Harbour Energy plc posted record production and an increase in revenue, while losses doubled on UK taxes and write-offs during 2025.
NEW PROJECTS
Production increased by 84% to a 474 thousand barrels of oil equivalent per day (2024: 258 kboepd), with new wells and projects in the UK, Norway, Argentina and Egypt.
Revenue and other income rose to $10.3 billion (£7.3bn) (2024: $6.2bn) with increased cash flow of $1.1bn (2024: $0.1bn).
Increased adjusted profit after tax totalled $0.6bn ($0.4bn).
Loss after tax rose to $0.2bn ($0.1bn), on a 106% effective tax rate, and additionally affected by a $0.3bn deferred tax charge linked to the UK fiscal changes.
A further $0.7bn was recorded of pre-tax impairments and exploration write-offs in North Africa, Mexico and carbon capture storage.
Following its $3.2bn acquisition of LLOG Exploration Company LLC, operating in the Gulf of Mexico, Harbour held net debt of $7.2bn.
GUIDANCE
Production guidance for 2026 is targeting 475-500 kboepd and total capital expenditure of $2.2-2.4bn with additional expenditure relating to the LLOG and Waldorf acquisitions.
Beyond 2026, Harbour said it expected to maintain production at 475-500 kboepd until 2030, with annual free cash flow expected to increase to circa $1.0bn in 2028.
Chief executive officer Linda Z Cook added that following “significant progress” last year, the company had made a “strong” start to 2026.
“Production over the first two months of the year averaged 509 thousand barrels per day and we completed the LLOG transaction on 11 February, marking our entry into the US deepwater Gulf.
“Looking ahead, our focus remains on safety, operational excellence, advancing our growth projects, strengthening the balance sheet and completing the Waldorf and Indonesia transactions.”
Harbour added its new distributions policy aimed to return 45-75% of free cash flow to shareholders, an increase from the current circa 40%.