Harbour Energy PLC

HBR

Equity

ISIN GB00BMBVGQ36 / Valor 111720884

LSE London Stock Exchange, SETS (2025-11-20)

GBP 2.31-0.17%

Harbour Energy PLC
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About company

Harbour Energy PLC, established in 2014 by EIG Global Energy Partners, is a prominent player in the energy sector, focusing on the acquisition and management of conventional, cash-generative producing assets primarily outside of North America. The company embarked on its growth trajectory in 2017 by supporting Chrysaor Holdings Limited in its acquisition of a significant portfolio of UK North Sea assets from Shell for $3.0 billion. This strategic move was followed by another major acquisition in 2019, where it purchased ConocoPhillips' UK North Sea assets for $2.7 billion. In a landmark development in 2021, Chrysaor merged with Premier Oil plc through a reverse takeover, culminating in the formation of Harbour Energy plc. This series of strategic acquisitions and mergers has positioned Harbour Energy as a key entity in the exploration and production sector, with a significant focus on the North Sea region.

Summarized from source with an LLMView SourceSector: Energy

Production and guidance

Production to end‑September 2025 was 473 kboepd (c.40% liquids, 40% European gas, 20% other gas), reflecting full contribution from Wintershall Dea assets; new wells came on stream in Q3. Full‑year 2025 production guidance was tightened and upgraded to 465–475 kboepd (previously 460–475 kboepd).

Revenue, prices and unit costs

Revenue for the nine months was $7.6 billion (2024: $3.1 billion). Realised post‑hedge oil price was $71/bbl and European gas $13.4/mscf YTD. Unit operating costs fell to ~$13/boe (2024: $19/boe) with 2025 guidance at c.$13.5/boe.

Free cash flow, capex and payouts

2025 free cash flow outlook reaffirmed at c.$1.0 billion. Capital expenditure to 30 September was c.$1.6 billion; full‑year capex guidance lowered to c.$2.4 billion. Harbour paid a $227.5 million interim dividend (consistent with a $455 million annual policy) and initiated a $100 million buyback, taking expected 2025 payout to ~55% of the $1.0bn FCF outlook.

Balance sheet, debt and hedging

Net debt was $4.2 billion ($4.1bn post‑swap) at 30 September. A €1 billion senior note was repaid in September and remaining maturities to 2028 are pre‑funded. Hedge mark‑to‑market gain was $380 million; for 2026 roughly 50% of European gas exposure is hedged at $11.4/mscf and ~35% of Brent at $72/bbl. Credit ratings were reconfirmed at investment grade.

Operational performance, safety and emissions

Strong operational execution with successful maintenance shutdowns and several new wells; TRIR remained 1.0 per million hours. Greenhouse gas intensity improved materially to 13 kgCO2/boe (2024: 23 kgCO2/boe) on a net equity basis.

Strategic projects and portfolio moves

Progress on Southern Energy LNG (Argentina), phased Zama development (Mexico) submitted, Kan appraisal upgraded and FEED targeted for 2026, and ongoing evaluations in Indonesia and Egypt. Portfolio actions included divestment of Vietnam assets and exits from certain non‑core licences.

Cost and organisational actions

Unit cost benefits partly driven by Wintershall Dea integration; exit from transition services agreement completed. A UK review reduced c.250 roles (c.600 cumulative since 2022) to align cost base with lower UK investment expectations.

Summarized from source with an LLMView Source

Key figures

-10.8%1Y

-29.4%3Y

-40.3%5Y

Performance

38.6%1Y

40.8%3Y

49.5%5Y

Volatility