Harbour Energy (HBR) Investor presentation summary

Strategic execution and portfolio overview

• Leveraging scale and a diverse asset base to sustain production at 490-500 kboepd, with a focus on lower-cost, lower-tax basins and competitive shareholder returns.

• Five core countries—Norway, UK, Argentina, US, and Mexico—drive results, with 1.4 bnboe reserves and 1.9 bnboe resources at year-end 2025.

• Recent acquisitions (LLOG in US, Waldorf in UK) and divestments have strengthened the portfolio and increased operational control.

• Production is maintained at scale through high-return projects and an 18-year organic inventory.

Operational and financial performance

• Record H1 2026 production of 509 kboepd, with high reliability (93% efficiency) and operating costs at $13.3/boe.

• Free cash flow reached $1.8bn in H1 2026, supporting accelerated debt reduction and $400m in announced share buybacks.

• Adjusted earnings per share rose to 28 cents, and leverage remained low at 0.7x net debt/EBITDAX.

• Significant liquidity of $4.1bn and successful refinancing of a $3.0bn RCF, extending maturity to 2031.

Regional highlights

• Norway: Increased production to 180 kboepd, high margins, and accelerated project delivery with six FIDs targeted in 2026.

• UK: Enhanced resilience via Waldorf acquisition, adding 14 kboepd and 25 mmboe reserves, with operating costs reduced to $18/boe.

• Argentina: Long-life production, new gas wells online, and LNG project (SESA) to start up in 2027.

• US Gulf of America: High-margin, oil-weighted growth with >20% production CAGR to 2030 and 18-year reserve life.

• Mexico: Zama and Kan fields progressing toward FID readiness in late 2027, with potential to add reserves equal to two years of production.