London · Delayed Price · Currency is GBP · Price in GBX Harbour Energy Earnings Call Transcripts
Fiscal Year 2025
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Record 2025 production and strong financials were driven by portfolio transformation, including the LLOG and Waldorf acquisitions. Guidance for 2026 and beyond points to stable production, rising free cash flow, and a new distribution policy, with ongoing focus on capital discipline and risk management.
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The $3.2 billion acquisition of LLOG secures a leading position in the deepwater U.S. Gulf, doubling production by 2028 and extending reserves life. The deal is accretive, brings significant synergies, and is expected to enhance free cash flow and shareholder returns.
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Production nearly tripled year-over-year to 488,000 bbls/day, driving revenue and EBITDA to more than double. Free cash flow outlook was raised to $1 billion, with $555 million in shareholder distributions planned for 2025. Integration of Wintershall Dea assets is progressing well.
Fiscal Year 2024
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2024 marked a transformational year with the Wintershall Dea acquisition, tripling reserves and boosting production, while maintaining strong financial discipline and investment-grade ratings. The company expects lower costs, robust free cash flow, and sustained shareholder returns, with a diversified global portfolio supporting long-term growth.
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Operational delivery remained strong with stable production and cost control, leading to a positive net cash position and an 8% dividend increase. The Wintershall Dea acquisition is on track for early Q4, expected to significantly boost production and free cash flow.