-production method as oil and gas is produced. During the year ended December 31, 2013, we expensed no dry hole costs. During the year ended December 31, 2012, we expensed to dry hole costs $0.7 million related to the drilling of Karama-1 (“KD-1”) and first sidetrack, KD-1ST, on the Budong PSC. See Note 9 – Indonesia. | |||||||||||||||||||||
Leasehold acquisition costs are initially capitalized. Acquisition costs of unproved leaseholds are assessed for impairment during the holding period. Costs of maintaining and retaining unproved leaseholds, as well as impairment of unsuccessful leases, are included in exploration expense. Impairment is based on specific identification of the lease. Costs of expired or abandoned leases are charged to exploration expense, while costs of productive leases are transferred to proved oil and gas properties. | |||||||||||||||||||||
Proved oil and gas properties are reviewed for impairment at a level for which identifiable cash flows are independent of cash flows of other assets when facts and circumstances indicate that their carrying amounts may not be recoverable. In performing this review, future net cash flows are determined based on estimated future oil and gas sales revenues less future expenditures necessary to develop and produce the reserves. If the sum of these undiscounted estimated future net cash flows is less than the carrying amount of the property, an impairment loss is recognized for the excess of the property’s carrying amount over its estimated fair value, which is generally based on discounted future net cash flows. We did not have any proved oil and gas properties in 2013, 2012 or 2011. | |||||||||||||||||||||
Costs of drilling and equipping successful exploratory wells, development wells, asset retirement liabilities and costs to construct or acquire offshore platforms and other facilities, are depleted using the unit-of-production method based on total estimated proved developed reserves. Costs of acquiring proved properties, including leasehold acquisition costs transferred from unproved leaseholds, are depleted using the unit-of-production method based on total estimated proved reserves. All other properties are stated at historical acquisition cost, net of allowance for impairment, and depreciated using the straight-line method over the useful lives of the assets. | |||||||||||||||||||||
Unproved property costs, excluding oilfield inventories, consist of (in thousands): | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Budong PSC | $ | 4,470 | $ | 5,219 | |||||||||||||||||
Dussafu PSC | 99,447 | 73,234 | |||||||||||||||||||
Total unproved property costs | $ | 103,917 | $ | 78,453 | |||||||||||||||||
During the year ended December 31, 2013, we recorded impairment expense related to our Budong project in Indonesia ($0.6 million) and our project in Colombia ($3.2 million, which is reflected in discontinued operations). During the year ended December 31, 2012, we impaired the carrying value of Block 64 EPSA in Oman (which is reflected in discontinued operations) ($6.4 million) and WAB -21 in China ($2.9 million). During the year ended December 31, 2011, we impaired the carrying value of West Bay ($3.3 million). | |||||||||||||||||||||
Other Administrative Property | ' | ||||||||||||||||||||
Other Administrative Property | |||||||||||||||||||||
Furniture, fixtures and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, which range from three to five years. Leasehold improvements are recorded at cost and amortized using the straight-line method over the life of the applicable lease. For the year ended December 31, 2013, depreciation expense was $0.3 million ($0.4 million and $0.4 million for the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||||||
Other Assets | ' | ||||||||||||||||||||
Other Assets | |||||||||||||||||||||
Other assets consist of deferred financing costs, a long-term receivable for value added tax (“VAT”) credits related to the Budong PSC, and prepaid expenses which are expected to be realized in the next 12 to 24 months. Deferred financing costs relate to specific financing and are amortized over the life of the financing to which the costs relate using the interest rate method. At December 31, 2013 the deferred financing costs were reclassified to prepaid expenses in current assets (see Note 11 – Debt). The VAT receivable is reimbursed through the sale of hydrocarbons. During the year ended December 31, 2013, a valuation allowance of $2.8 million was charged to general and administrative expenses on this VAT receivable which we do not expect to recover (see Note 9 – Indonesia). Other Assets at December 31, 2013 and 2012 also includes a blocked payment of $0.7 million net to our 66.667 percent interest related to our drilling operations in Gabon in accordance with the U.S. sanctions against Libya as set forth in Executive Order 13566 of February 25, 2011, and administered by the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”). See Note 13 – Commitments and Contingencies. | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Deferred financing costs | $ | 0 | $ | 3,111 | |||||||||||||||||
Long-term VAT receivable | 0 | 3,440 | |||||||||||||||||||
Long-term prepaid expenses | 139 | 328 | |||||||||||||||||||
Gabon PSC – blocked payment (net to our 66.667% interest) | 734 | 734 | |||||||||||||||||||
$ | 873 | $ | 7,613 | ||||||||||||||||||
Reserves | ' | ||||||||||||||||||||
Reserves | |||||||||||||||||||||
We measure and disclose our oil and gas reserves in accordance with the provisions of the SEC’s Modernization of Oil and Gas Reporting and ASC 932, “Extractive Activities – Oil and Gas” (“ASC 932”). All of our reserves are owned through our equity investment in Petrodelta. We do not have any wholly owned reserves at December 31, 2013 or 2012. | |||||||||||||||||||||
Capitalized Interest | ' | ||||||||||||||||||||
Capitalized Interest | |||||||||||||||||||||
We capitalize interest costs for qualifying oil and gas properties. The capitalization period begins when expenditures are incurred on qualified properties, activities begin which are necessary to prepare the property for production and interest costs have been incurred. The capitalization period continues as long as these events occur. The average additions for the period are used in the interest capitalization calculation. During the year ended December 31, 2013, we capitalized interest costs for qualifying oil and gas property additions of $8.3 million ($3.0 million and $2.3 million during the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||
Under ASC 480 “Distinguishing Liabilities From Equity”, certain of our financial instruments with anti-dilution protection features do not meet the conditions to obtain equity classification, as there are conditions which may require settlement by transferring assets, and are required to be carried as derivative liabilities, at fair value, with changes in fair value reflected in our consolidated statements of operations and comprehensive income (loss). See Note 12 – Warrant Derivative Liabilities for additional disclosures related to the warrant derivative financial instruments issued under the warrant agreements dated November 2010 in connection with a $60 million term loan facility (the “Warrants”). In the occurrence of a fundamental change, we are required to repurchase the Warrants at the higher of (1) the fair market value of the warrant and (2) a valuation based on a computation of the option value of the Warrant using the Black-Scholes calculation method using the assumptions described in the Warrant Agreement. A fundamental change is defined as “the occurrence of one of the following events: a) a person or group becomes the direct or indirect owner of more than 50% of the voting power of the outstanding common stock, b) a merger event or similar transaction in which the majority owners before the transaction fail to own a majority of the voting power of the Company after the transaction, and c) approval of a plan of liquidation or dissolution of the Company or sale of all or substantially all of the Company’s assets.” | |||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
We measure and disclose our fair values in accordance with the provisions of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the hierarchy are defined as follows: | |||||||||||||||||||||
• | Level 1 – Inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||
• | Level 2 – Inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly. | ||||||||||||||||||||
• | Level 3 – Inputs to the valuation techniques that are unobservable for the assets or liabilities. | ||||||||||||||||||||
Financial instruments, which potentially subject us to concentrations of credit risk, are primarily cash and cash equivalents, accounts receivable, advances to equity affiliate, dividend receivable, long-term debt and warrant derivative liability. We maintain cash and cash equivalents in bank deposit accounts with commercial banks with high credit ratings, which, at times may exceed the federally insured limits. We have not experienced any losses from such investments. Concentrations of credit risk with respect to accounts receivable are limited due to the nature of our receivables. In the normal course of business, collateral is not required for financial instruments with credit risk. | |||||||||||||||||||||
The estimated fair value of cash, accounts receivable and accounts payable approximates their carrying value due to their short-term nature (Level 1). The estimated fair value of advances to equity affiliate and dividend receivable approximates their carrying value as it is the estimated amount we would receive from a third party to assume the receivables (Level 2). The following disclosure of the estimated fair value of financial instruments is made in accordance with the requirements of ASC 825, Financial Instruments. The estimated fair value amounts have been determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The following table presents the estimated fair values of our fixed interest rate, long-term debt instrument (Level 3), excluding the embedded derivative. | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Carying | Fair | ||||||||||||||||||||
Value | Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
11% senior unsecured notes (Level 2) | $ | 77,480 | $ | 79,750 | |||||||||||||||||
As discussed in Note 11 – Debt, the 11% senior notes were redeemed at face value on January 11, 2014 following a notice of redemption issued in December 2013. Therefore, the fair value of our fixed interest debt instruments is stated at the redemption amount. | |||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial liabilities that were accounted for at fair value as of December 31, 2013 and 2012. As required by ASC 820, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value liabilities and their placement within the fair value hierarchy levels. See Note 12 – Warrant Derivative Liability for a description and discussion of our warrant derivative liability and Note 11 – Debt for a description of our long-term debt embedded derivative liability as well as a description of the valuation models and inputs used to calculate the fair value of these derivative liabilities. | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Warrant derivative liability | $ | 0 | $ | 0 | $ | 1,953 | $ | 1,953 | |||||||||||||
Embedded derivative-debt | 0 | 0 | 0 | 0 | |||||||||||||||||
Total derivative liabilities | $ | 0 | $ | 0 | $ | 1,953 | $ | 1,953 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Warrant derivative liability | $ | 0 | $ | 0 | $ | 5,470 | $ | 5,470 | |||||||||||||
Embedded derivative-debt | 0 | 0 | 0 | 0 | |||||||||||||||||
Total derivative liabilities | $ | 0 | $ | 0 | $ | 5,470 | $ | 5,470 | |||||||||||||
We record the net change in the fair value of the derivative positions listed above in unrealized gain (loss) on warrant derivative liabilities in our consolidated statements of operations and comprehensive income (loss). During the year ended December 31, 2013, an unrealized gain of $3.5 million was recorded to reflect the change in fair value of the warrants ($0.6 million unrealized loss and $9.8 million unrealized gain during the years ended December 31, 2012 and 2011, respectively). | |||||||||||||||||||||
Changes in Level 3 Instruments Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
The following table provides a reconciliation of financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Beginning balance | $ | 5,470 | $ | 4,870 | |||||||||||||||||
Unrealized change in fair value | (3,517 | ) | 600 | ||||||||||||||||||
Ending balance | $ | 1,953 | $ | 5,470 | |||||||||||||||||
During the year ended December 31, 2013, there were no transfers between Level 1, Level 2 and Level 3 liabilities. | |||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||
We use a fair value based method of accounting for stock-based compensation. We utilize the Black-Scholes option pricing model to measure the fair value of stock options and stock appreciation rights (“SARs”). Restricted stock and restricted stock units (“RSUs”) are measured at their intrinsic values. See Note 15 – Stock-Based Compensations and Stock Purchase Plans. | |||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
Deferred income taxes reflect the net tax effects, calculated at currently enacted rates, of (a) future deductible/taxable amounts attributable to events that have been recognized on a cumulative basis in the financial statements or income tax returns, and (b) operating loss and tax credit carryforwards. A valuation allowance for deferred tax assets is recorded when it is more likely than not that the benefit from the deferred tax asset will not be realized. | |||||||||||||||||||||
We classify interest related to income tax liabilities and penalties as applicable, as interest expense. | |||||||||||||||||||||
We do not provide deferred income taxes on undistributed earnings of our foreign subsidiaries for possible future remittances where we are able to assert that such earnings are permanently reinvested, or otherwise can be negotiated in a tax free manner, as part of our ongoing business. | |||||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||
Our valuation and qualifying accounts are comprised of the deferred tax valuation allowance, investment valuation allowance and VAT receivable valuation allowance. Balances and changes in these accounts are, in thousands: | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Balance at | Charged to | Charged to | Deductions | Balance at | |||||||||||||||||
Beginning | Income | Other | From | End of | |||||||||||||||||
of Year | Accounts* | Reserves | Year | ||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Amounts deducted from applicable assets | |||||||||||||||||||||
Deferred tax valuation allowance | $ | 68,419 | $ | 8,072 | $ | 0 | $ | 0 | $ | 76,491 | |||||||||||
Investment valuation allowance | 1,350 | 1,350 | |||||||||||||||||||
VAT receivable valuation allowance | 0 | 2,792 | 0 | 0 | 2,792 | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Amounts deducted from applicable assets | |||||||||||||||||||||
