Our purpose

To play a significant role in meeting the world's energy needs through the safe, efficient and responsible production of hydrocarbons, while creating value for our stakeholders.

Our strategy

To create value by continuing to build a global, diversified oil and gas company focused on value creation, cash flow and distributions.

Key facts
  • Largest London-listed independent oil and gas company.
  • Holds a leading position in the UK as well as interests in Indonesia, Vietnam, Mexico and Norway.
  • c.1,700 employees worldwide.
  • Global production >180 kboepd.
  • c.15% of the UK's domestic gas supply was produced by Harbour (2023).
  • Operating costs of $16/boe (2022: $14/boe)
  • 880mmboe 2P reserves and 2c resources (2022: 865 mmboe)
  • $2.6bn EBITDAX* (2022: $4bn)
  • $1bn free cash flow (2022: $2.1bn)
  • 0.1x leverage ratio** (2022: 0.2)
  • $400m shareholder returns approved (2022: $600m)

*EBITDAX is a non-IFRS measure calculated by taking earnings before tax, interest, depreciation and amortisation, impairments, remeasurements, onerous contracts and exploration expenditure. This is a useful indicator of underlying business performance.

**Leverage ratio is a non-IFRS measure calculated by net debt/last 12 months of EBITDAX.

Focus areas:
  • Protect the safety and wellbeing of our people.
  • Invest in our assets to maximise value, including to improve efficiency and the recovery of oil and gas.
  • Safeguard the communities in which we operate and protect the environment.
  • Progress towards our Net Zero 2035 goal.
  • Collect efficient and reliable data to track our performance and support our goals.
How we delivered in 2023:
  • Improved safety record, with reduced TRIR, zero LTIR and zero serious (Tier 1 and 2) process safety events.
  • Completed UK organisation review and formed new strategic supply chain partnerships.
  • Embedded a new, scalable enterprise management system into our business.
  • Announced acquisition of Wintershall Dea asset portfolio which will lower GHG intensity and expand CCS position.
Target outputs:
  • Continuous improvement in our safety and environmental performance.
  • Maintain a competitive cost structure as assets mature.
  • Top quartile operational performance, including safe and efficient execution of planned maintenance campaigns.
Focus areas:
  • Ensure robust margins through commodity price volatility.
  • Maintain balance of oil and gas.
  • Maintain access to profitable investment opportunities.
  • Ensure longer-term organic and inorganic investment options to replace/grow reserves.
  • Rigorous prioritsation and capital allocation process.
How we delivered in 2023:
  • Partial reserve replacement supported by additions at our UK operated hubs.
  • Progressed organic growth opportunities in the UK (Talbot, Leverett), Mexico (Zama, Kan) and Indonesia (Layaran).
  • Agreed divestment of non-core Vietnam business.
  • Announced acquisition of Wintershall Dea asset portfolio which will improve reserve life and margins.
Target outputs:
  • Execution of capital programme, including successful production start-up from Talbot around year end.
  • Mature high-quality infrastructure-led investment opportunities, especially around J-Area (UK).
  • Complete the Wintershall Dea transaction and ensure a healthy pipeline of longer-term organic and inorganic investment options to replace/grow reserves.
Focus areas:
  • Leverage our global footprint, full cycle capabilities and mergers and acquisition (M&A) expertise to diversify and expand our investment opportunity set.
  • Harness our deep organisational competence and operating skills to drive standards, efficiencies and controls over capital expenditure levels.
How we delivered in 2023:
  • Regulatory approval for Zama field development plan and oil discovery at Kan-1 (Mexico).
  • Material offshore gas discovery at Layaran-1 in South Andaman (Indonesia).
  • UK CCS projects awarded Track 2 status by the UK government.
  • Announced acquisition of Wintershall Dea asset portfolio adds significant positions in Norway, Germany, Argentina and Mexico.
Target outputs:
  • Complete acquisition of Wintershall Dea asset portfolio.
  • Advance international growth opportunities in Mexico and Indonesia including exploration and appraisal drilling.
  • Agree terms of the economic licences for our CCS projects with the UK government.
Focus areas:
  • Disciplined annual budget and long-term planning process.
  • Conservative financial risk management policy, including a disciplined hedging programme.
  • Ensure competitive shareholder returns, including a sustainable dividend.
How we delivered in 2022:
  • Reduced net debt by $1.5 billion to $0.8 billion excluding unamortised fees and leverage to 0.2x from 0.9x.
  • Greater flexibility around hedging strategy, allowing increased exposure to market pricing while continuing to protect the downside.
  • Approved $400 million of share buybacks, in addition to $200 million annual dividend.
Target outputs:
  • Maintain a strong balance sheet, with the potential for an investment grade credit rating.
  • Conservative leverage profile and significant liquidity.
  • Increased, sustainable shareholder returns.
  • Move towards a more unsecured debt financing structure.
Leverage existing global footprint

Licences held internationally

Selective investment in growth projects

Capital investment (in 2023)

Disciplined approach to mergers and acquisitions

Divestments targeted by oil and gas companies

High return, infrastructure led investment portfolio

IRR targeted by UK development and drilling (in 2023)

High quality UK asset base/material stakes in long life assets

Out of the 10 largest UK fields are in our portfolio

Deep operator competence including in decommissioning

Wells plugged and abandoned by Harbour in the UK Southern North Sea (since 2014)

*Value of divestment opportunities either in process or expected to come to market in the near term based on estimate provided by an Investment Bank.