Harbour Energy (HBR) Q3 2025 TU earnings summary

Executive summary

• Production increased to 473 kboepd for Q1–Q3 2025, driven by the Wintershall Dea acquisition and new wells coming online.

• Achieved strong operational and financial performance, with enhanced scale and resilience.

• Free cash flow outlook for 2025 reaffirmed at $1 billion despite lower commodity prices.

• Strategic projects in Mexico, Argentina, Indonesia, and Egypt progressed, supporting future growth.

• Maintained investment grade credit ratings and robust balance sheet.

Financial highlights

• Q1–Q3 2025 free cash flow totaled $1.2bn; net debt at $4.2bn by September 30, 2025.

• Revenue for the period rose to $7.6bn from $3.1bn year-over-year, mainly due to higher production.

• Interim dividend of $227.5m paid; $100m share buyback underway, with total payout at 55% of free cash flow.

• Unit operating cost down ~30% year-over-year to $13/boe; full-year guidance at $13.5/boe.

• Total capex for 2025 guided at $2.4bn, reduced from previous guidance.

Outlook and guidance

• 2025 production guidance narrowed to 465–475 kboepd, reflecting strong year-to-date performance.

• Free cash flow outlook for 2025 remains robust at $1.0bn, with payout ratio of ~55%.

• Capital expenditure expected to decrease in 2026, with focus on high-value, short-cycle projects.

• Portfolio expected to sustain material production well beyond 2030, supported by 19 years of reserves and resources.

• 2025 capex guidance lowered to $2.4bn (from $2.4–2.5bn).