Deferred tax valuation allowance | $ | 53,116 | $ | 15,303 | $ | 0 | $ | 0 | $ | 68,419 | |||||||||||
Investment valuation allowance | 1,350 | 0 | 0 | 0 | 1,350 | ||||||||||||||||
At December 31, 2011 | |||||||||||||||||||||
Amounts deducted from applicable assets | |||||||||||||||||||||
Deferred tax valuation allowance | $ | 46,905 | $ | 6,211 | $ | 0 | $ | 0 | $ | 53,116 | |||||||||||
Investment valuation allowance | 1,350 | 0 | 0 | 0 | 1,350 | ||||||||||||||||
* | Amounts charged to other accounts include net operating losses and income tax credits. | ||||||||||||||||||||
New Accounting Pronouncements | ' | ||||||||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||||
In January 2013, Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-01, which is included in ASC 210, “Balance Sheet”, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” (“ASU No. 2013-01”). This update clarifies that the scope of ASU 2011-11: “Disclosures about Offsetting Assets and Liabilities” applies only to derivatives accounted for under ASC 815 “Derivatives and Hedging”, included bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities lending transactions that are either offset in accordance with ASC 210-20-45 or ASC 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. ASU No. 2013-01 is effective for fiscal years and interim periods within those years, beginning on or after January 1, 2013. Entities should provide the required disclosures retrospectively for all comparative periods presented. The adoption of this guidance impacted presentation disclosures only and did not have an impact on our consolidated financial position, results of operation or cash flows. | |||||||||||||||||||||
In February 2013, FASB issued ASU No. 2013-04, which is included in ASC 405, “Liabilities”, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date”. This update provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation with the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in USGAAP. Examples of obligations within the scope to ASU No. 2013-04 include debt arrangements, other contractual obligations, and settled litigation and judicial rulings. ASU No. 2013-04 is effective for fiscal years and interim periods within those years beginning after December 5, 2013. Entities should provide the required disclosures retrospectively for all comparative periods presented. We are currently evaluating the impact of this guidance, but we expect that the adoption of this guidance will impact presentation disclosures only and will not have an impact on our consolidated financial position, results of operation or cash flows. | |||||||||||||||||||||
In July 2013, FASB issued ASU No. 2013-11 which is included in ASC 740 “Income Taxes”, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This update provides guidance regarding the presentation of unrecognized tax benefits when net operating loss carryforward, a similar tax loss, or a tax credit carryforward are not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. In such instances, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendment should be applied prospectively to all unrecognized tax benefits that exist at the effective date; however, retrospective application is permitted. The amendment is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. We are currently evaluating the impact of this guidance, but we expect that the adoption of this guidance will impact presentation disclosures only and will not have an impact on our consolidated financial position, results of operation or cash flows. | |||||||||||||||||||||
Accounting for Uncertainty in Income Taxes | ' | ||||||||||||||||||||
Accounting for Uncertainty in Income Taxes | |||||||||||||||||||||
The FASB issued ASC 740-10 (prior authoritative literature: Financial Interpretation No. [“FIN”] 48, “Accounting for Uncertainty in Income Taxes – An Interpretation of FASB Statement No. 109 [“FIN 48”]) to create a single model to address accounting for uncertainty in tax positions. FIN 48 clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. FIN 48 also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Major Components of Property and Equipment | ' | ||||||||||||||||||||
The major components of property and equipment are as follows (in thousands): | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Unproved property costs | $ | 103,917 | $ | 78,453 | |||||||||||||||||
Oilfield inventories | 4,096 | 3,339 | |||||||||||||||||||
Other administrative property | 2,710 | 2,954 | |||||||||||||||||||
Total property and equipment | 110,723 | 84,746 | |||||||||||||||||||
Accumulated depreciation | (2,332 | ) | (2,210 | ) | |||||||||||||||||
Total property and equipment, net | $ | 108,391 | $ | 82,536 | |||||||||||||||||
Unproved Property Costs, Excluding Oilfield Inventories | ' | ||||||||||||||||||||
Unproved property costs, excluding oilfield inventories, consist of (in thousands): | |||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Budong PSC | $ | 4,470 | $ | 5,219 | |||||||||||||||||
Dussafu PSC | 99,447 | 73,234 | |||||||||||||||||||
Total unproved property costs | $ | 103,917 | $ | 78,453 | |||||||||||||||||
Schedule of Other Assets | ' | ||||||||||||||||||||
As of December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Deferred financing costs | $ | 0 | $ | 3,111 | |||||||||||||||||
Long-term VAT receivable | 0 | 3,440 | |||||||||||||||||||
Long-term prepaid expenses | 139 | 328 | |||||||||||||||||||
Gabon PSC – blocked payment (net to our 66.667% interest) | 734 | 734 | |||||||||||||||||||
$ | 873 | $ | 7,613 | ||||||||||||||||||
Summary of Estimated Fair Values of Fixed Interest Rate, Long-term Debt Instrument | ' | ||||||||||||||||||||
The following table presents the estimated fair values of our fixed interest rate, long-term debt instrument (Level 3), excluding the embedded derivative. | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Carying | Fair | ||||||||||||||||||||
Value | Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
11% senior unsecured notes (Level 2) | $ | 77,480 | $ | 79,750 | |||||||||||||||||
Fair Value of Liabilities and Their Placement With in Fair Value Hierarchy Levels | ' | ||||||||||||||||||||
The following tables set forth by level within the fair value hierarchy our financial liabilities that were accounted for at fair value as of December 31, 2013 and 2012. As required by ASC 820, a financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value liabilities and their placement within the fair value hierarchy levels. See Note 12 – Warrant Derivative Liability for a description and discussion of our warrant derivative liability and Note 11 – Debt for a description of our long-term debt embedded derivative liability as well as a description of the valuation models and inputs used to calculate the fair value of these derivative liabilities. | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Warrant derivative liability | $ | 0 | $ | 0 | $ | 1,953 | $ | 1,953 | |||||||||||||
Embedded derivative-debt | 0 | 0 | 0 | 0 | |||||||||||||||||
Total derivative liabilities | $ | 0 | $ | 0 | $ | 1,953 | $ | 1,953 | |||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Warrant derivative liability | $ | 0 | $ | 0 | $ | 5,470 | $ | 5,470 | |||||||||||||
Embedded derivative-debt | 0 | 0 | 0 | 0 | |||||||||||||||||
Total derivative liabilities | $ | 0 | $ | 0 | $ | 5,470 | $ | 5,470 | |||||||||||||
Schedule of Reconciliation of Financial Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | ' | ||||||||||||||||||||
The following table provides a reconciliation of financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Beginning balance | $ | 5,470 | $ | 4,870 | |||||||||||||||||
Unrealized change in fair value | (3,517 | ) | 600 | ||||||||||||||||||
Ending balance | $ | 1,953 | $ | 5,470 | |||||||||||||||||
Schedule of Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
Our valuation and qualifying accounts are comprised of the deferred tax valuation allowance, investment valuation allowance and VAT receivable valuation allowance. Balances and changes in these accounts are, in thousands: | |||||||||||||||||||||
Additions | |||||||||||||||||||||
Balance at | Charged to | Charged to | Deductions | Balance at | |||||||||||||||||
Beginning | Income | Other | From | End of | |||||||||||||||||
of Year | Accounts | Reserves | Year | ||||||||||||||||||
Credited | |||||||||||||||||||||
to Income | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Amounts deducted from applicable assets | |||||||||||||||||||||
Deferred tax valuation allowance | $ | 68,419 | $ | 0 | $ | 0 | $ | (8,843 | ) | $ | 59,576 | ||||||||||
Investment valuation allowance | 1,350 | 0 | 0 | 0 | 1,350 | ||||||||||||||||
VAT receivable valuation allowance | 0 | 2,792 | 0 | 0 | 2,792 | ||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||
Amounts deducted from applicable assets | |||||||||||||||||||||
Deferred tax valuation allowance | $ | 53,116 | $ | 15,303 | $ | 0 | $ | 0 | $ | 68,419 | |||||||||||
Investment valuation allowance | 1,350 | 0 | 0 | 0 | 1,350 | ||||||||||||||||
At December 31, 2011 | |||||||||||||||||||||
Amounts deducted from applicable assets | |||||||||||||||||||||
Deferred tax valuation allowance | $ | 46,905 | $ | 6,211 | $ | 0 | $ | 0 | $ | 53,116 | |||||||||||
Investment valuation allowance | 1,350 | 0 | 0 | 0 | 1,350 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Basic earnings per common share (“EPS”) are computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Income (loss) from continuing operations(a) | $ | (83,946 | ) | $ | 2,199 | $ | (30,285 | ) | |||||
Discontinued operations | (5,150 | ) | (14,410 | ) | 86,245 | ||||||||
Net income (loss) attributable to Harvest | $ | (89,096 | ) | $ | (12,211 | ) | $ | 55,960 | |||||
Weighted average common shares outstanding | 39,579 | 37,424 | 34,117 | ||||||||||
Effect of dilutive securities | 0 | 167 | 0 | ||||||||||
Weighted average common shares, diluted | 39,579 | 37,591 | 34,117 | ||||||||||
Basic Earnings (Loss) Per Share: | |||||||||||||
Income (loss) from continuing operations | $ | (2.12 | ) | $ | 0.06 | $ | (0.89 | ) | |||||
Discontinued operations | (0.13 | ) | (0.39 | ) | 2.53 | ||||||||
Basic earnings (loss) per share | $ | (2.25 | ) | $ | (0.33 | ) | $ | 1.64 | |||||
Diluted Earnings (Loss) Per Share: | |||||||||||||
Income (loss) from continuing operations | $ | (2.12 | ) | $ | 0.06 | $ | (0.89 | ) | |||||
Income (loss) from discontinued operations | (0.13 | ) | (0.39 | ) | 2.53 | ||||||||
Diluted earnings (loss) per share | $ | (2.25 | ) | $ | (0.33 | ) | $ | 1.64 | |||||
(a) | Net of net income attributable to noncontrolling interests. |
Dispositions_Tables
Dispositions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Revenue and Net Income (Loss) on Disposition | ' | ||||||||||||
Oman operations, Colombia operations and the Antelope Project have been classified as discontinued operations. Revenue and income (loss) are shown in the table below: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Revenue applicable to discontinued operations: | |||||||||||||
Oman | $ | 0 | $ | 0 | $ | 0 | |||||||
Colombia | 0 | 0 | 0 | ||||||||||
Antelope Project | 0 | 0 | 6,488 | ||||||||||
$ | 0 | $ | 0 | $ | 6,488 | ||||||||
Income (loss) from discontinued operations: | |||||||||||||
Oman | $ | (674 | ) | $ | (12,711 | ) | $ | (11,371 | ) | ||||
Colombia | (4,476 | ) | 0 | 0 | |||||||||
Antelope Project | 0 | (1,699 | ) | 97,616 | |||||||||
$ | (5,150 | ) | $ | (14,410 | ) | $ | 86,245 | ||||||
Investment_in_Equity_Affiliate1
Investment in Equity Affiliates (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Assets and Liabilities | ' | ||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Financial Position under IFRS: | |||||||||||||
Current assets | $ | 1,906,595 | $ | 1,425,115 | |||||||||
Property and equipment | 717,449 | 538,351 | |||||||||||
Other assets | 181,116 | 70,468 | |||||||||||
Current liabilities | 1,652,806 | 1,180,559 | |||||||||||
Other liabilities | 136,298 | 93,101 | |||||||||||
Net equity | 1,016,056 | 760,274 | |||||||||||
Petrodelta, S.A. [Member] | ' | ||||||||||||
Summary of Financial Information | ' | ||||||||||||
Summary financial information has been presented below at December 31, 2013 and 2012, and for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands, except percentages) | |||||||||||||
Results under IFRS: | |||||||||||||
Revenues: | |||||||||||||
Oil sales | $ | 1,326,093 | $ | 1,263,264 | $ | 1,122,191 | |||||||
Gas sales | 4,000 | 3,350 | 3,497 | ||||||||||
Royalty * | (440,963 | ) | (423,069 | ) | (374,135 | ) | |||||||
889,130 | 843,545 | 751,553 | |||||||||||
Expenses: | |||||||||||||
Operating expenses | 151,661 | 121,023 | 77,236 | ||||||||||
Workovers | 29,168 | 17,302 | 28,508 | ||||||||||
Depletion, depreciation and amortization | 87,203 | 86,004 | 58,376 | ||||||||||
General and administrative | 26,345 | 31,753 | 11,297 | ||||||||||
Windfall profits tax | 234,453 | 291,355 | 237,632 | ||||||||||
Windfall profits credit | (55,168 | ) | 0 | 0 | |||||||||
473,662 | 547,437 | 413,049 | |||||||||||
Income from operations | 415,468 | 296,108 | 338,504 | ||||||||||
Gain on exchange rate | 169,582 | 0 | 0 | ||||||||||
Investment earnings and other | 15 | 13 | 610 | ||||||||||
Interest expense | (21,728 | ) | (7,017 | ) | (10,699 | ) | |||||||
Income before income tax | 563,337 | 289,104 | 328,415 | ||||||||||
Current income tax expense | 325,217 | 127,080 | 190,577 | ||||||||||
Deferred income tax expense (benefit) | (17,662 | ) | 76,030 | (94,622 | ) | ||||||||
Net income under IFRS | 255,782 | 85,994 | 232,460 | ||||||||||
Adjustments to increase (decrease) net income under IFRS: | |||||||||||||
Deferred income tax (expense) benefit | 9,080 | 78,968 | (49,545 | ) | |||||||||
Depletion expense | (20,352 | ) | 7,282 | 1,908 | |||||||||
Reversal of windfall profits tax credit | (55,168 | ) | 0 | 0 | |||||||||
Sports law over accrual | 1,313 | 2,536 | 0 | ||||||||||
Net income under U.S. GAAP | 190,655 | 174,780 | 184,823 | ||||||||||
Equity interest in equity affiliate | 40 | % | 40 | % | 40 | % | |||||||
Income before amortization of excess basis in equity affiliate | 76,262 | 69,912 | 73,929 | ||||||||||
Amortization of excess basis in equity affiliate | (3,684 | ) | (2,143 | ) | (1,863 | ) | |||||||
Earnings from equity affiliate included in income | $ | 72,578 | $ | 67,769 | $ | 72,066 | |||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Debt | ' | ||||||||
Debt consists of the following (in thousands): | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
Senior notes, unsecured, with interest at 11% | $ | 79,750 | $ | 79,750 | |||||
Discount on 11% senior unsecured notes | (2,270 | ) | (4,911 | ) | |||||
Less current portion | (77,480 | ) | 0 | ||||||
$ | 0 | $ | 74,839 | ||||||
Principal Payment Requirements on Long-Term Debt Outstanding | ' | ||||||||
The principal payment requirements for our debt outstanding at December 31, 2013 are as follows (in thousands): | |||||||||
2014 | $ | 79,750 | |||||||
$ | 79,750 | ||||||||
Warrant_Derivative_Liabilities1
Warrant Derivative Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Schedule of Significant Assumptions or Ranges | ' | ||||||||||||
