HRT falls to loss again

HRT goals: Brazil independent aims to improve efficiency

AFP/Scanpix

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Kathrine Schmidt

 10 August 2012 16:29 GMT

HRT on Friday said it slightly narrowed a second-quarter loss, but pledged to streamline its operations in the face of mounting expenses and unremarkable well results so far in the remote onshore Solimoes basin.

The Brazilian independent posted a net loss of 50.6 million reais ($25.1 million) for the three months ending in June. That was a 5% improvement from the 53.1 million reais recorded in the second quarter of 2011.

Expenses grew to 114.9 million reais, up from 99.9 million reais in the year-ago quarter. 

Just in the past month the company said it would replace more than half its board and its chief financial officer. It will also drop its count of rigs drilling in the Solimoes from four to two and "focus on…

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