Harbour Energy upgraded its 2026 production and free cash flow outlook for the third time this year on Thursday, and announced a further $150 million share buyback as record output and higher commodity prices boost returns.
Here are some more details:
The company, one of the largest producers in the British section of the North Sea, raised its full-year production guidance to 500 to 505 thousand barrels of oil equivalent per day (kboepd) from 490 to 500 kboepd.
It now expects full-year free cash flow of about $2.6 billion, against its previous $1.8 billion target.
Oil and gas producers including Harbour have benefited this year from higher Brent crude and European gas prices following the Iran war.
Nine-month production rose 6% to a record 501 kboepd, with third-quarter output up 9%.
Net debt reduced to $5.1 billion at end-September from $5.4 billion at end-June, with about $1 billion of debt repaid since completing the LLOG acquisition.
(Reuters - Reporting by Nithyashree R B in Bengaluru; Editing by Mrigank Dhaniwala)