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 $3.2B acquisition of LLOG secures a leading deepwater Gulf position, doubling production by 2028 and extending reserves life to 22 years. The deal is accretive, leverages synergies, and retains the LLOG team, with completion targeted for Q1 2026.
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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 production and reserves, and expanding global reach. Financial results showed strong revenue and EBITDA growth, with a focus on cost reduction, disciplined capital allocation, and increased shareholder returns.
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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.