Harbour Energy (LSE:HBR) narrowed full-year production guidance to 480-500 kboepd (previously 475-500 kboepd) and said the stronger start to the year supports an increased free cash flow outlook for 2026.
The upgrade reflects a strong first quarter operational performance, including group production of 506 kboepd, two months' contribution from the LLOG acquisition completed on 11 February, Norway outperformance and new wells and projects coming onstream.
"Our strong first quarter has allowed us to narrow upwards our production guidance for the full year and, supported by the current commodity price environment, increase our free cash flow outlook for 2026," Linda Z Cook, Chief Executive Officer, said.
Harbour reported Q1 revenue of $3.0 billion, realised post‑hedge oil and European gas prices of $76/bbl and $14.8/mscf respectively, and unit operating costs of $12.8/boe.
Net debt (pre‑swap) rose to $6.3 billion at 31 March from $4.4 billion at year end, driven by the $2.7 billion cash consideration for LLOG, with post‑period repayments of the c.$240 million October 2026 bond and the remaining drawn Revolving Credit Facility.
The group reiterated 2026 capex of $2.2–$2.4 billion and operating costs of c.$14.5/boe and said that, assuming $80/bbl Dated Brent and $13/mscf European gas prices, 2026 free cash flow is expected to be $1.4 billion (previously $0.6 billion at $65/bbl and $11/mscf).
The statement was issued ahead of Harbour's AGM, held today at 10.00 BST.