The assumptions summarized in the following table were used to calculate the fair value of the warrant derivative liability that was outstanding as of any of the balance sheet dates presented on our consolidated balance sheets: | |||||||||||||
Fair Value | |||||||||||||
Hierarchy | As of December 31, | ||||||||||||
Level | 2013 | 2012 | |||||||||||
Significant assumptions (or ranges): | |||||||||||||
Stock price | Level 1 input | $ | 4.52 | $ | 9.07 | ||||||||
Term (years) | 1.83 | 2.83 | |||||||||||
Volatility | Level 2 input | 94 | % | 70 | % | ||||||||
Risk-free rate | Level 1 input | 0.34 | % | 0.33 | % | ||||||||
Dividend yield | Level 2 input | 0 | % | 0 | % | ||||||||
Scenario probability (fundamental change event/debt raise/equity raise) | Level 3 input | 60%/40%/0 | % | 0%/80%/20 | % | ||||||||
Income (Loss) Associated with Changes in Fair Values of Our Warrant Derivative Financial Instruments | ' | ||||||||||||
The following table summarizes the effect on our income (loss) associated with changes in the fair values of our warrant derivative financial instruments: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Unrealized gain (loss) on warrant derivatives | $ | 3,517 | $ | (600 | ) | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||||||||||||||
Lease Commitments for Office Space | ' | ||||||||||||||||||||
At December 31, 2013 we had the following lease commitments for office space (in thousands): | |||||||||||||||||||||
Payments Due by Period | |||||||||||||||||||||
Total | Less than | 1-2 Years | 3-4 Years | After | |||||||||||||||||
1 Year | 4 Years | ||||||||||||||||||||
Office leases | $ | 583 | $ | 521 | $ | 62 | $ | 0 | $ | 0 | |||||||||||
Taxes_Tables
Taxes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Tax Effects of Significant Items of Deferred Income Taxes | ' | ||||||||||||||||
The tax effects of significant items comprising our net deferred income taxes are as follows: | |||||||||||||||||
As of December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Foreign | United States | Foreign | United States | ||||||||||||||
And Other | And Other | ||||||||||||||||
(in thousands) | |||||||||||||||||
Deferred tax assets: | |||||||||||||||||
Operating loss carryforwards | $ | 58,051 | $ | 2,928 | $ | 54,231 | $ | 4,498 | |||||||||
Stock-based compensation | — | 8,056 | — | 8,091 | |||||||||||||
Accrued compensation | — | 598 | — | 739 | |||||||||||||
Oil and gas properties | 1,606 | 1,015 | — | — | |||||||||||||
Alternative minimum tax credit | — | 4,501 | — | 2,261 | |||||||||||||
Other | — | 145 | — | 861 | |||||||||||||
Total deferred tax assets | 59,657 | 17,243 | 54,231 | 16,450 | |||||||||||||
Deferred tax liabilities: | |||||||||||||||||
Tax on unremitted earnings of foreign subsidiaries | — | (89,900 | ) | — | — | ||||||||||||
Accrued income | — | — | (1,005 | ) | — | ||||||||||||
Prepaids | — | (198 | ) | — | (373 | ) | |||||||||||
Other liabilities | — | (82 | ) | — | (35 | ) | |||||||||||
Fixed assets | — | (12 | ) | — | (28 | ) | |||||||||||
Total deferred tax liabilities | — | (90,192 | ) | (1,005 | ) | (436 | ) | ||||||||||
Net deferred tax asset (liability) | 59,657 | (72,949 | ) | 53,226 | 16,014 | ||||||||||||
Valuation allowance | (59,576 | ) | — | (52,427 | ) | (15,992 | ) | ||||||||||
Net deferred tax asset (liability) after valuation allowance | $ | 81 | $ | (72,949 | ) | $ | 799 | $ | 22 | ||||||||
Components of Loss from Continuing Operations Before Income Taxes | ' | ||||||||||||||||
The components of loss from continuing operations before income taxes are as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Loss before income taxes | |||||||||||||||||
United States | $ | (31,072 | ) | $ | (33,841 | ) | $ | (30,309 | ) | ||||||||
Foreign | (40,725 | ) | (18,915 | ) | (58,193 | ) | |||||||||||
Total | $ | (71,797 | ) | $ | (52,756 | ) | $ | (88,502 | ) | ||||||||
Provision (Benefit) for Income Taxes on Continuing Operations | ' | ||||||||||||||||
The provision (benefit) for income taxes on continuing operations consisted of the following at December 31: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Current: | |||||||||||||||||
United States | $ | 2,279 | $ | (717 | ) | $ | — | ||||||||||
Foreign | 44 | 929 | 3,693 | ||||||||||||||
2,323 | 212 | 3,693 | |||||||||||||||
Deferred: | |||||||||||||||||
United States | 72,971 | (22 | ) | — | |||||||||||||
Foreign | (2,207 | ) | (799 | ) | (2,636 | ) | |||||||||||
70,764 | (821 | ) | (2,636 | ) | |||||||||||||
$ | 73,087 | $ | (609 | ) | $ | 1,057 | |||||||||||
Income Tax Expense (Benefit) on Continuing Operations at Federal Statutory Rate | ' | ||||||||||||||||
A comparison of the income tax expense (benefit) on continuing operations at the federal statutory rate to our provision for income taxes is as follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||
Income tax expense (benefit) from continuing operations: | |||||||||||||||||
Tax expense (benefit) at U.S. statutory rate | $ | (25,129 | ) | $ | (17,938 | ) | $ | (30,805 | ) | ||||||||
Effect of foreign source income and rate differentials on foreign income | 204 | 239 | 4,887 | ||||||||||||||
Tax gain associated with sale of interest in Harvest Holding | 7,474 | — | — | ||||||||||||||
Subpart F income | 16,615 | — | — | ||||||||||||||
Tax on unremitted earnings of foreign subsidiaries | 89,900 | — | — | ||||||||||||||
Expired losses | 1,356 | — | — | ||||||||||||||
Other changes in valuation allowance | (10,643 | ) | 10,331 | 28,169 | |||||||||||||
Change in applicable statutory rate | (404 | ) | — | — | |||||||||||||
Other permanent differences | (2,546 | ) | 1,431 | — | |||||||||||||
Return to accrual and other true-ups | 2,919 | 1,257 | — | ||||||||||||||
Debt exchange | — | 2,758 | — | ||||||||||||||
Warrant derivatives | (1,180 | ) | — | (1,445 | ) | ||||||||||||
Liability for uncertain tax positions | (5,553 | ) | 799 | 237 | |||||||||||||
Other | 74 | 514 | 14 | ||||||||||||||
Total income tax expense – continuing operations | 73,087 | (609 | ) | 1,057 | |||||||||||||
Income tax expense (benefit) from discontinued operations: | |||||||||||||||||
Total income tax expense (benefit) – discontinued operations | — | — | 5,748 | ||||||||||||||
Total income tax expense (benefit) | $ | 73,087 | $ | (609 | ) | $ | 6,805 | ||||||||||
Net Operating Losses Available for Carryforward | ' | ||||||||||||||||
At December 31, 2013, we have the following net operating losses available for carryforward (in thousands): | |||||||||||||||||
United States | $ | 8,364 | Available for up to 20 years from 2012 | ||||||||||||||
Indonesia | 54,435 | Available for up to 5 years from 2011 | |||||||||||||||
Gabon | 23,268 | Available for up to 3 years from 2010 | |||||||||||||||
Oman | 25,174 | Available for up to 5 years from 2009 | |||||||||||||||
The Netherlands | 109,634 | Available for up to 9 years from 2007 | |||||||||||||||
Venezuela | 3,043 | Available for up to 3 years from 2010 | |||||||||||||||
Colombia | 1,214 | Available indefinitely | |||||||||||||||
Primary Income Tax Jurisdictions and their Respective Audit Years | ' | ||||||||||||||||
Our primary income tax jurisdictions and their respective open audit years are: | |||||||||||||||||
Tax Jurisdiction | Open Audit Years | ||||||||||||||||
United States | 2010 – 2013 | ||||||||||||||||
The Netherlands | 2010 – 2013 | ||||||||||||||||
Singapore | 2009 – 2013 | ||||||||||||||||
United Kingdom | 2012 – 2013 | ||||||||||||||||
Venezuela | 2009 – 2013 | ||||||||||||||||
Colombia | 2013 | ||||||||||||||||
Unrecognized Tax Benefits | ' | ||||||||||||||||
A reconciliation of the beginning amount, and current year additions, of unrecognized tax benefits follows: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of year | $ | 5,871 | $ | 5,072 | |||||||||||||
Additions for tax positions of prior years | — | 799 | |||||||||||||||
Reductions for tax positions of prior years | (5,553 | ) | — | ||||||||||||||
Balance at end of year | $ | 318 | $ | 5,871 | |||||||||||||
StockBased_Compensation_and_St1
Stock-Based Compensation and Stock Purchase Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of the Status of Stock Option Plans | ' | ||||||||||||||||
Stock option transactions under our various stock-based employee compensation plans are presented below: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in thousands, except exercise price) | |||||||||||||||||
Options outstanding as of December 31, 2012 | 3,897 | $ | 9.62 | 2.6 years | $ | 3,064 | |||||||||||
Granted | 920 | 4.8 | |||||||||||||||
Exercised | (20 | ) | (6.10 | ) | |||||||||||||
Cancelled | (64 | ) | (6.74 | ) | |||||||||||||
Options outstanding as of December 31, 2013 | 4,733 | $ | 8.74 | 2.1 years | $ | 0 | |||||||||||
Options exercisable as of December 31, 2013 | 2,905 | $ | 9.85 | 1.3 years | $ | 0 | |||||||||||
Summary of Value of Option Grant Estimated on the Date of Grant | ' | ||||||||||||||||
The value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
For options granted during: | |||||||||||||||||
Weighted average fair value | $ | 3.06 | $ | 2.85 | $ | 5.92 | |||||||||||
Weighted average expected life | 5 years | 5 years | 5 years | ||||||||||||||
Expected volatility (1) | 79.4 | % | 67.3 | % | 61.3 | % | |||||||||||
Risk-free interest rate | 1.3 | % | 0.7 | % | 1.8 | % | |||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
(1) | Expected volatilities are based on historical volatilities of our stock. | ||||||||||||||||
SAR Award Transactions Under Stock-Based Employee Compensation Plans | ' | ||||||||||||||||
SAR award transactions under our employee compensation plans are presented below: | |||||||||||||||||
Stock Appreciation Rights | SARs | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(in thousands) | |||||||||||||||||
SARs outstanding as of December 31, 2012 | 932,202 | $ | 4.99 | ||||||||||||||
Granted | 213,996 | 4.8 | |||||||||||||||
Exercised | 0 | ||||||||||||||||
Cancelled | (19,000 | ) | (5.12 | ) | |||||||||||||
SARs outstanding as of December 31, 2013 | 1,127,198 | $ | 4.95 | 3.26 years | $ | 0 | |||||||||||
SARs exercisable as of December 31, 2013 | 394,394 | $ | 4.91 | 2.84 years | $ | 0 | |||||||||||
Summary of Dates the Warrants Were Issued, the Expiration Dates, the Exercise Prices and the Number of Warrants Issued and Outstanding | ' | ||||||||||||||||
The dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding at December 31, 2013 were: | |||||||||||||||||
Warrants | |||||||||||||||||
Date Issued | Expiration Date | Exercise Price | Issued | Outstanding | |||||||||||||
(in thousands) | |||||||||||||||||
Nov-10 | Nov-15 | $ | 12.95 | 1,600 | 1,600 | ||||||||||||
Oct-11 | Nov-15 | 12.95 | 2 | 2 | |||||||||||||
Mar-12 | Nov-15 | 12.95 | 73 | 73 | |||||||||||||
Aug-12 | Nov-15 | 12.95 | 30 | 30 | |||||||||||||
Oct-12 | Nov-15 | 12.95 | 15 | 15 | |||||||||||||
Jul-13 | Nov-15 | 12.95 | 29 | 29 | |||||||||||||
Oct-13 | Nov-15 | 12.95 | 22 | 22 | |||||||||||||
Nov-13 | Nov-15 | 12.95 | 55 | 55 | |||||||||||||
Oct-12 | Oct-15 | 10 | 687 | 687 | |||||||||||||
2,513 | 2,513 | ||||||||||||||||
Options [Member] | ' | ||||||||||||||||
Summary of Unvested Awards | ' | ||||||||||||||||
A summary of our unvested stock option awards as of December 31, 2013, and the changes during the year then ended is presented below: | |||||||||||||||||
Unvested Stock Options | Outstanding | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
(in thousands, except per share amount) | |||||||||||||||||
Unvested as of December 31, 2012 | 1,380 | $ | 4.88 | ||||||||||||||
Granted | 920 | 3.06 | |||||||||||||||
Vested | (452 | ) | (4.27 | ) | |||||||||||||
Forfeited | (20 | ) | (3.04 | ) | |||||||||||||
Unvested as of December 31, 2013 | 1,828 | 4.14 | |||||||||||||||
Restricted Stock [Member] | ' | ||||||||||||||||
Summary of Unvested Awards | ' | ||||||||||||||||
A summary of our restricted stock awards as of December 31, 2013, and the changes during the year then ended is presented below: | |||||||||||||||||
Restricted Stock | Outstanding | Weighted | |||||||||||||||
Average | |||||||||||||||||
Grant-Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested as of December 31, 2012 | 284,750 | $ | 8.93 | ||||||||||||||
Granted | 190,002 | 4.8 | |||||||||||||||
Vested | (160,600 | ) | (7.23 | ) | |||||||||||||
Forfeited | 0 | ||||||||||||||||
Unvested as of December 31, 2013 | 314,152 | 7.3 | |||||||||||||||
Unvested Stock Appreciation Rights [Member] | ' | ||||||||||||||||
Summary of Unvested Awards | ' | ||||||||||||||||
A summary of our unvested SAR awards as of December 31, 2013, and the changes during the year then ended is presented below: | |||||||||||||||||
Unvested Stock Appreciation Rights | Outstanding | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested as of December 31, 2012 | 857,205 | $ | 6.18 | ||||||||||||||
Granted | 213,996 | 2.73 | |||||||||||||||
Vested | (323,063 | ) | (2.46 | ) | |||||||||||||
Forfeited | (15,334 | ) | (2.47 | ) | |||||||||||||
Unvested as of December 31, 2013 | 732,804 | 2.54 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | ' | ||||||||||||||||
Summary of Unvested Awards | ' | ||||||||||||||||
A summary of our RSU awards as of December 31, 2013, and the changes during the year then ended is presented below: | |||||||||||||||||
Restricted Stock Units | Outstanding | Weighted- | |||||||||||||||
Average | |||||||||||||||||
Fair Value | |||||||||||||||||
Unvested as of December 31, 2012 | 530,006 | $ | 9.07 | ||||||||||||||
Granted | 0 | ||||||||||||||||
Vested | (202,668 | ) | (4.12 | ) | |||||||||||||
Forfeited | (5,000 | ) | (4.52 | ) | |||||||||||||
Unvested as of December 31, 2013 | 322,338 | 4.52 | |||||||||||||||
Operating_Segments_Tables
Operating Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Income (Loss) Attributable to Harvest | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Segment Income (Loss) Attributable to Harvest | |||||||||||||
Venezuela | $ | 58,640 | $ | 51,584 | $ | 54,974 | |||||||
Gabon | (12,908 | ) | (2,902 | ) | (6,158 | ) | |||||||
Indonesia | (9,213 | ) | (4,052 | ) | (45,416 | ) | |||||||
United States | (120,465 | ) | (42,431 | ) | (33,685 | ) | |||||||
Income (loss) from continuing operations (a) | (83,946 | ) | 2,199 | (30,285 | ) | ||||||||
Discontinued operations | (5,150 | ) | (14,410 | ) | 86,245 | ||||||||
Net income (loss) attributable to Harvest | $ | (89,096 | ) | $ | (12,211 | ) | $ | 55,960 | |||||
(a) | Net of net income attributable to noncontrolling interest. | ||||||||||||
Operating Segment Assets | ' | ||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Operating Segment Assets | |||||||||||||
Venezuela | $ | 500,946 | $ | 428,992 | |||||||||
Gabon | 107,851 | 80,908 | |||||||||||
Indonesia | 5,004 | 9,587 | |||||||||||
United States | 121,050 | 77,037 | |||||||||||
734,851 | 596,524 | ||||||||||||
Discontinued operations | 29 | 313 | |||||||||||
Total Assets | $ | 734,880 | $ | 596,837 | |||||||||
Quarterly_Financial_Data_unaud1
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summarized Quarterly Financial Data | ' | ||||||||||||||||
