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Harbour Energy delivers solid results but expects weaker output in 2026
(Sharecast News) - FTSE 250-listed Harbour Energy reported a solid performance for 2025, delivering production at the top end of guidance while operating costs dropped more than expected, but said output is expected to fall this year as a result a managed decline in UK assets and the sale of assets in Vietnam. Production averaged 474,000 barrels of oil equivalents per day last year, up 84% on the year before, helped by a full year contribution from Wintershall Dea assets, with strong increases in output in Norway, Germany and Argentina.
Unit operating costs averaged $13.00/boe, down 20% from the $16.50/boe average in 2024 and lower than guidance, due to the addition of the Wintershall Dea assets, strong volumes and cost performance and divestments in Vietnam.
The company also spent $2.3bn in capital expenditure this year, lower than the $2.4bn guidance due to reduced activity in the UK and phasing of some Norway spend. Meanwhile, free cash flow swelled to $1.1bn from just $0.1bn in 2024, some $0.1bn higher than the most recent guidance.
However, for 2026, Harbour expects its production average to fall to 435-455 kboepd. Unit operating costs are expected to be increase slightly to $13.5/boe, but capital expenditure is tipped to fall to $1.7bn-1.9bn due to reduced UK investment.
2026 guidance does not include the impact of the previously announced sale of Harbour's Indonesian assets and the acquisition of Waldorf in the UK and LLOG in the US.
Including these transactions, which are expected to complete this year, production guidance will increase to 500 kboepd by year-end, while operating costs will remain below $15/boe.
"Looking to 2026, our priorities include delivering another year of outstanding operational performance, continuing to mature our organic growth opportunities, strengthening the balance sheet and completing the announced transactions, all of which position us better for the future," said chief executive Linda Cook.
Shares in Harbour were swinging between gains and losses in early deals on Thursday, but by 0826 GMT were down 2.3% at 217p.
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