5th Nov 2026 15:14
(Alliance News) - Harbour Energy PLC on Thursday announced a new share buyback as it raised full-year production and free cash flow guidance.
The Edinburgh-based oil and gas producer with operations across Europe, Latin America, North Africa and Southeast Asia said production averaged 501,000 barrels of oil equivalent per day for the nine months ended September 30, up from 473,000 boepd the year prior.
The addition of LLOG Exploration Co in the US, from February, and Waldorf Energy Partners Ltd and Waldorf Production Ltd in the UK, from July, more than offset Indonesia and Vietnam divestments and UK natural decline, it said.
Chief Executive Linda Cook said: "We also advanced our growth projects including through the addition of a second drilling rig in the US, progressing the San Roque Vaca Muerta oil licence in Argentina and reaching key milestones in Mexico, supporting future reserves and production."
Free cash flow doubled to USD2.4 billion from USD1.2 billion a year ago and debt fell to USD5.1 billion at end-September from USD5.4 billion at the end of June.
Cook said the "excellent" quarter "enabled us to further upgrade our 2026 production guidance and, given the portfolio's material exposure to both higher oil and European gas prices, our free cash flow outlook."
Harbour Energy raised full year production guidance to 500,000 to 505,000 boepd from 490,000 to 500,000 boepd previously. While its free cash flow outlook increased to around USD2.6 billion from USD1.8 billion.
Total capex guidance is unchanged at USD2.2 billion to USD2.4 billion with unit operating cost guidance reiterated at USD14.5 per boe.
Harbour Energy said October production, which was impacted by later maintenance programmes and US Hurricane Isaias, averaged 511,000 boepd.
In addition, the firm announced a further USD150 million share buyback taking total buybacks announced year-to-date to USD550 million. The programme will commence following completion of the buyback programme announced in August, expected around year-end 2026, and will run until the end of the first quarter of 2027.
Shares in Harbour Energy fell 3.5% to 270.20 pence each reflecting the lower oil price.
Brent crude traded at USD97.30 a barrel mid-Thursday afternoon, down from USD99.00 at the time of the London equity market close on Wednesday, and down from USD117.61 at Friday's equity market close.
By Jeremy Cutler, Alliance News reporter
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