Harbour Energy lifts lower end of production forecast

(Sharecast News) - Harbour Energy on Thursday nudged up the lower end of its annual production forecast after acquisitions helped boost its first quarter amid the disruption caused by the Iran war.

The company said it now expected to produce between 480,000 and 500,000 barrels of oil equivalent per day (boepd) this year compared to a prior estimate of 475,000-500,000 boepd.

First quarter revenue for the period was $3bn billion compared with $2.8bn a year ago. Production rose to 506,000 boepd from 500,000.

Harbour also lifted its free cash flow forecast for the year to $1.4bn from $600m. The North Sea producer has been diversifying its geographical portfolio into Norway, Argentina, Mexico and the Gulf of Mexico.

"We see the potential for accelerated debt reduction while maintaining competitive shareholder returns and disciplined investment in our portfolio, in line with our capital allocation framework," said chief executive Linda Cook.

Reporting by Frank Prenesti for Sharecast.com

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