Harbour Energy (HBR) Investor presentation summary

Strategic position and portfolio

• Production at scale, with 2026 guidance of 500–505 kboepd and a target to sustain 475–500 kboepd through the end of the decade.

• Five core countries account for c.85% of production; YE 2025 pro forma reserves were 1.4 bnboe and resources 1.9 bnboe.

• Portfolio integration of LLOG in the US and Waldorf in the UK, alongside Indonesia divestment, shifted the portfolio toward lower-cost, lower-tax growth basins.

• c.18 years of 2P + 2C organic inventory supports production plans and future project maturation.

Operating performance

• Q1–Q3 production reached a record 501 kboepd, versus 473 kboepd in Q1–Q3 2025; Q3 production rose 9% YoY and FY guidance was upgraded to 500–505 kboepd.

• Operating efficiency exceeded 90%; Q1–Q3 unit operating costs were $13.9/boe.

• Higher Norway output reflected strong reliability, Njord infill drilling and Skarv satellite projects online a year early; new Argentina and US wells also came online.

• UK production benefited from Waldorf’s c.14 kboepd oil-weighted contribution and increased Catcher ownership; the acquisition released >$400m of cash through financial synergies and cash release.

Growth projects

• Norway had five new developments online in 2026; six projects targeted FID in 2026, with potential to deliver c.100% Norway reserves replacement.

• US Gulf of America growth includes Who Dat, Buckskin and Leon-Castile wells, approved Who Dat East development and an 18-year 2P reserve life.

• Argentina’s SESA LNG project is targeted to start up at end-2027; San Roque oil development is targeted to start in 2027, with a potential inventory of >200 drilling locations.

• Zama and Kan in Mexico are expected to be FID-ready around year-end 2027; their 2C resources equate to two years of production at 475–500 kboepd.

• CCS projects include Greensand Future’s planned September 2026 start-up at c.400 ktpa initial injection, Greenstore’s 115 mt gross storage and Viking’s >400 mt gross storage.