Comparing the current results to its competitors, Harvest Oil And Gas reported Revenue decrease in the 4 quarter 2019 year on year by -67.1 %, faster than the overall decrease of Harvest Oil And Gas 's competitors by -10.5 %, recorded in the same quarter.
Harvest Oil And Gas 's Comment on Competitors and Industry Peers
The oil and natural gas industry is highly competitive. We encounter strong competition
from other independent operators and from major oil and natural gas companies
in acquiring properties, contracting for drilling equipment and securing trained
personnel. Many of these competitors have financial and technical resources and
staffs substantially larger than ours. As a result, our competitors may be able
to pay more for desirable leases, or to evaluate, bid for and purchase a greater
number of properties or prospects than our financial or personnel resources will
permit.
We are also affected by competition for drilling rigs and the availability
of related equipment. In the past, the oil and natural gas industry has experienced
shortages of drilling rigs, equipment, pipe and personnel, which have delayed
development drilling and other exploitation activities and have caused significant
price increases. We are unable to predict when, or if, such shortages may occur
or how they would affect our development and exploitation program.
Competition is also strong for attractive oil and natural gas producing properties,
undeveloped leases and drilling rights, and there can be no assurances that
we will be able to compete satisfactorily when attempting to make further acquisitions.