Harbour Energy PLC

HBR

Equity

ISIN GB00BMBVGQ36 / Valor 111720884

LSE London Stock Exchange, SETS (2024-12-23)

GBP 2.43+0.08%

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

Revenue Decline

Harbour Energy PLC reported a decrease in total revenue and other income to $3,751 million for the full year ended 31 December 2023, down from $5,431 million in 2022. This decline was primarily driven by lower commodity prices, particularly UK natural gas prices, and reduced production volumes.

Profit After Tax

For the full year ended 31 December 2023, Harbour Energy PLC's profit after tax amounted to $32 million, a slight increase from $8 million in 2022. This resulted in basic earnings per share of 4 cents, up from 1 cent in the previous year.

Operating Costs

Harbour Energy PLC's cost of operations decreased to $2,357 million in 2023 from $2,845 million in 2022. This reduction was mainly due to a positive movement in hydrocarbon inventories and over/underlift balances. However, operating costs per barrel increased to $16.4/boe from $13.9/boe due to lower production volumes.

EBITDAX Reduction

EBITDAX for Harbour Energy PLC was $2,675 million in 2023, down from $4,011 million in 2022. The reduction was mainly driven by lower revenue, reflecting the impact of decreased commodity prices and production volumes.

Dividend and Shareholder Returns

Harbour Energy PLC declared a final dividend of 12 cents per ordinary share for the year ended 31 December 2023. This reflects the company's commitment to providing competitive shareholder returns despite the challenging market conditions.

Summarized from source with an LLMView Source

Key figures

-22.3%1Y

-31.1%3Y

-87.0%5Y

Performance

40.0%1Y

44.1%3Y

74.3%5Y

Volatility