Harbour Energy
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Harbour Energy (HBR) investor relations material

Harbour Energy Q1 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 TU earnings summary7 May, 2026

Executive summary

  • Completed strategic LLOG acquisition in February 2026, enhancing resilience and free cash flow growth through 2030.

  • Portfolio reshaped with SE Asia exits, entry into US offshore, and focus on five key countries: Norway, UK, Argentina, Mexico, and US, now accounting for 90% of the portfolio.

  • Q1 2026 saw strong operational delivery and reliability, with production reaching 506 kboepd, up from 500 kboepd year-over-year, and April at 520 kboepd.

  • Advanced multiple new projects and wells across the US, Norway, Argentina, and Egypt.

  • Investment grade credit ratings confirmed, with improved free cash flow outlook and potential for material debt reduction and shareholder returns.

Financial highlights

  • Q1 2026 production: 506 kboepd (Q1 2025: 500 kboepd); April 2026: 520 kboepd.

  • Q1 2026 revenue reached $3.0 billion, up from $2.8 billion in Q1 2025.

  • Q1 2026 operating cost: $12.8/boe (Q1 2025: $13/boe).

  • Q1 2026 realised oil price: $79/bbl pre-hedge, $76/bbl post-hedge; EU gas: $14.7–14.8/mscf.

  • 2026 free cash flow outlook increased to $1.4bn at $80/bbl and $13/mscf, more than doubling previous guidance.

Outlook and guidance

  • 2026 production guidance raised to 480–500 kboepd (previously 475–500 kboepd).

  • Operating cost guidance maintained at ~$14.5/boe.

  • Capex guidance for 2026: $2.2–2.4bn; $2.0–2.3bn p.a. from 2027.

  • 2026 FCF payout policy: 45–75% of annual free cash flow, with $600m distributions at low end.

  • Shareholder distributions for 2026 expected at ~$0.6bn, with ~$0.8bn for debt reduction.

Impact of the $18 Dated Brent spread on FCF
Strategic rationale for Zama stake carry deal
Offtake and EPC status for Argentina LNG project
US GoA production CAGR and reserve life outlook
SESA LNG project capacity and startup timeline
FCF payout ratio sensitivity to leverage levels
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