Full Year Results 2024

06/03/25

Harbour Energy plc (“Harbour” or the “Company” or the “Group”) today announces its results for the year ended 31 December 2024.

Actuals to 31 December 2024 reflect the completion of the Wintershall Dea transaction on 3 September 2024 and include approximately four months of contribution from the acquired portfolio.

2024 was a transformational year with the completion of the Wintershall Dea transaction, our fourth significant transaction since 2017. As a result, we achieved a step change in the scale, resilience and longevity of our business underpinning the potential for material free cash flow generation well into the next decade. At the same time, we delivered another year of solid operational and financial performance.

Looking to 2025, we have had a strong start to the year. We continue to prioritise safe and efficient operations, mature our significant 2C resource base and maintain disciplined capital allocation. We remain excited about our future and look forward to realising the potential of our company for all our stakeholders.”

Linda Z Cook, Chief Executive Officer

 

Operational highlights  

  • Completed transformational acquisition of Wintershall Dea portfolio; integration progressing as planned 
  • Production of 258 kboepd (2023: 186 kboepd), a c.40 per cent increase on 2023 
  • Unit operating costs of $16.5/boe (2023: $16.4/boe)
  • Total recordable injury rate of 1.0 per million hours worked (2023: 0.7) 
  • Successful drilling in the UK, Norway, Argentina and Indonesia; new projects online in the UK and Argentina 
  • Total capital expenditure (including decommissioning) of $1.8 billion (2023: $1.0 billion)
  • 2P reserves and 2C resources more than tripled to 3.2 bnboe (2023: 880 mmboe), representing 19 years 2P reserves and 2C resource life 
  • Appointment of Chief Operating Officer, Nigel Hearne, in February 2025 

Financial highlights1 

  • Revenue and EBITDAX of $6.2 billion (2023: $3.7 billion) and $4.0 billion (2023: $2.7 billion), up c.65 per cent and c.50 per cent respectively, versus 2023
  • Profit before tax of $1.2 billion (2023: $0.6 billion) impacted by c.$0.8 billion of period specific predominantly non-cash accounting charges largely driven by adverse changes to the UK fiscal regime
  • Loss after tax of $93 million (2023: $45 million profit) reflecting a 108% effective tax rate (2023 restated: 93%)
  • Free cash flow of $0.1 billion (2023: $1.0 billion), including a $0.5 billion negative working capital movement and before one-off acquisition-related costs and shareholder distributions.
  • Proposed final dividend of $227.5 million (13.19 cents per ordinary share), in line with Harbour’s increased annual dividend policy of $455 million ($380 million to be paid on the ordinary shares)
  • Net debt before unamortised fees of $4.7 billion (2023: $0.2 billion); year-end leverage (net debt before unamortised fees/pro forma EBITDAX) of 0.7x (2023: 0.1x)
  • Corporate and senior unsecured issue credit ratings upgraded to investment grade Baa2, BBB- and BBB- from Moody’s, S&P and Fitch, respectively
  1. See Glossary for the definition of non-IFRS measures used in this section. 

2025 outlook  

  • Production of 450-475 kboepd, a c.80% increase versus 2024; production of c.500 kboepd to end February 2025  
  • Unit operating cost of c.$14/boe, a c.15% reduction versus 2024 
  • Total capital expenditure (including decommissioning spend) of c.$2.4-2.6 billion  
  • At Brent oil  price of $80/bbl and European and UK natural gas prices of $13/mscf, estimated free cash flow of c.$1.0 billion

Enquiries 

Harbour Energy plc
Elizabeth Brooks, Head of Investor Relations
Andy Norman, SVP Communications
Tel: +44 20 3833 2421

Brunswick
Patrick Handley / Will Medvei
Tel: +44 20 7404 5959

Analyst and investor conference call and webcast   

Harbour will host a Capital Markets Update today, including a presentation of its 2024 Full Year Results, at 9.00am (UK time). The link to register for the webcast, and the presentation, will be available on www.harbourenergy.com. A replay will be available on Harbour’s website shortly after the event.

Details of the Capital Markets Update is outlined in a separate announcement issued this morning.

Forward looking statements

This statement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Harbour believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond Harbour’s control or within Harbour’s control where, for example, Harbour decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.  

Auditors Report

In accordance with the UK Listing Rule 6.4, the 2024 Auditors Report will be submitted to the Financial Conduct Authority via the National Storage Mechanism today and will be available for inspection at: http://data.fca.org.uk/#/nsm/nationalstoragemechanism

Download Full Year Results

Download Independent Auditor's Report and Financial Statements