North Sea-focused Harbour Energy raised its annual free cash flow and production forecast on Thursday, bolstered by robust production following the integration of the Wintershall Dea portfolio and cost control in the first half of the year.
The firm has been shifting capital away from the UK and focusing on international assets for future investments, after the UK's tax changes in late 2024 removed incentives for reinvestment.
Harbour had said in May that it now counts Norway as its largest producing country, following the acquisition of German group Wintershall Dea's assets.
The company expects to record free cash flow of $1 billion in 2025, up from the $900 million it previously expected.
It also raised the lower end of its annual production outlook range to 460,000-475,000 barrels of oil equivalent per day, from 455,000-475,000 barrels of oil equivalent per day expected earlier.
(Reuters - Reporting by Ankita Bora and Yamini Kalia in Bengaluru; Editing by Janane Venkatraman)