Summarized quarterly financial data is as follows: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(amounts in thousands, except per share data) | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Expenses | $ | (5,171 | ) | $ | (9,653 | ) | $ | (9,516 | ) | $ | (21,096 | ) | |||||
Non-operating loss | 2,253 | (1,273 | ) | (7,764 | ) | (19,577 | ) | ||||||||||
Loss from continuing operations before income taxes | (2,918 | ) | (10,926 | ) | (17,280 | ) | (40,673 | ) | |||||||||
Income tax expense (benefit) | 39 | (1,415 | ) | (765 | ) | 75,228 | |||||||||||
Loss from continuing operations | (2,957 | ) | (9,511 | ) | (16,515 | ) | (115,901 | ) | |||||||||
Earnings (loss) from equity affiliate | 49,471 | 7,602 | 25,747 | (10,242 | ) | ||||||||||||
Income (loss) from continuing operations | 46,514 | (1,909 | ) | 9,232 | (126,143 | ) | |||||||||||
Discontinued operations | (485 | ) | (1,006 | ) | (2,586 | ) | (1,073 | ) | |||||||||
Net income (loss) | 46,029 | (2,915 | ) | 6,646 | (127,216 | ) | |||||||||||
Less: net income (loss) attributable to noncontrolling interest | 9,932 | 1,551 | 4,693 | (4,536 | ) | ||||||||||||
Net income (loss) attributable to Harvest | $ | 36,097 | $ | (4,466 | ) | $ | 1,953 | $ | (122,680 | ) | |||||||
Basic Earnings (Loss) per Share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.93 | $ | (0.09 | ) | $ | 0.12 | $ | (2.99 | ) | |||||||
Discontinued operations | (0.01 | ) | (0.03 | ) | (0.07 | ) | (0.03 | ) | |||||||||
Net income (loss) attributable to Harvest | $ | 0.92 | $ | (0.12 | ) | $ | 0.05 | $ | (3.02 | ) | |||||||
Diluted Earnings (Loss) per Share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.92 | $ | (0.09 | ) | $ | 0.12 | $ | (2.99 | ) | |||||||
Discontinued operations | (0.01 | ) | (0.03 | ) | (0.07 | ) | (0.03 | ) | |||||||||
Net income (loss) attributable to Harvest | $ | 0.91 | $ | (0.12 | ) | $ | 0.05 | $ | (3.02 | ) | |||||||
Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(amounts in thousands, except per share data) | |||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Expenses | $ | (8,128 | ) | $ | (7,837 | ) | $ | (6,694 | ) | $ | (16,167 | ) | |||||
Non-operating loss | (2,279 | ) | (3,085 | ) | (1,734 | ) | (6,832 | ) | |||||||||
Loss from continuing operations before income taxes | (10,407 | ) | (10,922 | ) | (8,428 | ) | (22,999 | ) | |||||||||
Income tax expense (benefit) | (1,220 | ) | (1,022 | ) | 1,723 | (90 | ) | ||||||||||
Loss from continuing operations | (9,187 | ) | (9,900 | ) | (10,151 | ) | (22,909 | ) | |||||||||
Earnings from equity affiliate | 16,896 | 22,829 | 20,299 | 7,745 | |||||||||||||
Income (loss) from continuing operations | 7,709 | 12,929 | 10,148 | (15,164 | ) | ||||||||||||
Discontinued operations | (5,427 | ) | (2,164 | ) | (347 | ) | (6,472 | ) | |||||||||
Net income (loss) | 2,282 | 10,765 | 9,801 | (21,636 | ) | ||||||||||||
Less: net income attributable to noncontrolling interest | 3,322 | 4,540 | 4,050 | 1,511 | |||||||||||||
Net income (loss) attributable to Harvest | $ | (1,040 | ) | $ | 6,225 | $ | 5,751 | $ | (23,147 | ) | |||||||
Basic Earnings (Loss) per Share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.13 | $ | 0.23 | $ | 0.16 | $ | (0.43 | ) | ||||||||
Discontinued operations | (0.16 | ) | (0.06 | ) | (0.01 | ) | (0.16 | ) | |||||||||
Net income (loss) attributable to Harvest | $ | (0.03 | ) | $ | 0.17 | $ | 0.15 | $ | (0.59 | ) | |||||||
Diluted Earnings (Loss) per Share: | |||||||||||||||||
Income (loss) from continuing operations | $ | 0.12 | $ | 0.21 | $ | 0.16 | $ | (0.43 | ) | ||||||||
Discontinued operations | (0.14 | ) | (0.06 | ) | (0.01 | ) | (0.16 | ) | |||||||||
Net income (loss) attributable to Harvest | $ | (0.02 | ) | $ | 0.15 | $ | 0.15 | $ | (0.59 | ) | |||||||
Organization_Additional_Inform
Organization - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 16, 2013 |
Closings | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petroleos de Venezuela S.A. [Member] | Harvest Vinccler S.C.A. [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Oil & Gas Technology Consultants [Member] | Oil & Gas Technology Consultants [Member] | Oil & Gas Technology Consultants [Member] | Oil & Gas Technology Consultants [Member] | ||
Corporacion Venezolana del Petroleo S.A. [Member] | PDVSA Social S.A. [Member] | CVP and PDVSA Social S.A. [Member] | Closings | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Harvest Vinccler S.C.A. [Member] | Petroandina [Member] | Closings | Harvest Vinccler S.C.A. [Member] | Petroandina [Member] | ||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest indirectly owned in Harvest Holding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | 80.00% | ' | ' | 80.00% | 51.00% | ' | ' |
Interest indirectly owned by Oil & Gas Technology Consultants in Harvest Holding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' |
Aggregate cash purchase price | $400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400 | ' | ' | ' |
Interest held in Petrodelta by Harvest Holding | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | 80.00% | ' | ' | ' |
Number of closings of Equity interest | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Sale of equity interest in Harvest Holding on first closing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.00% | ' | ' | ' |
Cost of Sale of Equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125 | ' | ' | ' |
Loss on Sale of Interest in Harvest holding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23 | ' | ' |
Percentage hold by non controlling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | 20.00% | 29.00% | 49.00% | ' | 20.00% | 29.00% |
Partner interest in equity method investee | ' | ' | 60.00% | ' | ' | ' | 56.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest owned by PDVSA in CVP | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indirect interest held in Petrodelta by HNR | ' | 20.40% | ' | ' | 32.00% | 32.00% | ' | ' | ' | ' | ' | ' | 20.40% | 32.00% | 51.00% | ' | ' | ' | ' | ' | ' |
Equity ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidity_Additional_Informati
Liquidity - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 16, 2013 | Oct. 11, 2012 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Closings | Petrodelta, S.A. [Member] | First Closing [Member] | Second Closing [Member] | Senior Notes [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | ||
Closings | Petrodelta, S.A. [Member] | Senior Notes [Member] | ||||||||
Change in Accounting Estimate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest indirectly owned in Harvest Holding | ' | ' | ' | ' | 51.00% | ' | 80.00% | ' | 80.00% | ' |
Aggregate cash purchase price | $400 | ' | ' | ' | $275 | ' | ' | ' | ' | ' |
Number of closings of Equity interest | 2 | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Sale of equity interest in Harvest Holding | ' | ' | ' | 29.00% | ' | ' | ' | ' | ' | ' |
Cost of Sale of Equity interest | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' |
Partner interest in equity method investee | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of debt instrument | ' | 11.00% | ' | ' | ' | 11.00% | ' | ' | ' | ' |
Notes redeemed | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' |
Remaining proceeds from sale of equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 |
Estimated amount for payment of expenses and other costs related to sale of interest | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Estimated amount for payment of taxes related to sale of interest | ' | ' | ' | ' | ' | ' | ' | 51.1 | ' | ' |
Estimated amount for payment of severance or other costs related to sale of interest | ' | ' | ' | ' | ' | ' | ' | $20 | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Maximum maturity period of cash equivalents | ' | '3 months | ' | ' |
Depletion expense on oil and gas properties | ' | $0 | $0 | $0 |
Dry hole costs | ' | 0 | 685,000 | 40,003,000 |
Proved oil and gas properties | ' | 0 | 0 | 0 |
Depreciation Expense | ' | 341,000 | 391,000 | 439,000 |
Blocked payment net to cost sharing interest | 700,000 | 734,000 | 734,000 | ' |
Interest Related to Dussafu PSC Drilling Operations | 66.67% | 66.67% | 66.67% | ' |
Capitalized interest costs | ' | 8,300,000 | 3,000,000 | 2,300,000 |
Term loan facility | ' | 60,000,000 | ' | ' |
Transfers of liabilities | ' | 0 | ' | ' |
Furniture, fixtures and equipment [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Depreciation Expense | ' | 300,000 | 400,000 | 400,000 |
Furniture, fixtures and equipment [Member] | Minimum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated Useful Life | ' | '3 years | ' | ' |
Furniture, fixtures and equipment [Member] | Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated Useful Life | ' | '5 years | ' | ' |
Budong PSC [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Impaired expense | ' | 600,000 | ' | ' |
Budong PSC [Member] | KD-1 and KD-1ST [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Dry hole costs | ' | 0 | 700,000 | ' |
Colombia [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Impaired expense | ' | 3,200,000 | ' | ' |
Block 64 EPSA [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Impaired carrying value | ' | ' | 6,400,000 | ' |
WAB-21 [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Impaired carrying value | ' | ' | 2,900,000 | ' |
West Bay [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Impaired carrying value | ' | ' | ' | 3,300,000 |
Petroandina [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of interest owned | ' | 29.00% | ' | ' |
Harvest Vinccler S.C.A. [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of interest owned | ' | 20.00% | ' | ' |
Other Assets [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Valuation allowances charged to general and administrative expenses | ' | 2,800,000 | ' | ' |
Blocked payment net to cost sharing interest | ' | 700,000 | 700,000 | ' |
Other Assets [Member] | Minimum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Prepaid expenses expected to realized during period | ' | '12 months | ' | ' |
Other Assets [Member] | Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Prepaid expenses expected to realized during period | ' | '24 months | ' | ' |
Derivative Liabilities [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Unrealized change in fair value | ' | $3,500,000 | $600,000 | $9,800,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Major Components of Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' |
Unproved property costs | $103,917 | $78,453 |
Oilfield inventories | 4,096 | 3,339 |
Other administrative property | 2,710 | 2,954 |
Total property and equipment | 110,723 | 84,746 |
Accumulated depreciation | -2,332 | -2,210 |
TOTAL PROPERTY AND EQUIPMENT, NET | $108,391 | $82,536 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Unproved Property Costs (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' |
Unproved property cost | $103,917 | $78,453 |
Budong PSC [Member] | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' |
Unproved property cost | 4,470 | 5,219 |
Dussafu PSC [Member] | ' | ' |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' |
Unproved property cost | $99,447 | $73,234 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Schedule Of Other Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 |
In Thousands, unless otherwise specified | ||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | ' | ' |
Deferred financing costs | $0 | $3,111 | $1,000 | ' |
Long-term VAT receivable | 0 | 3,440 | ' | ' |
Long-term prepaid expenses | 139 | 328 | ' | ' |
Gabon PSC - blocked payment (net to our 66.667% interest) | 734 | 734 | ' | 700 |
Other assets | $873 | $7,613 | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Schedule Of Other Assets (Parenthetical) (Detail) | 1 Months Ended | 12 Months Ended | |
31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' | ' |
Interest Related to Dussafu PSC Drilling Operations | 66.67% | 66.67% | 66.67% |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Summary of Estimated Fair Values of Fixed Interest Rate, Long-term Debt Instrument (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' |
11% senior unsecured notes carrying value (Level 2) | $79,750 |
Level 2 input [Member] | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' |
11% senior unsecured notes carrying value (Level 2) | 77,480 |
11% senior unsecured notes at fair value (Level 2) | $79,750 |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Fair Value of Liabilities and Their Placement With in Fair Value Hierarchy Levels (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Liabilities: | ' | ' |
Warrant derivative liability | $1,953 | $5,470 |
Embedded derivative-debt | 0 | 0 |
Total derivative liabilities | 1,953 | 5,470 |
Level 1 input [Member] | ' | ' |
Liabilities: | ' | ' |
Warrant derivative liability | 0 | 0 |
Embedded derivative-debt | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 2 input [Member] | ' | ' |
Liabilities: | ' | ' |
Warrant derivative liability | 0 | 0 |
Embedded derivative-debt | 0 | 0 |
Total derivative liabilities | 0 | 0 |
Level 3 input [Member] | ' | ' |
Liabilities: | ' | ' |
Warrant derivative liability | 1,953 | 5,470 |
Embedded derivative-debt | 0 | 0 |
Total derivative liabilities | $1,953 | $5,470 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Schedule of Reconciliation of Financial Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financial liabilities: | ' | ' |
Beginning balance | $5,470 | $4,870 |
Unrealized change in fair value | -3,517 | 600 |
Ending balance | $1,953 | $5,470 |
Recovered_Sheet2
Summary of Significant Accounting Policies - Schedule of Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred tax valuation allowance [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | $68,419 | $53,116 | $46,905 |
Charged to Income | 0 | 15,303 | 6,211 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions From Reserves Credited to Income | -8,843 | 0 | 0 |
Balance at End of Year | 59,576 | 68,419 | 53,116 |
Investment valuation allowances [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 1,350 | 1,350 | 1,350 |
Charged to Income | 0 | 0 | 0 |
Charged to Other Accounts | 0 | 0 | 0 |
Deductions From Reserves Credited to Income | 0 | 0 | 0 |
Balance at End of Year | 1,350 | 1,350 | 1,350 |
VAT receivable valuation allowance [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 0 | ' | ' |
Charged to Income | 2,792 | ' | ' |
Charged to Other Accounts | 0 | ' | ' |
Deductions From Reserves Credited to Income | 0 | ' | ' |
Balance at End of Year | $2,792 | ' | ' |
Earning_Per_Share_Earning_Per_
Earning Per Share - Earning Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ($83,946) | $2,199 | ($30,285) |
Discontinued operations | -1,073 | -2,586 | -1,006 | -485 | -6,472 | -347 | -2,164 | -5,427 | -5,150 | -14,410 | 86,245 |
NET INCOME (LOSS) ATTRIBUTABLE TO HARVEST [COMPREHENSIVE INCOME (LOSS)] | ($122,680) | $1,953 | ($4,466) | $36,097 | ($23,147) | $5,751 | $6,225 | ($1,040) | ($89,096) | ($12,211) | $55,960 |
Weighted average common shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 39,579 | 37,424 | 34,117 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 167 | 0 |
