Harbour Energy PLC

HBR

Equity

ISIN GB00BMBVGQ36 / Valor 111720884

LSE London Stock Exchange, SETS (2025-10-20)

GBP 1.97+2.12%

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

Strong Operational Delivery

Harbour Energy increased and diversified its production to 488 kboepd, up from 159 kboepd in H1 2024. Unit operating costs were reduced by approximately 30% to $12.4 per boe, and net equity GHG intensity more than halved to 12 kgCO2/boe. The company successfully brought new wells on-stream in Norway, Argentina, and the UK, and upgraded its Kan (Mexico) gross 2C resources estimate by 50% to around 150 mmboe.

Significant Free Cash Flow Generation

>The company achieved revenues of $5.3 billion and EBITDAX of $3.9 billion, driven by post-hedge oil prices of $71/bbl and European gas prices of $13/mscf. Free cash flow surged to $1.36 billion, while net debt was reduced to $3.8 billion and leverage improved to 0.5x. Despite a reported loss after tax of $0.2 billion due to deferred tax charges and foreign exchange losses, adjusted profit after tax increased to $0.4 billion.

Improved 2025 Outlook

Harbour Energy has upgraded its production guidance to 460-475 kboepd and lowered unit operating cost guidance to approximately $13.5/boe. The free cash flow outlook was raised to around $1.0 billion. The company declared an interim dividend of $227.5 million and initiated a new $100 million share buyback program, aiming for a total free cash flow payout of approximately 55% for the year.

Summarized from source with an LLMView Source

Key figures

-25.2%1Y

-48.3%3Y

-28.4%5Y

Performance

38.5%1Y

41.3%3Y

50.0%5Y

Volatility