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Harbour Energy shares surge on guidance lift, $100m buyback
(Sharecast News) - Shares in Harbour Energy surged on Thursday as the oil and gas explorer nudged up production guidance, unveiled a $100m share buyback and posted a jump in half-year adjusted earnings. Guidance was lifted to 460,000-475,000 barrels of oil equivalent a day (kboepd) from 455-475 kboepd, with the divestment of Harbour's Vietnam business more than offset by a strong production performance to date.
The company reported average daily production of 488,000 kboepd for the six months to June, a massive increase from the 159 kboepd posted last year. Shares in the firm rose 14% in London trade.
The surge was driven by the addition of the Wintershall Dea portfolio, which contributed 173 kboepd from Norway and 75 kboepd from Argentina.
Adjusted EBITDAX rose to $3.88bn from $1.25bn.
Reporting by Frank Prenesti for Sharecast.com
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