What AI produced….2 Nov 2025 14:35
Harbour Energy plc – Trading and Operations Update
(For the period ended 30 September 2025)
Harbour Energy (“Harbour” or “the Company”) today provides an update on its trading and operational performance for the nine months ended 30 September 2025. The Company continues to deliver strong operational results, robust cash generation and meaningful progress across its international growth portfolio.
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Operational performance
• Production: Average working interest production for the period was 472,000 barrels of oil equivalent per day (boepd), slightly above the upper end of full-year guidance (455,000–475,000 boepd). Production efficiency remained high at 91%, reflecting strong operating reliability across core North Sea and international assets.
• Unit operating cost: Average unit operating costs were $13.2 per barrel of oil equivalent, down 4% from the prior quarter, supported by disciplined cost management and the ongoing benefits of operational streamlining.
• Capital expenditure: Full-year capex is now expected to be around $2.4 billion, slightly below previous guidance, reflecting project deferrals and continued focus on capital efficiency.
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Financial performance
• Commodity prices: Realised oil prices averaged $77/bbl (post-hedging) and realised UK gas prices averaged $11.5/mcf.
• Free cash flow: Free cash flow for the first nine months was approximately $2.1 billion, underpinning a further reduction in net debt to $3.6 billion (down from $4.7 billion at year-end 2024).
• Balance sheet: Harbour maintains strong liquidity with total available cash and undrawn facilities of $5.2 billion.
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Shareholder returns
• The Company reaffirms its dividend policy of $200 million per annum, with the next interim dividend of $100 million to be paid in December 2025.
• Harbour continues to assess options for incremental shareholder distributions should commodity prices remain supportive and leverage continue to decline.
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Strategic and growth progress
• Integration of the Wintershall Dea assets remains on track, with key synergies already being realised through shared infrastructure and procurement savings.
• In Indonesia, the Andaman Sea appraisal programme delivered encouraging results, supporting future gas export potential.
• In the UK, Harbour continues to advance its Viking CCS and Acorn CCS projects, with both moving through front-end engineering design and targeting first injection by 2030.
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Outlook
Harbour now expects full-year 2025 production to be towards the upper end of guidance and unit operating costs to remain around $13/boe. The Company anticipates further deleveraging by year-end, maintaining its focus on balance sheet strength and shareholder value.
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