Harbour Energy (HBR) Q3 2026 TU earnings summary

Executive summary

• Record 9M production reached 501 kboepd, up 6% YoY; Q3 production rose 9% YoY to 484 kboepd.

• 9M free cash flow doubled to $2.4bn; FY26 production guidance rose to 500–505 kboepd and FCF outlook to ~$2.6bn.

• Net debt fell to $5.1bn at September-end, with ~$1.0bn repaid since LLOG completion; LLOG and Waldorf were integrated, and Indonesia assets divested.

Financial highlights

• 9M revenue was $9.8bn and EBITDAX $6.8bn, up 29% and 26% YoY, respectively.

• 9M FCF was $2.4bn versus $1.2bn in 9M 2025; capex, including decommissioning, was $1.6bn, unchanged YoY.

• Net debt was $5.1bn at September-end versus $5.4bn at June-end; leverage fell to 0.6x from 0.7x.

• Total buybacks announced reached $550m; ~$300m had been completed by 4 November.

Outlook and guidance

• FY26 production guidance increased to 500–505 kboepd from 490–500 kboepd; unit opex guidance remains ~$14.5/boe and capex $2.2–2.4bn.

• FY26 FCF outlook rose from $1.8bn to ~$2.6bn on stronger production and prices, partly offset by working capital build and hedging effects.

• Q4 tax payments are expected to be ~$1.8bn; capex is weighted to Q4, including the second US Gulf of America rig and Waldorf assets.

• At least $1.2bn of 2026 shareholder returns is expected, including a $300m annual dividend and at least $900m of additional returns; FCF payout policy is 45–75%.

• Production target is 475–500 kboepd through decade-end, with operating costs targeted below $15/boe.