Harbour Energy

Harbour Energy plc is a publicly listed, London‑headquartered independent oil and gas company and a constituent of the FTSE 250. Formed through the combination of Chrysaor and Premier Oil and expanded by the 2024 acquisition of Wintershall Dea’s upstream portfolio, it has grown into one of the world’s largest and most geographically diverse independents. The company produces more than 450,000 barrels of oil equivalent per day, with 2025 guidance of 460–475 kboepd, supported by c.1.25 billion boe of 2P reserves and c.1.91 billion boe of 2C resources. Around 40% of output is European gas, 20% international gas and 40% liquids. Harbour is a top‑tier producer in Norway, the UK North Sea, Germany, Argentina and North Africa, and operates or holds interests across Mexico, Southeast Asia and, following the $3.2 billion acquisition of LLOG, the deepwater US Gulf of America. Operationally, Harbour focuses on exploration, development and production, combining operated hubs and non‑operated stakes. Key UK positions include the Greater Britannia, J‑Area, AELE, Catcher, Tolmount and Solan hubs plus numerous non‑operated North Sea fields. In Norway, Germany, Egypt, Algeria and Libya it operates or partners in large oil and gas hubs, while in Argentina it participates in both conventional assets and the Vaca Muerta shale, and holds 15% of the 6 mtpa Southern Energy FLNG export project. In Mexico it has been appointed operator of the large Zama oil field and holds further offshore interests. Harbour’s strategy is to build a global, diversified portfolio focused on free cash flow and shareholder distributions, combining organic growth with value‑driven M&A. The Wintershall Dea and LLOG transactions, together with the planned acquisition of Waldorf’s UK assets and divestments in Vietnam and Indonesia, are intended to increase scale, extend reserve life, lower unit operating costs and improve margins. In 2025 it generated $10.3 billion of revenue and about $1.1 billion of free cash flow, and adopted a distributions policy targeting 45–75% of annual free cash flow. The company positions itself as a low‑emissions producer with 2024 operated GHG intensity of 14 kg CO2e/boe, an aspiration to reach net‑zero Scope 1 and 2 emissions by 2050 with an interim 2030 halving target, and a leading European CO2 storage portfolio including the Viking CCS project, which aims to store 20–30 million tonnes of CO2 per year by 2030.