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UK's Harbour Energy lifts annual outlook for third time on strong output, prices

By Reuters News

Nov 5 (Reuters) - Harbour Energy HBR.L upgraded its 2026 production and free cash flow outlook for the third time this year on Thursday, and announced a further $150 million share buyback as record output and higher commodity prices boost returns.


Here are some more details:

  • The company, one of the largest producers in the British section of the North Sea, raised its full-year production guidance to 500 to 505 thousand barrels of oil equivalent per day (kboepd) from 490 to 500 kboepd

  • It now expects full-year free cash flow of about $2.6 billion, against its previous $1.8 billion target

  • Oil and gas producers including Harbour have benefited this year from higher Brent crude and European gas prices following the Iran war

  • Nine-month production rose 6% to a record 501 kboepd, with third-quarter output up 9%

  • Net debt reduced to $5.1 billion at end-September from $5.4 billion at end-June, with about $1 billion of debt repaid since completing the LLOG acquisition

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