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Harbour Energy (HBR) investor relations material
Harbour Energy Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 2025 production of 474 kboepd, up 84% year-over-year and at the top end of guidance, driven by operational excellence, asset integration, and robust free cash flow despite softer commodity prices.
Strategic acquisitions (LLOG, Waldorf) and divestments (Indonesia, Vietnam) announced in December 2025 to enhance portfolio, increase free cash flow, and drive growth.
Successfully integrated new assets, improved cost structure, and advanced key development projects in Mexico and Argentina.
Maintained investment grade credit ratings and confirmed intention to move to a payout ratio-based distribution policy, with a new policy to be announced with full year results.
Financial highlights
2025 free cash flow reached $1.1bn, a $0.5bn upgrade from initial outlook, with revenue at $10.3bn and EBITDAX at $7.1bn.
Unit operating costs reduced by 20% to $13/boe, supported by cost controls, asset sales, and integration of lower-cost portfolios.
Distributions to shareholders totaled $545m in 2025, up from $200m in 2024.
Net debt reduced to $4.4bn with leverage at 0.6x, well below the 1.0x target.
Total capital expenditure (including decommissioning) was $2.3bn in 2025.
Outlook and guidance
2026 production guidance set at 435–455 kboepd, with unit opex around $13.5/boe and capex of $1.7–1.9bn.
Free cash flow for 2026 expected at approximately $0.63bn, assuming $65/bbl Brent and $11/mscf European gas.
If announced transactions complete, production could approach 500 kboepd by year-end 2026.
Portfolio expected to sustain material production beyond 2030, with new projects in Norway, Argentina, and Mexico offsetting UK declines.
New distribution policy to be announced with full year results.
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