Weighted average common shares, diluted | ' | ' | ' | ' | ' | ' | ' | ' | 39,579 | 37,591 | 34,117 |
Basic Earnings Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ($2.99) | $0.12 | ($0.09) | $0.93 | ($0.43) | $0.16 | $0.23 | $0.13 | ($2.12) | $0.06 | ($0.89) |
Discontinued operations | ($0.03) | ($0.07) | ($0.03) | ($0.01) | ($0.16) | ($0.01) | ($0.06) | ($0.16) | ($0.13) | ($0.39) | $2.53 |
Basic earnings per share | ($3.02) | $0.05 | ($0.12) | $0.92 | ($0.59) | $0.15 | $0.17 | ($0.03) | ($2.25) | ($0.33) | $1.64 |
Diluted Earnings Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | ($2.99) | $0.12 | ($0.09) | $0.92 | ($0.43) | $0.16 | $0.21 | $0.12 | ($2.12) | $0.06 | ($0.89) |
Discontinued operations | ($0.03) | ($0.07) | ($0.03) | ($0.01) | ($0.16) | ($0.01) | ($0.06) | ($0.14) | ($0.13) | ($0.39) | $2.53 |
Diluted earnings per share | ($3.02) | $0.05 | ($0.12) | $0.91 | ($0.59) | $0.15 | $0.15 | ($0.02) | ($2.25) | ($0.33) | $1.64 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Options [Member] | ' | ' | ' |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, Amount | 4.2 | 3.9 | 3.7 |
Warrants [Member] | ' | ' | ' |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share, Amount | 2.5 | 2.4 | 1.6 |
Dispositions_Additional_Inform
Dispositions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||
Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | 17-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | Dec. 16, 2013 | |
Block 64 EPSA [Member] | Antelope Project [Member] | Antelope Project [Member] | Antelope Project [Member] | Antelope Project [Member] | Petroandina [Member] | Harvest Vinccler S.C.A. [Member] | Petrodelta, S.A. [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | |||||
First Closing [Member] | First Closing [Member] | Second Closing [Member] | Petroandina [Member] | Harvest Vinccler S.C.A. [Member] | ||||||||||||||
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash purchase price for share purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | $125,000,000 | $275,000,000 | ' | ' |
Percentage of equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 80.00% | ' | 29.00% | 51.00% | ' | ' |
Loss on Sale of Interest in Harvest holding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | ' | ' |
Percentage of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | 29.00% | 20.00% |
Partner interest in equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' |
Termination payment fees | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share purchase agreement expenses, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired carrying value | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Farm-out agreement, working interest percentage | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners carried interest for the minimum exploratory work commitment | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment expense | ' | 575,000 | 2,900,000 | 3,335,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement cost | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of projects | ' | ' | ' | ' | ' | 217,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closed transaction to sell | ' | ' | ' | ' | ' | ' | 17-May-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective date of sale | ' | ' | ' | ' | ' | ' | 1-Mar-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense related to settlement of royalty payments | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-offs of notes receivable | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable - carry obligation | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest with note receivable | ' | ' | ' | ' | ' | ' | ' | ' | $3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dispositions_Revenue_and_Net_I
Dispositions - Revenue and Net Income (Loss) on Disposition (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenue applicable to discontinued operations | $0 | $0 | $6,488 |
Net income (loss) from discontinued operations | -5,150 | -14,410 | 86,245 |
Oman [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenue applicable to discontinued operations | 0 | 0 | 0 |
Net income (loss) from discontinued operations | -674 | -12,711 | -11,371 |
Colombia [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenue applicable to discontinued operations | 0 | 0 | 0 |
Net income (loss) from discontinued operations | -4,476 | 0 | 0 |
Antelope Project [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Revenue applicable to discontinued operations | 0 | 0 | 6,488 |
Net income (loss) from discontinued operations | $0 | ($1,699) | $97,616 |
Investment_in_Equity_Affiliate2
Investment in Equity Affiliate - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 16, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 31, 2013 | Dec. 16, 2013 | Dec. 31, 2013 |
Closings | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | Harvest Holding [Member] | ||
Closings | First Closing [Member] | First Closing [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest in equity affiliate | ' | ' | ' | 40.00% | 40.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interest to sell as per agreement | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | 29.00% | ' | ' | ' |
Number of closings for sale of Shares | ' | 2 | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Cash purchase price for share purchase agreement | ' | ' | ' | ' | ' | ' | ' | $400 | ' | $125 | ' | ' | ' |
Loss on Sale of Interest in Harvest holding | ' | ' | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' | ' |
Exemption credit | ' | ' | 55.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exemption credit, net of tax | ' | ' | 36.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overstatement of Sports Law contribution | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overstatement of Sports Law contribution net to interest by parent indirectly | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of interest owned by parent indirectly | 20.40% | ' | ' | ' | 32.00% | 32.00% | ' | ' | ' | ' | 20.40% | 32.00% | 51.00% |
Hydrocarbon contract term | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participation required for decision making process | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Price per MCF of gas | ' | ' | ' | 1.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collection period for obligated to make payment to Petrodelta | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Equity_Affiliate3
Investment in Equity Affiliate - Summary of Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Adjustments to increase (decrease) net income under IFRS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings from equity affiliate included in income income | ($10,242) | $25,747 | $7,602 | $49,471 | $7,745 | $20,299 | $22,829 | $16,896 | $72,578 | $67,769 | $73,451 |
Petrodelta, S.A. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,326,093 | 1,263,264 | 1,122,191 |
Gas sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | 3,350 | 3,497 |
Royalty | ' | ' | ' | ' | ' | ' | ' | ' | -440,963 | -423,069 | -374,135 |
Revenue, total | ' | ' | ' | ' | ' | ' | ' | ' | 889,130 | 843,545 | 751,553 |
EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 151,661 | 121,023 | 77,236 |
Workovers | ' | ' | ' | ' | ' | ' | ' | ' | 29,168 | 17,302 | 28,508 |
Depletion, depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 87,203 | 86,004 | 58,376 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 26,345 | 31,753 | 11,297 |
Windfall profits tax | ' | ' | ' | ' | ' | ' | ' | ' | 234,453 | 291,355 | 237,632 |
Windfall profits credit | ' | ' | ' | ' | ' | ' | ' | ' | -55,168 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 473,662 | 547,437 | 413,049 |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 415,468 | 296,108 | 338,504 |
Gain on exchange rate | ' | ' | ' | ' | ' | ' | ' | ' | 169,582 | 0 | 0 |
Investment earnings and other | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 13 | 610 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -21,728 | -7,017 | -10,699 |
Income before income tax | ' | ' | ' | ' | ' | ' | ' | ' | 563,337 | 289,104 | 328,415 |
Current income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 325,217 | 127,080 | 190,577 |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -17,662 | 76,030 | -94,622 |
Net income under IFRS | ' | ' | ' | ' | ' | ' | ' | ' | 255,782 | 85,994 | 232,460 |
Adjustments to increase (decrease) net income under IFRS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 9,080 | 78,968 | -49,545 |
Depletion expense | ' | ' | ' | ' | ' | ' | ' | ' | -20,352 | 7,282 | 1,908 |
Reversal of windfall profits tax credit | ' | ' | ' | ' | ' | ' | ' | ' | -55,168 | 0 | 0 |
Sports law over accrual | ' | ' | ' | ' | ' | ' | ' | ' | 1,313 | 2,536 | 0 |
Net income under U.S. GAAP | ' | ' | ' | ' | ' | ' | ' | ' | 190,655 | 174,780 | 184,823 |
Equity interest in equity affiliate | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 40.00% | 40.00% |
Income before amortization of excess basis in equity affiliate | ' | ' | ' | ' | ' | ' | ' | ' | 76,262 | 69,912 | 73,929 |
Amortization of excess basis in equity affiliate | ' | ' | ' | ' | ' | ' | ' | ' | -3,684 | -2,143 | -1,863 |
Earnings from equity affiliate included in income income | ' | ' | ' | ' | ' | ' | ' | ' | $72,578 | $67,769 | $72,066 |
Investment_in_Equity_Affiliate4
Investment in Equity Affiliate - Schedule of Assets and Liabilities (Detail) (Petrodelta, S.A. [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Petrodelta, S.A. [Member] | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' |
Current assets | $1,906,595 | $1,425,115 |
Property and equipment | 717,449 | 538,351 |
Other assets | 181,116 | 70,468 |
Current liabilities | 1,652,806 | 1,180,559 |
Other liabilities | 136,298 | 93,101 |
Net equity | $1,016,056 | $760,274 |
Investment_in_Equity_Affiliate5
Investment in Equity Affiliate - Petrodelta - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 30, 2010 | Feb. 28, 2013 | Feb. 28, 2013 | Jan. 28, 2011 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | October 1, 2013 [Member] | May 1, 2014 [Member] | Venezuela [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Petrodelta, S.A. [Member] | Fusion Geophysical Llc [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | VEB | HNR Finance [Member] | Minimum [Member] | Maximum [Member] | USD ($) | ||||||||||||||||
Employee | USD ($) | |||||||||||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $756,700,000 | $352,700,000 | ' | ' | ' | ' | ' | ' |
No of employees seconded into Petrodelta | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Advance payment | ' | ' | ' | ' | ' | ' | ' | ' | 531,000 | 414,000 | 682,000 | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Advances to Affiliate to a long-term receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 800,000 | ' | ' | ' | ' | ' | ' | ' |
Contribution of extraordinary prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution of exorbitant prices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty paid in-cash | ' | ' | ' | ' | ' | ' | ' | ' | 3.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.33% | ' | ' | ' | ' | ' | ' | ' |
Royalty paid in-kind | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalties paid | ' | ' | ' | ' | ' | ' | ' | ' | 80 | 70 | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' |
Reduction in royalty | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,400,000 | 113,700,000 | 85,000,000 | ' | ' | ' | ' | ' |
Reduction in royalty net to interest by parent indirectly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,100,000 | 36,400,000 | 27,200,000 | ' | ' | ' | ' | ' |
Percentage of interest owned by parent indirectly | ' | ' | ' | ' | ' | ' | ' | ' | 20.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | 32.00% | ' | ' | ' | ' | ' |
Royalty paid in-cash in-kind | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on revaluation of its assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in exchange currency rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | ' | ' | ' | ' | ' | 11.3 | 11.3 | ' | ' | ' | ' | 4.3 | 6.3 | ' |
Assets account, balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,011,000,000 | ' | ' | ' | ' |
Liabilities account, balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,683,000,000 | ' | ' | ' | ' |
Foreign currency loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in salary | 90.00% | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | 59.00% | 23.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends common stock cash from equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared to HNR Finance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | ' | ' | ' |
Net income/loss from equity affiliate | ($10,242,000) | $25,747,000 | $7,602,000 | $49,471,000 | $7,745,000 | $20,299,000 | $22,829,000 | $16,896,000 | $72,578,000 | $67,769,000 | $73,451,000 | ' | ' | ' | ' | ' | ' | ' | $72,578,000 | $67,769,000 | $72,066,000 | ' | ' | ' | ' | $1,400,000 |
Venezuela_Other_Additional_Inf
Venezuela - Other - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
USD ($) | USD ($) | Harvest Vinccler [Member] | |
VEB | |||
Intercompany Foreign Currency Balance [Line Items] | ' | ' | ' |
Exchange value of foreign currency to domestic currency | $1.60 | $1.50 | ' |
Foreign currency average exchange rate | 6.9 | 5.16 | ' |
Assets account, balance | ' | ' | 10.2 |
Liabilities account, balance | ' | ' | 7.2 |
Gabon_Additional_Information_D
Gabon - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Sqkms | Dussafu PSC [Member] | Dussafu PSC [Member] | ||
ft | sqmi | |||
acre | ||||
ft | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ' | ' | ' | ' |
Ownership percentage held by wholly owned subsidiary | 75.00% | ' | 66.67% | ' |
Area covered by acquiree entity | ' | ' | 680,000 | ' |
Area covered by acquiree entity under water depths | ' | ' | 1,650 | ' |
Extended period of third exploration phase | ' | '4 years | ' | ' |
Third exploration phase extension date | ' | 27-May-16 | ' | ' |
Processing of seismic | ' | 545 | ' | ' |
Depth of well | ' | 11,385 | ' | ' |
Acquisition of land as part of seismic acquisition survey | ' | ' | 1,260 | ' |
Oil and gas properties | ' | ' | $103.40 | $76.40 |
Indonesia_Additional_Informati
Indonesia - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2011 | Jan. 14, 2011 | Sep. 15, 2010 | Dec. 31, 2007 |
acre | ||||||
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' | ' | ' |
Farmout agreement to acquire interest | 7.10% | ' | ' | ' | ' | ' |
Extended period of initial exploration phase | '4 years | ' | ' | ' | ' | ' |
Number of wells under operational activities | 2 | ' | ' | ' | ' | ' |
Budong PSC [Member] | ' | ' | ' | ' | ' | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' | ' | ' |
Farmout agreement to acquire interest | ' | ' | 64.40% | ' | 54.40% | 47.00% |
Committing to fund the fist phase cap | ' | ' | ' | ' | ' | $17.20 |
Maximum level of carried interest | ' | ' | ' | ' | ' | 20 |
Increase in funding obligation due to option exercise | ' | ' | ' | ' | 2.7 | ' |
Cost of funding to acquire interest in acquiree | ' | ' | ' | ' | 19.9 | ' |
