Harbour Energy lifts free cash flow view amid higher oil price outlook
Harbour Energy PLC on Thursday raised free cash flow guidance and reported increased first quarter sales amid higher oil and gas prices.
Harbour, which has operations in the UK, Norway, Argentina, Germany, Egypt and the Gulf of Mexico now expects full year free cash flow of $1.4 billion, raised from $600 million, assuming a Brent oil price of $80 per barrel.
The FTSE 250 listing expects full year production of 480,000 barrels of oil equivalent per day to 500,000 boepd, tightened from 475,000 boepd to 500,000 boepd previously. This reflects strong year-to-date performance, including 520,000 boepd in April, and ahead of planned UK and Norway maintenance programmes.
Capital expenditure of $2.2 billion to $2.4 billion for the year is reiterated.
Chief Executive Linda Cook remarked: ‘Our strong first quarter has allowed us to narrow upwards our production guidance for the full year and, supported by the current commodity price environment, increase our free cash flow outlook for 2026. As a result, we see the potential for accelerated debt reduction while maintaining competitive shareholder returns and disciplined investment in our portfolio, in line with our capital allocation framework.’
For the first quarter, Harbour reported revenue of $3.0 billion, up from $2.8 billion the year prior, reflecting higher oil and gas prices. Total capital expenditure for the period was flat at $500 million.
Production edged up to 506,000 boepd in the quarter from 500,000 boepd a year ago, with lower unit operating costs of $12.8 per boe, down from $13 per boe.
Shares in Habour Energy rose 1.1% to 282.60 pence each in London on Thursday.
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