Highlights....21 Dec 2023 15:31
Combined production of over 500 kboepd and 2P reserves of 1.5 bnboe6 –
Significant production of c.170 kboepd7 in Norway with additional material positions in Argentina, Egypt and Germany.
Combined revenue of $5.1 billion and EBITDAX of $3.7 billion for six months to end June 2023
Increases Harbour’s 2P reserve life8 to c.8 years with organic reserve replacement opportunities from c.1.5 bnboe9 of combined 2C resources –
Enhances Harbour’s natural gas-weighting with combined natural gas production of over 300 kboepd10 (c.60 per cent of total production)
Materially accretive to margins with lower combined opex11 of c.$11/boe and exposure to advantaged markets (Brent for oil and TTF for European gas)
Material financial synergies with porting of existing Wintershall Dea Bonds with a nominal value of c.$4.9 billion, a weighted average coupon of c.1.8 per cent and weighted average maturity of c.4.5 years
Post completion, Harbour expects to receive investment grade credit ratings, increasing its access to low cost, diverse sources of capital – Significantly increases Harbour’s per share free cash flow
Supports an increase in Harbour’s annual dividend from $200 million to c.$455 million, of which c.$380 million will be paid to holders of ordinary shares in Harbour ("Ordinary Shares"). This reflects a 5 per cent increase in dividend per Ordinary Share to 26.25 cents
High quality portfolio, free cash flow accretion and significantly enhanced financial strength underpin a sustainable increase in the dividend – Potential for additional returns in line with Harbour’s existing policy
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