Acquire additional equity, first acquisition | ' | ' | ' | ' | 7.40% | ' |
Acquire additional equity, second acquisition | ' | ' | ' | 10.00% | ' | ' |
Cost of additional interest acquisition | ' | ' | ' | 3.7 | ' | ' |
Period available related to acquisition cost payable | '10 days | ' | ' | ' | ' | ' |
Cost sharing interest | ' | ' | 64.51% | ' | ' | ' |
Expiration date of contract | 15-Jan-13 | 16-Jan-13 | ' | ' | ' | ' |
Extended period of initial exploration phase | '4 years | ' | ' | ' | ' | ' |
Initial exploration phase | '6 years | ' | ' | ' | ' | ' |
Acquired additional participating interest, third acquisition | ' | 7.10% | ' | ' | ' | ' |
Participating ownership interest | ' | 71.50% | ' | ' | ' | ' |
Participating ownership interest until first commercial production | ' | 72.00% | ' | ' | ' | ' |
Percentage funded consideration for transaction | ' | 100.00% | ' | ' | ' | ' |
Duration exploration not drilled | ' | '18 months | ' | ' | ' | ' |
Consideration paid | ' | 3.2 | ' | ' | ' | ' |
Area covered during initial exploration period | 1.35 | ' | ' | ' | ' | ' |
Exploration period | '10 years | ' | ' | ' | ' | ' |
Development phase period | '20 years | ' | ' | ' | ' | ' |
Initial exploration phase | '3 years | ' | ' | ' | ' | ' |
Original area relinquished to SKK Migas | 45.00% | ' | ' | ' | ' | ' |
Original area relinquished | 35.00% | ' | ' | ' | ' | ' |
Relinquishment deferred | 10.00% | ' | ' | ' | ' | ' |
Budong PSC covered | 750,000 | ' | ' | ' | ' | ' |
Current percentage of original contract area | 55.00% | ' | ' | ' | ' | ' |
Reduced percentage of original contract area | 20.00% | ' | ' | ' | ' | ' |
Area remained covered under initial contract | 300,000 | ' | ' | ' | ' | ' |
Impaired expense | 0.6 | ' | ' | ' | ' | ' |
Oil and gas properties | 4.6 | 5.3 | ' | ' | ' | ' |
Valuation allowance expect to recover | $2.80 | ' | ' | ' | ' | ' |
Budong PSC [Member] | Lariang Basin [Member] | ' | ' | ' | ' | ' | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' | ' | ' |
Number of leads used while remapping of Basin | 8 | ' | ' | ' | ' | ' |
Budong PSC [Member] | Karama Basin [Member] | ' | ' | ' | ' | ' | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' | ' | ' | ' | ' |
Number of leads used while remapping of Basin | 5 | ' | ' | ' | ' | ' |
China_Additional_Information_D
China - Additional Information (Detail) (WAB-21 [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' |
Extension of the license (Date) | 31-May-15 | ' |
Impaired carrying value | ' | $2.90 |
License extended expiry date | 31-May-13 | ' |
China National Offshore Oil Corporation [Member] | ' | ' |
Projects with Exploratory Well Costs Capitalized for More than One Year [Line Items] | ' | ' |
Petroleum contract coverage area | 6,200,000 | ' |
Additional coverage area | 1,250,000 | ' |
Debt_Summary_of_Debt_Detail
Debt - Summary of Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 11, 2012 |
In Thousands, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Discount on 11% senior unsecured notes | ($2,270) | ($4,911) | ' |
Less current portion | -77,480 | 0 | ' |
Total debt | 0 | 74,839 | ' |
11% senior unsecured notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes, unsecured, with interest at 11% | $79,750 | $79,750 | $79,800 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 11, 2012 | Feb. 17, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Oct. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 11, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 17, 2010 | |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | 11% senior unsecured notes [Member] | 11% senior unsecured notes [Member] | 11% senior unsecured notes [Member] | 8.25% Senior Convertible Notes [Member] | 8.25% Senior Convertible Notes [Member] | 8.25% Senior Convertible Notes [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payment due dates | 'January 1, April 1, July 1 and October 1, beginning January 1, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'March 1 and September 1 of each year, beginning September 1, 2010 | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | 11.00% | ' | 11.00% | ' | ' | ' | ' | ' | 11.00% | 11.00% | ' | ' | 8.25% | ' |
Offering cost of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $79,750,000 | $79,750,000 | $79,800,000 | ' | ' | $32,000,000 |
Sale of 11 percent senior unsecured notes due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11-Oct-14 | ' | ' | ' | ' | ' |
Percent of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96.00% | ' | ' | ' | ' | ' |
Warrants to purchase share of our common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' |
Exercise price of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' |
Financing costs associated with the senior convertible notes | 0 | 3,111,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 3,200,000 | ' | ' | ' | ' |
Sale of equity interest in Harvest Holding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.00% | ' | ' | ' | ' | ' |
Cost of Sale of Equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' |
Notes redeemed | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | 0 | -5,425,000 | -13,132,000 | ' | ' | ' | ' | ' | 13,100,000 | ' | ' | 3,600,000 | ' | ' | ' | ' | ' |
Write off of discount on debt | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | ' | 2,300,000 | ' | ' | ' | ' | ' |
Placement fees and other transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 1,300,000 | ' | ' | ' | ' | ' |
Sale of assets | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior notes repurchase offer period in case of specified sales proceeds of assets | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of the principal amount plus accrued and unpaid interest | 105.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent in the case of a change in control | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent in the case of a sale of Petrodelta plus accrued interest | 105.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Embedded derivative value | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Debt equity instruments issued | ' | 4,600,000 | 100,000 | ' | 175.2234 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of senior convertible notes | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, convertible, conversion price | ' | ' | $5.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior convertible notes, exchanged | ' | ' | ' | ' | ' | ' | 25,500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility prepaid | 0 | 0 | 60,000,000 | ' | ' | ' | ' | ' | 60,000,000 | 60,000,000 | 6,000,000 | ' | ' | ' | ' | ' | ' |
New debt received in exchange of old debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,500,000 | ' | ' | ' | ' |
Convertible debt equity instruments conversion price | ' | $5.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing cost | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Interim interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of prepayment premium | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt outstanding amount on which prepayment premium paid | ' | ' | ' | ' | ' | ' | ' | ' | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Principal_Payment_Require
Debt - Principal Payment Requirements on Long-Term Debt Outstanding (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $79,750 |
Total | $79,750 |
Warrant_Derivative_Liabilities2
Warrant Derivative Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2010 |
In Millions, except Share data, unless otherwise specified | |||
Line of Credit Facility [Line Items] | ' | ' | ' |
Warrants outstanding | 2,513,000 | ' | ' |
Loan facility amount | 60 | ' | ' |
Fair value of warrants per warrant | 1.07 | 3.18 | ' |
Minimum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Direct or indirect owner voting power of the outstanding common stock | 50.00% | ' | ' |
Term Loan Facility [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Warrants outstanding | 1,826,001 | 1,720,334 | ' |
Loan facility amount | ' | ' | $60 |
Warrant_Derivative_Liabilities3
Warrant Derivative Liabilities - Schedule of Significant Assumptions or Ranges (Detail) (Warrants derivative liabilities [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Significant assumptions (or ranges): | ' | ' |
Term (years) | '1 year 9 months 29 days | '2 years 9 months 29 days |
Level 1 input [Member] | ' | ' |
Significant assumptions (or ranges): | ' | ' |
Stock price | 4.52 | 9.07 |
Risk-free rate | 0.34% | 0.33% |
Level 2 input [Member] | ' | ' |
Significant assumptions (or ranges): | ' | ' |
Volatility | 94.00% | 70.00% |
Dividend yield | 0.00% | 0.00% |
Level 3 input [Member] | ' | ' |
Significant assumptions (or ranges): | ' | ' |
Scenario probability (fundamental change event/debt raise/equity raise) | '60%/40%/0 % | '0%/80%/20 % |
Warrant_Derivative_Liabilities4
Warrant Derivative Liabilities - Income (Loss) Associated with Changes in Fair Values of Our Warrant Derivative Financial Instruments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Unrealized gain (loss) on warrant derivatives | $3,517 | ($600) | $9,786 |
Warrants derivative liabilities [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Unrealized gain (loss) on warrant derivatives | $3,517 | ($600) | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
Jul. 24, 2013 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2007 | Aug. 31, 2006 | Jul. 31, 2006 | Jul. 31, 2004 | Dec. 31, 2013 | 4-May-12 | Jul. 31, 2007 | Jun. 30, 2007 | Apr. 30, 2005 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | IDR | USD ($) | USD ($) | Uracoa Municipality Tax Assessments [Member] | Uracoa Municipality Tax Assessments [Member] | Uracoa Municipality Tax Assessments [Member] | Uracoa Municipality Tax Assessments [Member] | Uracoa Municipality Tax Assessments [Member] | Libertador Municipality Tax Assessments [Member] | Libertador Municipality Tax Assessments [Member] | Libertador Municipality Tax Assessments [Member] | Libertador Municipality Tax Assessments [Member] | Libertador Municipality Tax Assessments [Member] | Farmout Agreements [Member] | |
Plaintiff | Person | Claim | Claim | Claim | Claim | Assessment | Claim | Claim | Claim | Claim | Assessment | USD ($) | |||||
Legal Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of executive officers under employment contacts | ' | ' | 5 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice period for terminating employment contract | ' | ' | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination date of employment contracts | ' | ' | 31-May-13 | 31-May-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of initial exploration phase | ' | ' | '6 years | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date granted for extended period of initial exploration phase | ' | ' | 15-Jan-17 | 15-Jan-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extended period of initial exploration phase | ' | ' | '4 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of expected amount to pay partner | ' | ' | 7.10% | 7.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected amount to pay partner | ' | ' | $3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Complaint alleged damages amount | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Plaintiffs | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation claim for land local currency | ' | ' | ' | 16,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation claim for land USD value at cost | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation claim for land USD value net to cost sharing interest | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cost sharing interest in work commitments | ' | ' | 71.61% | 71.61% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased land value, at cost | ' | ' | 4,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Blocked payment at cost | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Blocked payment net to cost sharing interest | ' | 700,000 | 734,000 | ' | 734,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date of OFAC application for return of blocked funds | ' | ' | 26-Oct-11 | 26-Oct-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost sharing interest | ' | 66.67% | 66.67% | 66.67% | 66.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tax assessments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | 5 | ' |
Number of claim filed | ' | ' | ' | ' | ' | ' | 2 | 2 | 2 | 3 | ' | ' | 2 | 2 | 1 | ' | ' |
Number of claim dismissed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | 575,000 | ' | 2,900,000 | 3,335,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 |
Accrual of impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Lease Commitments for Office Space (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Abstract] | ' |
Total payments due for office leases | $583 |
Payments due for office leases in Less than 1 year | 521 |
Payments due for office leases in 1-2 Years | 62 |
Payments due for office leases in 3-4 Years | 0 |
Payments due for office leases After 4 Years | $0 |
Taxes_Tax_Effects_of_Significa
Taxes - Tax Effects of Significant Items of Deferred Income Taxes (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Alternative minimum tax credit | $2,100 | ' |
Deferred tax liabilities: | ' | ' |
Tax on unremitted earnings of foreign subsidiaries | -89,900 | ' |
Foreign [Member] | ' | ' |
Deferred tax assets: | ' | ' |
Operating loss carryforwards | 58,051 | 54,231 |
Oil and gas properties | 1,606 | ' |
Total deferred tax assets | 59,657 | 54,231 |
Deferred tax liabilities: | ' | ' |
Accrued income | ' | -1,005 |
Total deferred tax liabilities | ' | -1,005 |
Net deferred tax asset (liability) | 59,657 | 53,226 |
Valuation allowance | -59,576 | -52,427 |
Net deferred tax asset (liability) after valuation allowance | 81 | 799 |
United States And Other [Member] | ' | ' |
Deferred tax assets: | ' | ' |
Operating loss carryforwards | 2,928 | 4,498 |
Stock-based compensation | 8,056 | 8,091 |
Accrued compensation | 598 | 739 |
Oil and gas properties | 1,015 | ' |
Alternative minimum tax credit | 4,501 | 2,261 |
Other | 145 | 861 |
Total deferred tax assets | 17,243 | 16,450 |
Deferred tax liabilities: | ' | ' |
Tax on unremitted earnings of foreign subsidiaries | -89,900 | ' |
Prepaids | -198 | -373 |
Other liabilities | -82 | -35 |
Fixed assets | -12 | -28 |
Total deferred tax liabilities | -90,192 | -436 |
Net deferred tax asset (liability) | -72,949 | 16,014 |
Valuation allowance | ' | -15,992 |
Net deferred tax asset (liability) after valuation allowance | ($72,949) | $22 |
Taxes_Additional_Information_D
Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ' | ' |
Income tax on undistributed earnings of foreign subsidiaries | $89,900,000 | ' |
Realized tax gain | 47,500,000 | ' |
Offset taxable income future period | 8,400,000 | ' |
AMT credit carryforward | 2,100,000 | ' |
Operating loss carryforwards | 0 | ' |
Accumulated undistributed earnings of foreign subsidiaries resulting from unremitted earnings | 334,800,000 | ' |
Current deferred tax liability | 43,162,000 | 0 |
Uncertain tax positions | 5,600,000 | ' |
