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Harbour Energy
Harbour Energy (HBR) investor relations material
Harbour Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Achieved record production of 474,000 barrels per day in 2025, up 84% year-over-year, driven by portfolio upgrades and strategic acquisitions, with strong operational and financial performance.
Completed LLOG acquisition in February 2026, enhancing resilience and free cash flow growth; announced divestments and further M&A activity, including Waldorf acquisition and Southeast Asia exits.
Focused on five core countries (Norway, UK, Argentina, Mexico, US), now accounting for 90% of production, cash flow, and reserves.
Maintained high safety standards, with a slight increase in recordable injury rate due to expansion, but improved process safety and emissions intensity.
Delivered high return, short-cycle investments and improved cost structure.
Financial highlights
Generated $1.1 billion in free cash flow, exceeding guidance, and reduced net debt to $4.4 billion by year-end 2025, rising to $7.2 billion post-LLOG acquisition.
Revenue for 2025 was $10.3 billion, up from $6.2 billion in 2024; adjusted EBITDA/EBITDAX rose by 77% to $7.2 billion.
Adjusted profit after tax increased to $0.6 billion, up over 60%, despite a reported after-tax loss due to high effective tax rates and impairments.
Paid $3.5 billion in cash taxes, mainly in the UK and Norway.
Shareholder distributions declared totaled $478 million, including dividends and share buybacks.
Outlook and guidance
2026 production guidance raised to 475,000–500,000 barrels per day, with unit OpEx expected at $14.5/BOE due to LLOG and Waldorf integration.
CapEx for 2026 projected at $2.2–$2.4 billion, mainly from LLOG, with free cash flow sensitivity of $170 million per $5 oil price change.
Free cash flow for 2026 guided at $0.63 billion, with sensitivity to Brent and Euro gas prices.
Free cash flow expected to rise to $1 billion in 2028, supported by U.S. Gulf growth and Waldorf synergies.
Updated distribution policy: 45–75% of free cash flow to be returned to shareholders, with a $300 million base dividend.
Impact of LLOG on long-term cash flow margins
New FCF distribution policy and leverage targets
Revised Zama development plan and FID timeline
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Next Harbour Energy earnings date
Q1 2026 TU7 May, 2026
Harbour Energy
Next Harbour Energy earnings date
Q1 2026 TU7 May, 2026
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Frequently asked questions
Harbour Energy plc is an independent oil and gas exploration and production company. It operates primarily in the United Kingdom, with a focus on the North Sea, but also has assets in Southeast Asia, Latin America, and other regions. The company’s portfolio includes both producing fields and development projects, with an emphasis on optimizing production and extending the life of mature assets. The company is headquartered in Edinburgh, United Kingdom, and its shares are listed on the LSE.
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