(Alliance News) - Harbour Energy PLC on Thursday reported a rise in production but reduced capital expenditure guidance, due to the late arrival of drilling rigs and weaker pound.
For the nine months ended September 30, revenue amounted to USD4.1 billion, with realised post-hedging oil and UK gas prices of USD80 per barrel of crude oil, compared to the average Brent price of USD105 per barrel.
Production during the nine months amounted to 207,000 barrels of oil equivalent per day, representing an increase of 27% compared to a year ago.
Harbour expects full-year production to be in the upper half of its 200,000 to 210,000 barrels of oil equivalent per day guidance.
Chief Executive Officer Linda Cook said: "Harbour is delivering operationally with higher production volumes and lower costs, supported by improved efficiency and our capital investment programme."
Harbour Energy, however, reduced its capital expenditure guidance to about USD1.0 billion from about USD1.2 billion, primarily driven by "late arrival of drilling rigs and the weaker pound sterling to US dollar exchange rate".
Net debt amounted to USD1.1 billion as at period end. It continues to expect to be net debt free in 2023.
In August, Harbour reported revenue and other income of USD2.67 billion for the six months ended June 30, surging 78% from USD1.50 billion last year. Pretax profit increased to USD1.49 billion from USD120.2 million.
Harbour Energy shares were trading 2.2% higher at 393.10 pence each in London on Thursday morning.
By Xindi Wei; xindiwei@alliancenews.com
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Harbour Energy (HBR)
