Harbour Energy increases free cash flow target after record production

Harbour Energy PLC on Thursday announced a new share buyback and raised its free cash outlook after reporting record production in the first half of 2026.

The oil and gas producer with operations across Europe, Latin America, North Africa and Southeast Asia lifted its full-year free cash flow outlook to USD1.8 billion from USD1.4 billion previously.

This reflected record production of 509,000 barrels of oil equivalent per day in the first half of 2026, up from 488,000 boepd a year before, and higher oil and European natural gas prices, the company said.

As a result of the improved outlook for free cash flow, Harbour Energy said it is accelerating debt reduction and making additional shareholder returns starting with a new USD250 million share buyback.

The buyback programme will start on Thursday and end no later than March 5 next year.

Harbour Energy said the buyback forms part of a minimum USD800 million to be returned to shareholders for 2026. An interim dividend per share also was declared of 8.05 US cents, down from 13.19 cents.

Shares in Harbour Energy rose 6.5% to 247.24 pence each in London on Thursday.

Pretax profit jumped to USD2.35 billion in the six months ended June 30 from USD1.64 billion the year prior, as revenue increased 23% to USD6.39 billion from USD5.18 billion.

Harbour tightened full-year production guidance upward to 490,000 to 500,000 from 480,000 to 500,000 previously.

Operating cost guidance for 2026 was left unchanged at USD14.5 per barrel of oil equivalent, and total capital expenditure guidance was reiterated at USD2.2 billion to USD2.4 billion.

Chief Executive Lisa Cook said it was an "excellent operational performance", in a "volatile macro environment".

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