HBR.L

Harbour Energy plc
Harbour Energy PLC - Capital Markets Update
6th March 2025, 07:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 6180Z
Harbour Energy PLC
06 March 2025
 

Harbour Energy

("Harbour" or the "Company")

Capital Markets Update

6 March 2025

 

Harbour Energy plc (LON: HBR) today updates investors on its strategy to create value by building a global, diversified oil and gas company focused on cashflow and shareholder distributions.

Linda Z Cook, Chief Executive Officer, commented:

"Harbour's acquisition of Wintershall Dea's portfolio in 2024 transformed us into a global company with a resilient, diverse portfolio. We have a solid base of existing production plus a set of attractive strategic investment options. These, coupled with our consistent strategy, experienced team and disciplined capital management, will drive strong performance, material free cashflow and sustainable shareholder returns through 2027 and beyond."

Today the Company will update investors on how, in the 2025 to 2027 timeframe, it expects:

§

Production to average around 450 kboepd

§

Stable operating costs of less than $15/boe

§

Total annual capital expenditure of less than $2.0 billion in 2026 and 2027, a 25% reduction on 2025 levels

§

Material free cash flow generation of c.$2.0-4.0 billion1

§

A competitive annual dividend of $455 million2

§

$0.5-1.0 billion of debt reduction, in line with a conservative approach to balance sheet management

§

The potential for material additional shareholder returns via share buybacks

Longer term, Harbour expects to sustain cash generative production from its large reserves base, including in Norway, and increasingly through strategic investments to develop its significant 2C resources in Argentina and Mexico. The Company also sees an ongoing role for acquisitions in its strategy as well as potential for investment in CO2 storage.

"Through successful acquisitions, we grew from zero to more than 450 kboepd in eight years, returning $1.2 billion to our shareholders in the last three years alone," said Cook. "Value-driven M&A will remain key to our strategy, alongside investments in our existing resource base and selective divestments, as we continually high-grade our portfolio."

Enquiries                                            


Harbour Energy plc                                        

+44 20 3833 2421

Elizabeth Brooks, SVP Investor Relations

Andy Norman, SVP Communications


Brunswick                          

+44 20 7404 5959

Patrick Handley, Will Medvei


Harbour will host a Capital Markets Update today, including a presentation of its 2024 Full Year Results, at 9.00am (UK). Registration is available via https://www.harbourenergy.com/investors/. A replay will be available on Harbour's website shortly after the event.

1 Potential free cash flow, assuming Brent oil and European gas prices as per the forward curve at 28 February for 2025, $65-80/bbl and $10-13/mscf for 2026 and 2027, and includes c.$500 million of cost and portfolio initiatives. 2 Comprises $380 million dividend on Harbour's 1,440 million ordinary shares and c.$75 million on Harbour's 251 million non-voting shares

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDUNSNRVOUORRR]]>
TwitterFacebookLinkedIn