March 17, 2014 / 11:15 AM / in 4 years

Harvest Natural posts bigger loss after selling Venezuelan assets

March 17 (Reuters) - Harvest Natural Resources Inc, an oil and gas producer, posted a bigger fourth-quarter loss after taking two charges related to the planned sale of assets to exit Venezuela.

Net loss attributable to the company widened to $112.7 million, or $3.02 per share, in the fourth quarter ended Dec. 31, from $23.1 million, or 59 cents per share, a year earlier.

The results include a loss on the completed portion of the sale of its 32 percent stake in a joint venture with Petroleos de Venezuela SA to Argentina’s Pluspetrol .

Harvest Natural said it also recorded an income-tax expense of $75.2 million, which was partly related to the recording of any future tax liability when it completed the sale.

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