Net income tax benefit | 2,200,000 | ' |
Accrued interest | 0 | ' |
Accrued penalty | 100,000 | ' |
Venezuela [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Foreign operating loss carryforwards | 100,000 | ' |
Prior Year [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Offset taxable income by loss | 10,800,000 | ' |
Current Year [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Offset taxable income by loss | $36,700,000 | ' |
Taxes_Components_of_Loss_from_
Taxes - Components of Loss from Continuing Operations Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loss before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ($31,072) | ($33,841) | ($30,309) |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -40,725 | -18,915 | -58,193 |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | ($40,673) | ($17,280) | ($10,926) | ($2,918) | ($22,999) | ($8,428) | ($10,922) | ($10,407) | ($71,797) | ($52,756) | ($88,502) |
Taxes_Provision_Benefit_for_In
Taxes - Provision (Benefit) for Income Taxes on Continuing Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | $2,279 | ($717) | ' |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 929 | 3,693 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 2,323 | 212 | 3,693 |
Deferred: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | 72,971 | -22 | ' |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -2,207 | -799 | -2,636 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 70,764 | -821 | -2,636 |
Total income tax expense - continuing operations | ($75,228) | $765 | $1,415 | ($39) | $90 | ($1,723) | $1,022 | $1,220 | $73,087 | ($609) | $1,057 |
Taxes_Income_Tax_Expense_Benef
Taxes - Income Tax Expense (Benefit) on Continuing Operations at Federal Statutory Rate (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income tax expense (benefit) from continuing operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax expense (benefit) at U.S. statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | ($25,129) | ($17,938) | ($30,805) |
Effect of foreign source income and rate differentials on foreign income | ' | ' | ' | ' | ' | ' | ' | ' | 204 | 239 | 4,887 |
Tax gain associated with sale of interest in Harvest Holding | 7,474 | ' | ' | ' | ' | ' | ' | ' | 7,474 | ' | ' |
Subpart F income | ' | ' | ' | ' | ' | ' | ' | ' | 16,615 | ' | ' |
Tax on unremitted earnings of foreign subsidiaries | 89,900 | ' | ' | ' | ' | ' | ' | ' | 89,900 | ' | ' |
Expired losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,356 | ' | ' |
Other changes in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | -10,643 | 10,331 | 28,169 |
Change in applicable statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | -404 | ' | ' |
Other permanent differences | ' | ' | ' | ' | ' | ' | ' | ' | -2,546 | 1,431 | ' |
Return to accrual and other true-ups | ' | ' | ' | ' | ' | ' | ' | ' | 2,919 | 1,257 | ' |
Debt exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,758 | ' |
Warrant derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -1,180 | ' | -1,445 |
Liability for uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | -5,553 | 799 | 237 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 74 | 514 | 14 |
Total income tax expense - continuing operations | -75,228 | 765 | 1,415 | -39 | 90 | -1,723 | 1,022 | 1,220 | 73,087 | -609 | 1,057 |
Income tax expense (benefit) from discontinued operations: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax expense (benefit) - discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,748 |
Total income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $73,087 | ($609) | $6,805 |
Taxes_Net_Operating_Losses_Ava
Taxes - Net Operating Losses Available for Carryforward (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
United States [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | $8,364 |
Net operating losses available for carryforward | 'Available for up to 20 years from 2012 |
Indonesia [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | 54,435 |
Net operating losses available for carryforward | 'Available for up to 5 years from 2011 |
Gabon [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | 23,268 |
Net operating losses available for carryforward | 'Available for up to 3 years from 2010 |
Oman [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | 25,174 |
Net operating losses available for carryforward | 'Available for up to 5 years from 2009 |
The Netherlands [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | 109,634 |
Net operating losses available for carryforward | 'Available for up to 9 years from 2007 |
Venezuela [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | 3,043 |
Net operating losses available for carryforward | 'Available for up to 3 years from 2010 |
Colombia [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | $1,214 |
Net operating losses available for carryforward | 'Available indefinitely |
Taxes_Primary_Income_Tax_Juris
Taxes - Primary Income Tax Jurisdictions and their Respective Audit Years (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
United States [Member] | ' |
Open Tax Years By Major Jurisdiction [Line Items] | ' |
Open tax audit beginning year | '2010 |
Open tax audit ending year | '2013 |
The Netherlands [Member] | ' |
Open Tax Years By Major Jurisdiction [Line Items] | ' |
Open tax audit beginning year | '2010 |
Open tax audit ending year | '2013 |
Singapore [Member] | ' |
Open Tax Years By Major Jurisdiction [Line Items] | ' |
Open tax audit beginning year | '2009 |
Open tax audit ending year | '2013 |
United Kingdom [Member] | ' |
Open Tax Years By Major Jurisdiction [Line Items] | ' |
Open tax audit beginning year | '2012 |
Open tax audit ending year | '2013 |
Venezuela [Member] | ' |
Open Tax Years By Major Jurisdiction [Line Items] | ' |
Open tax audit beginning year | '2009 |
Open tax audit ending year | '2013 |
Colombia [Member] | ' |
Open Tax Years By Major Jurisdiction [Line Items] | ' |
Open tax audit year | '2013 |
Taxes_Unrecognized_Tax_Benefit
Taxes - Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Roll Forward] | ' | ' |
Balance at beginning of year | $5,871 | $5,072 |
Additions for tax positions of prior years | ' | 799 |
Reductions for tax positions of prior years | -5,553 | ' |
Balance at end of year | $318 | $5,871 |
StockBased_Compensation_and_St2
Stock-Based Compensation and Stock Purchase Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Allocated share-based compensation expense | '2.3 | '5.2 | '4.8 |
Actual tax benefit realized from share-based awards | $0 | $0 | $2,535 |
StockBased_Compensation_and_St3
Stock-Based Compensation and Stock Purchase Plans - Long Term Incentive Plans - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
2006 Long term Incentive Plan [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Issuance of shares of common stock, authorized | 1,825,000 |
Shares authorized to be granted as restricted stock | 325,000 |
2006 Long term Incentive Plan [Member] | Options [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Shares authorized to be granted as stock options or SARs | 900,000 |
2006 Long term Incentive Plan [Member] | Restricted Stock [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Maximum shares of restricted stock that can be granted | 175,000 |
Period of restricted stock grant | '3 years |
2004 Long term Incentive Plan [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Issuance of shares of common stock, authorized | 1,750,000 |
Shares authorized to be granted as restricted stock | 438,000 |
2004 Long term Incentive Plan [Member] | Options [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Shares authorized to be granted as stock options or SARs | 438,000 |
2004 Long term Incentive Plan [Member] | Restricted Stock [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Maximum shares of restricted stock that can be granted | 110,000 |
2001 Long term Incentive Plan [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Issuance of shares of common stock, authorized | 1,697,000 |
Shares grant period | '1 year |
2001 Long term Incentive Plan [Member] | Options [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Shares authorized to be granted as stock options or SARs | 500,000 |
2010 Long term Incentive Plan [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Issuance of shares of common stock, authorized | 2,725,000 |
Shares authorized to be granted as restricted stock | 700,000 |
2010 Long term Incentive Plan [Member] | Options [Member] | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' |
Shares authorized to be granted as stock options or SARs | 1,000,000 |
StockBased_Compensation_and_St4
Stock-Based Compensation and Stock Purchase Plans - Stock Options - Additional Information (Detail) (Options [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Stock options remained available for grant | 52,333 | 85,006 | ' |
Vesting term | '3 years | ' | ' |
Options exercisable, shares | 2,905,000 | 2,500,000 | 2,200,000 |
Options exercisable, weighted-average exercise price | $9.85 | $10.12 | $10.15 |
Option vesting period | '3 years | ' | ' |
Stock options awarded to employees and executive officers | 920,004 | 451,298 | 498,500 |
Number of options issued | 20,000 | ' | ' |
Options issued, exercise price | $6.10 | ' | ' |
Consecutive trading days for options to vest | '10 days | ' | ' |
Total intrinsic value of stock options exercised | $0.10 | $0.30 | $1.40 |
Total fair value shares vested | 1.9 | 1.9 | 2.7 |
Total future compensation cost related to unvested stock option awards that are expected to vest | $3.10 | ' | ' |
Expected weighted average period of recognizing compensation cost | '2 years 1 month 6 days | ' | ' |
2001 Long term Incentive Plan [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Number of options issued | 85,000 | ' | ' |
Options issued, exercise price | $10.80 | ' | ' |
Exercise price $10.91 [Member] | 2004 Long term Incentive Plan [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Number of options issued | 225,000 | ' | ' |
Options issued, exercise price | $10.91 | ' | ' |
Exercise price $10.80 [Member] | 2004 Long term Incentive Plan [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Number of options issued | 165,000 | ' | ' |
Options issued, exercise price | $10.80 | ' | ' |
Minimum [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Stock options granted under the plans, expiry period from date of grant | '5 years | ' | ' |
Average closing price of common stock | $20 | ' | ' |
Maximum [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Stock options granted under the plans, expiry period from date of grant | '10 years | ' | ' |
StockBased_Compensation_and_St5
Stock-Based Compensation and Stock Purchase Plans - Summary of Status of Stock Option Plans (Detail) (Options [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Options [Member] | ' | ' | ' |
Summary of the status of stock option plans | ' | ' | ' |
Options outstanding, shares, beginning balance | 3,897 | ' | ' |
Options granted, shares | 920 | ' | ' |
Options exercised, shares | -20 | ' | ' |
Options cancelled, shares | -64 | ' | ' |
Options outstanding, shares, ending balance | 4,733 | 3,897 | ' |
Options exercisable, shares | 2,905 | 2,500 | 2,200 |
Options outstanding, weighted-average exercise price, beginning balance | $9.62 | ' | ' |
Options granted, weighted-average exercise price | $4.80 | ' | ' |
Options exercised, weighted-average exercise price | ($6.10) | ' | ' |
Options cancelled, weighted-average exercise price | ($6.74) | ' | ' |
Options outstanding, weighted-average exercise price, ending balance | $8.74 | $9.62 | ' |
Options exercisable, weighted-average exercise price | $9.85 | $10.12 | $10.15 |
Options outstanding, remaining contractual life | '2 years 1 month 6 days | '2 years 7 months 6 days | ' |
Options exercisable, remaining contractual life | '1 year 3 months 18 days | ' | ' |
Options outstanding, aggregate intrinsic value | $0 | $3,064 | ' |
Options exercisable, aggregate intrinsic value | $0 | ' | ' |
StockBased_Compensation_and_St6
Stock-Based Compensation and Stock Purchase Plans - Summary of Value of Option Grant Estimated on Date of Grant (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ' | ' | ' |
Weighted average fair value | $3.06 | $2.85 | $5.92 |
Weighted average expected life | '5 years | '5 years | '5 years |
Expected volatility | 79.40% | 67.30% | 61.30% |
Risk-free interest rate | 1.30% | 0.70% | 1.80% |
Dividend yield | 0.00% | 0.00% | 0.00% |
StockBased_Compensation_and_St7
Stock-Based Compensation and Stock Purchase Plans - Summary of Unvested Stock Option Awards (Detail) (Options [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Options [Member] | ' |
Summary of unvested stock option awards | ' |
Unvested Outstanding, shares, beginning balance | 1,380,000 |
Outstanding Granted, shares | 920,000 |
Outstanding Vested, shares | -452,000 |
Outstanding Forfeited, shares | -20,000 |
Unvested Outstanding, shares, ending balance | 1,828,000 |
Unvested Outstanding, Weighted-Average Grant - Date Fair Value, beginning balance | $4.88 |
Granted, Weighted-Average Grant - Date Fair Value | $3.06 |
Vested, Weighted-Average Grant - Date Fair Value | ($4.27) |
Forfeited, Weighted-Average Grant - Date Fair Value | ($3.04) |
Unvested Outstanding, Weighted-Average Grant - Date Fair Value, ending balance | $4.14 |
StockBased_Compensation_and_St8
Stock-Based Compensation and Stock Purchase Plans - Restricted Stock - Additional Information (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 13, 2013 | Dec. 31, 2013 | Jul. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Director [Member] | Director [Member] | Employee [Member] | Employee [Member] | Newly Hired Employees [Member] | Newly Hired Employees [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option vesting period | ' | ' | ' | ' | '1 year | ' | '3 years | ' | ' |
Granted, Shares | 190,002 | 0 | 179,050 | 100,002 | ' | 90,000 | ' | 2,000 | 2,000 |
Aggregate fair value of awards | $0.90 | $0.01 | $2 | ' | ' | ' | ' | ' | ' |
Value of the restricted stock vested | 1.2 | 0.8 | 3.4 | ' | ' | ' | ' | ' | ' |
Granted, Weighted-Average Grant - Date Fair Value | $4.80 | $5.85 | $11.21 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' |
Expected weighted average period of recognizing compensation cost | '1 year 4 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_and_St9
Stock-Based Compensation and Stock Purchase Plans - Summary of Restricted Stock Awards (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Summary of unvested stock option awards | ' | ' | ' |
Unvested Outstanding, shares, beginning balance | 284,750 | ' | ' |
Outstanding Granted, shares | 190,002 | 0 | 179,050 |
Outstanding Vested, shares | -160,600 | ' | ' |
Outstanding Forfeited, shares | 0 | ' | ' |
Unvested Outstanding, shares, ending balance | 314,152 | 284,750 | ' |
Unvested Outstanding, Weighted-Average Grant - Date Fair Value, beginning balance | $8.93 | ' | ' |
Granted, Weighted-Average Grant - Date Fair Value | $4.80 | $5.85 | $11.21 |
Vested, Weighted-Average Grant - Date Fair Value | ($7.23) | ' | ' |
Forfeited, Weighted-Average Grant - Date Fair Value | ' | ' | ' |
