Harbour Energy (HBR) Trading Update summary

Operational performance and production

• Q1 2025 production averaged 500 kboepd, up from 172 kboepd in Q1 2024, driven by the Wintershall Dea acquisition and strong operations.

• Portfolio now includes significant contributions from Norway (180 kboepd), UK (165 kboepd), and Argentina (74 kboepd).

• Production efficiency reached 90%, with new wells onstream in multiple regions and no serious process safety events.

• Unit operating costs fell to $13/boe, a 30% reduction year-on-year.

• Greenhouse gas intensity halved to 12 kgCO₂/boe.

Financial performance and capital management

• Q1 2025 revenue rose to $2.8 billion, reflecting higher production and improved realised prices.

• Free cash flow reached $0.7 billion, reducing net debt by $0.5 billion to $4.2 billion.

• $1.9 billion in bonds issued, pre-funding all maturities through 2027; liquidity stood at $3.7 billion.

• Investment grade ratings reaffirmed by Moody's and Fitch.

• Proposed final 2024 dividend of $227.5 million, in line with annual policy.

Strategic initiatives and portfolio development

• Final investment decision made on Southern Energy LNG in Argentina, expanding access to international gas markets.

• Progress in Mexico with Zama development and a 50% upgrade to Kan resource estimate.

• Evaluating accelerated development of the Tangkulo discovery in Indonesia.

• Exploration successes in Egypt and Norway, supporting future reserves.

• UK business unit review initiated, targeting at least 25% headcount reduction due to lower investment levels.