Unvested Outstanding, Weighted-Average Grant - Date Fair Value, ending balance | $7.30 | $8.93 | ' |
Recovered_Sheet3
Stock-Based Compensation and Stock Purchase Plans - Stock Appreciation Rights - Additional Information (Detail) (Stock Appreciation Rights (SARs) [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Option vesting period | '3 years | ' | ' |
Exercisable SARs | ' | 74,997 | 83,000 |
Weighted-average exercise price of SARs exercisable | $4.91 | $4.60 | $4.60 |
Granted, Shares | 213,996 | 707,202 | 0 |
Number of options issued | 250,000 | ' | ' |
Options issued, exercise price | $10.80 | ' | ' |
Consecutive trading days for options to vest | '10 days | ' | ' |
Percent of fair market value of Company's common stock on exercise date less exercise price of $10.80 | 100.00% | ' | ' |
Intrinsic value | $0 | $0.30 | $0 |
Total fair value of awards vested | 0.8 | 0.3 | 0.2 |
Unrecognized compensation cost | $1.20 | ' | ' |
Expected weighted average period of recognizing compensation cost | '1 year 9 months 18 days | ' | ' |
Minimum [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Average closing price of common stock | $25 | ' | ' |
Recovered_Sheet4
Stock-Based Compensation and Stock Purchase Plans - SAR Award Transactions under Stock-Based Employee Compensation Plans (Detail) (Stock Appreciation Rights (SARs) [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
SAR award transactions under stock-based employee compensation plans | ' | ' | ' |
Unvested Outstanding, shares, beginning balance | 932,202 | ' | ' |
Granted, Shares | 213,996 | 707,202 | 0 |
Exercised, Shares | 0 | ' | ' |
Cancelled, Shares | -19,000 | ' | ' |
Unvested Outstanding, shares, ending balance | 1,127,198 | 932,202 | ' |
SARs exercisable at end of the year, shares | 394,394 | ' | ' |
Weighted-Average Exercise Price, beginning balance | $4.99 | ' | ' |
Weighted-Average Exercise Price, Granted | $4.80 | ' | ' |
Weighted-Average Exercise Price, Exercised | ' | ' | ' |
Weighted-Average Exercise Price, Cancelled | ($5.12) | ' | ' |
Weighted-Average Exercise Price, ending balance | $4.95 | $4.99 | ' |
SARs exercisable at end of the year, Weighted Average Exercise Price | $4.91 | $4.60 | $4.60 |
SARs outstanding as of December 31, 2013 | '3 years 3 months 4 days | ' | ' |
SARs exercisable as of December 31, 2013 | '2 years 10 months 2 days | ' | ' |
SARs outstanding, Aggregate Intrinsic Value | $0 | ' | ' |
SARs exercisable at end of the year, Aggregate Intrinsic Value | $0 | ' | ' |
Recovered_Sheet5
Stock-Based Compensation and Stock Purchase Plans - Summary of Unvested SAR Awards (Detail) (Unvested Stock Appreciation Rights [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Unvested Stock Appreciation Rights [Member] | ' |
Summary of unvested stock option awards | ' |
Unvested Outstanding, shares, beginning balance | 857,205 |
Outstanding Granted, shares | 213,996 |
Outstanding Vested, shares | -323,063 |
Outstanding Forfeited, shares | -15,334 |
Unvested Outstanding, shares, ending balance | 732,804 |
Unvested Outstanding, Weighted-Average Grant - Date Fair Value, beginning balance | $6.18 |
Granted, Weighted-Average Grant - Date Fair Value | $2.73 |
Vested, Weighted-Average Grant - Date Fair Value | ($2.46) |
Forfeited, Weighted-Average Grant - Date Fair Value | ($2.47) |
Unvested Outstanding, Weighted-Average Grant - Date Fair Value, ending balance | $2.54 |
Recovered_Sheet6
Stock-Based Compensation and Stock Purchase Plans - Restricted Stock Units - Additional Information (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Option vesting period | '3 years | ' | ' |
Granted, Shares | 190,002 | 388,000 | 0 |
Aggregate fair value of awards | ' | $2 | ' |
Shares settled with Company's common stock | 202,668 | ' | ' |
Value of the restricted stock vested | 0.8 | 0.4 | 0.6 |
Unrecognized compensation cost | $0.50 | ' | ' |
Expected weighted average period of recognizing compensation cost | '1 year 3 months 18 days | ' | ' |
Director [Member] | ' | ' | ' |
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' |
Option vesting period | '1 year | ' | ' |
Recovered_Sheet7
Stock-Based Compensation and Stock Purchase Plans - Summary of RSU Awards (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Summary of unvested stock option awards | ' | ' | ' |
Unvested Outstanding, shares, beginning balance | 530,006 | ' | ' |
Outstanding Granted, shares | 190,002 | 388,000 | 0 |
Outstanding Vested, shares | -202,668 | ' | ' |
Outstanding Forfeited, shares | -5,000 | ' | ' |
Unvested Outstanding, shares, ending balance | 322,338 | 530,006 | ' |
Unvested Outstanding, Weighted-Average Grant - Date Fair Value, beginning balance | $9.07 | ' | ' |
Granted, Weighted-Average Grant - Date Fair Value | ' | ' | ' |
Vested, Weighted-Average Grant - Date Fair Value | ($4.12) | ' | ' |
Forfeited, Weighted-Average Grant - Date Fair Value | ($4.52) | ' | ' |
Unvested Outstanding, Weighted-Average Grant - Date Fair Value, ending balance | $4.52 | $9.07 | ' |
Recovered_Sheet8
Stock-Based Compensation and Stock Purchase Plans - Common Stock Warrants - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
Jul. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 11, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Oct. 11, 2012 | Nov. 30, 2010 | Nov. 30, 2010 | Nov. 30, 2010 | Oct. 11, 2012 | Nov. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 28, 2011 | Dec. 31, 2013 | Oct. 11, 2012 | Jul. 28, 2011 | 17-May-11 | Dec. 31, 2013 | Jul. 28, 2011 | Nov. 30, 2010 | |
11% senior unsecured notes [Member] | 11% senior unsecured notes [Member] | Class Of Warrant One [Member] | Class Of Warrant Two [Member] | Class Of Warrant Three [Member] | Class Of Warrant Three [Member] | Term Loan [Member] | Senior Convertible Notes [Member] | Tranche B [Member] | Tranche B [Member] | Tranche A [Member] | Tranche A [Member] | Tranche A [Member] | Tranche C [Member] | Tranche C [Member] | Tranche C [Member] | Tranche C [Member] | ||||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility closed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercisable issued | ' | ' | ' | ' | ' | ' | 700,000 | 1,200,000 | 400,000 | 4,400,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price of warrants | ' | ' | ' | ' | ' | ' | ' | 15 | 15 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average closing bid price, percentage | 120.00% | ' | ' | ' | ' | ' | ' | ' | 120.00% | 120.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercisable period | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercisable price | 14.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | 10 | 15 | ' | ' | 15 | ' |
Number of trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | '20 days | ' | ' | ' | '20 days | ' | ' |
Redemption price per warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | $0.01 |
Redemption price of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,000 | ' | ' | ' |
Issuance of additional warrants | ' | 105,667 | 118,327 | ' | 2,007 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price per share of warrants | ' | ' | ' | ' | $5.71 | ' | ' | ' | ' | ' | ' | ' | $12.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of voting power of outstanding common stock, condition for fundamental change | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate stated percentage | ' | ' | ' | 11.00% | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercisable anniversary period | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to additional paid in capital, warrant issued | ' | ' | $2,572,000 | ' | ' | $2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet9
Stock-Based Compensation and Stock Purchase Plans - Common Stock Warrants - Summary of Dates the Warrants were Issued, the Expiration Dates, the Exercise Prices and the Number of Warrants Issued and Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issued | 2,513,000 |
Warrants Outstanding | 2,513,000 |
Class Of Warrant One [Member] | ' |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issue Date | '2010-11 |
Expiration Date | '2015-11 |
Exercise Price | 12.95 |
Warrants Issued | 1,600,000 |
Warrants Outstanding | 1,600,000 |
Class Of Warrant Two [Member] | ' |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issue Date | '2011-10 |
Expiration Date | '2015-11 |
Exercise Price | 12.95 |
Warrants Issued | 2,000 |
Warrants Outstanding | 2,000 |
Class Of Warrant Three [Member] | ' |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issue Date | '2012-03 |
Expiration Date | '2015-11 |
Exercise Price | 12.95 |
Warrants Issued | 73,000 |
Warrants Outstanding | 73,000 |
Class Of Warrant Four [Member] | ' |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issue Date | '2012-08 |
Expiration Date | '2015-11 |
Exercise Price | 12.95 |
Warrants Issued | 30,000 |
Warrants Outstanding | 30,000 |
Class Of Warrant Five [Member] | ' |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issue Date | '2012-10 |
Expiration Date | '2015-11 |
Exercise Price | 12.95 |
Warrants Issued | 15,000 |
Warrants Outstanding | 15,000 |
Class Of Warrant Six [Member] | ' |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issue Date | '2013-07 |
Expiration Date | '2015-11 |
Exercise Price | 12.95 |
Warrants Issued | 29,000 |
Warrants Outstanding | 29,000 |
Class Of Warrant Seven [Member] | ' |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issue Date | '2013-10 |
Expiration Date | '2015-11 |
Exercise Price | 12.95 |
Warrants Issued | 22,000 |
Warrants Outstanding | 22,000 |
Class Of Warrant Eight [Member] | ' |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issue Date | '2013-11 |
Expiration Date | '2011-11 |
Exercise Price | 12.95 |
Warrants Issued | 55,000 |
Warrants Outstanding | 55,000 |
Class Of Warrant Nine [Member] | ' |
Summary of dates the warrants were issued, the expiration dates, the exercise prices and the number of warrants issued and outstanding | ' |
Warrants Issue Date | '2012-10 |
Expiration Date | '2015-10 |
Exercise Price | 10 |
Warrants Issued | 687,000 |
Warrants Outstanding | 687,000 |
Operating_Segments_Segment_Inc
Operating Segments - Segment Income (Loss) Attributable to Harvest (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ($83,946) | $2,199 | ($30,285) |
Discontinued operations | -1,073 | -2,586 | -1,006 | -485 | -6,472 | -347 | -2,164 | -5,427 | -5,150 | -14,410 | 86,245 |
Net income (loss) attributable to Harvest | -122,680 | 1,953 | -4,466 | 36,097 | -23,147 | 5,751 | 6,225 | -1,040 | -89,096 | -12,211 | 55,960 |
Venezuela [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 58,640 | 51,584 | 54,974 |
Gabon [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -12,908 | -2,902 | -6,158 |
Indonesia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -9,213 | -4,052 | -45,416 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | ($120,465) | ($42,431) | ($33,685) |
Operating_Segments_Operating_S
Operating Segments - Operating Segment Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | $734,880 | $596,837 |
Operating Segments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 734,851 | 596,524 |
Operating Segments [Member] | Venezuela [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 500,946 | 428,992 |
Operating Segments [Member] | Gabon [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 107,851 | 80,908 |
Operating Segments [Member] | Indonesia [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 5,004 | 9,587 |
Operating Segments [Member] | United States [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | 121,050 | 77,037 |
Discontinued operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
TOTAL ASSETS | $29 | $313 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Dec. 12, 2013 | Dec. 12, 2013 |
Private Placement [Member] | Officers And Directors [Member] | Harvest Vinccler S.C.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Private_placement | Officers | Hnr Energia [Member] | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Sale of common stock | ' | 48,666,000 | 45,882,000 | 1,704,800 | 246,000 | ' | ' |
Proceeds from sale of stock | ' | ' | ' | $5.40 | $0.80 | ' | ' |
Common stock sales price | ' | $0.01 | $0.01 | $3.15 | $3.15 | ' | ' |
Number of private placement transactions | ' | ' | ' | 12 | ' | ' | ' |
Number of officers | ' | ' | ' | ' | 6 | ' | ' |
Amount of notes payable to related party | ' | ' | ' | ' | ' | 10.4 | ' |
Amount of notes, paid | ' | ' | ' | ' | ' | 4.3 | ' |
Notes payable amount, outstanding | $6.10 | ' | ' | ' | ' | ' | ' |
Interest rate on notes payable | 0.50% | ' | ' | ' | ' | ' | ' |
Notes payable maturity date | ' | ' | ' | ' | ' | ' | 30-Jun-16 |
Summarized_Quarterly_Financial
Summarized Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses | ($21,096) | ($9,516) | ($9,653) | ($5,171) | ($16,167) | ($6,694) | ($7,837) | ($8,128) | ($45,436) | ($38,826) | ($77,155) |
Non-operating loss | -19,577 | -7,764 | -1,273 | 2,253 | -6,832 | -1,734 | -3,085 | -2,279 | ' | ' | ' |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -40,673 | -17,280 | -10,926 | -2,918 | -22,999 | -8,428 | -10,922 | -10,407 | -71,797 | -52,756 | -88,502 |
Income tax expense (benefit) | 75,228 | -765 | -1,415 | 39 | -90 | 1,723 | -1,022 | -1,220 | -73,087 | 609 | -1,057 |
Loss from continuing operations | -115,901 | -16,515 | -9,511 | -2,957 | -22,909 | -10,151 | -9,900 | -9,187 | -144,884 | -52,147 | -89,559 |
Earnings (loss) from equity affiliate | -10,242 | 25,747 | 7,602 | 49,471 | 7,745 | 20,299 | 22,829 | 16,896 | 72,578 | 67,769 | 73,451 |
Income (loss) from continuing operations | -126,143 | 9,232 | -1,909 | 46,514 | -15,164 | 10,148 | 12,929 | 7,709 | -72,306 | 15,622 | -16,108 |
Discontinued operations | -1,073 | -2,586 | -1,006 | -485 | -6,472 | -347 | -2,164 | -5,427 | -5,150 | -14,410 | 86,245 |
Net income (loss) | -127,216 | 6,646 | -2,915 | 46,029 | -21,636 | 9,801 | 10,765 | 2,282 | -77,456 | 1,212 | 70,137 |
Less: net income (loss) attributable to noncontrolling interest | -4,536 | 4,693 | 1,551 | 9,932 | 1,511 | 4,050 | 4,540 | 3,322 | -11,640 | -13,423 | -14,177 |
Net income (loss) attributable to Harvest | ($122,680) | $1,953 | ($4,466) | $36,097 | ($23,147) | $5,751 | $6,225 | ($1,040) | ($89,096) | ($12,211) | $55,960 |
BASIC EARNINGS (LOSS) PER SHARE: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations | ($2.99) | $0.12 | ($0.09) | $0.93 | ($0.43) | $0.16 | $0.23 | $0.13 | ($2.12) | $0.06 | ($0.89) |
Discontinued operations | ($0.03) | ($0.07) | ($0.03) | ($0.01) | ($0.16) | ($0.01) | ($0.06) | ($0.16) | ($0.13) | ($0.39) | $2.53 |
Net income (loss) attributable to Harvest | ($3.02) | $0.05 | ($0.12) | $0.92 | ($0.59) | $0.15 | $0.17 | ($0.03) | ($2.25) | ($0.33) | $1.64 |
DILUTED EARNINGS (LOSS) PER SHARE: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations | ($2.99) | $0.12 | ($0.09) | $0.92 | ($0.43) | $0.16 | $0.21 | $0.12 | ($2.12) | $0.06 | ($0.89) |
Discontinued operations | ($0.03) | ($0.07) | ($0.03) | ($0.01) | ($0.16) | ($0.01) | ($0.06) | ($0.14) | ($0.13) | ($0.39) | $2.53 |
Net income (loss) attributable to Harvest | ($3.02) | $0.05 | ($0.12) | $0.91 | ($0.59) | $0.15 | $0.15 | ($0.02) | ($2.25) | ($0.33) | $1.64 |