Our purpose

Our purpose is 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

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

Our strategy rests on four pillars that guide how we operate and manage our business for long-term sustainable success.

Ensure safe, reliable and responsible operations

Progress in 2024
  • Safe and efficient operations, including the safe transfer of the Wintershall Dea portfolio to Harbour ownership.
  • Regrettably, we had one Tier 1 event and three Tier 2 events occur in 2024 on a reported basis. All events were rigorously investigated by management, with learnings shared across the company.
  • Increased production whilst reducing unit operating cost on a pro forma basis.
  • GHG emissions materially lowered on a pro forma basis.
Priorities for 2025
  • Continuous improvement in our safety performance, embedding our strong safety culture across the enlarged portfolio.
  • Maintain strong, positive and influential relationships with our joint venture partners and suppliers.
  • Maintain a competitive cost base, driving simplification and efficiency improvements through integration.
  • Continued progress towards our commitment to reduce GHG emissions by 50 per cent by 2030 (versus a 2018 baseline).

Strategy in action

Safe transfer of the Wintershall Dea portfolio to Harbour

Comprehensive transition process to systematically prepare for the safe transfer of the Wintershall Dea portfolio to Harbour which we achieved in September 2024.

Maintain a high quality portfolio of reserves and resources

Progress in 2024
  • Three times increase in 2P reserves, reflecting the completion of the Wintershall Dea transaction.
  • 2P reserves significantly increased to 1.2 billion boe with material positions acquired in Norway, Germany, Argentina, Mexico and North Africa.
  • Significantly increased and diversified our 2C resource base to 1.9 billion boe, providing multiple high quality options for conversion into 2P reserves.
  • Progressed projects near existing infrastructure, including production start-up from Fénix in Argentina and Talbot in the UK.
  • Exploration success in and around our key hubs in Norway, the UK and Mexico.
Priorities for 2025
  • Execution of the capital programme, including successful production start-up from Maria Phase 2 (Norway) achieved in May 2025.
  • Mature high quality, infrastructure-led investment opportunities, including delivery of four exploration wells in Norway.
  • High grade our reserves and resource portfolio and ensure a healthy pipeline of longer-term organic and inorganic investment options.

Strategy in action

Production start-up from Talbot

Delivery of the Harbour UK-operated Talbot project, on schedule and within budget, with zero recordable injuries, supporting 2025 production.

Leverage our full cycle capability to strengthen our portfolio

Progress in 2024
  • Completed the Wintershall Dea transaction, lowering our unit cost to $13.5/boe (pro forma 2024) from c.$16.4/boe in 2023, and lowering our GHG intensity from 22 kg CO2e/boe in 2023 to 14 kg CO2e/boe on a net equity pro forma basis in 2024.
  • Progressed our organic growth opportunities in Mexico (Zama, Kan), Indonesia (Tangkulo, Layaran) and Argentina (Southern Energy FLNG project participation agreement).
  • Progressed our CCS projects, including substantially completing FEED at Viking (UK) and taking a final investment decision on Greensand Future (Denmark).
  • Agreed sale of non-core assets in Vietnam and exited an uncompetitive CCS licence in the UK.
Priorities for 2025
  • Advance organic growth opportunities in Mexico, Indonesia and Argentina.
  • Continue to high grade our CCS portfolio, focusing on competitively advantaged projects with long-term cash flow potential.
  • Continue to evaluate M&A opportunities, with a particular focus on improving our reserve life, increasing our operational control and adding oil weighted production near term.

Strategy in action

Completion of the transformational Wintershall Dea transaction

The Wintershall Dea acquisition transforms our portfolio and propels Harbour into a new peer group that includes the world’s largest global independent oil and gas companies.

Ensure financial strength through the commodity price cycle

Progress in 2024
  • Investment grade credit ratings achieved from the three main credit rating agencies.
  • Successful issuance of €1.6 billion senior notes comprising €0.7 billion with 3.8 per cent coupon due 2029 and €0.9 billion with 4.4 per cent coupon due 2032.
  • Increase in annual dividend commitment to $455 million signalling our confidence in the increased scale and longevity of our free cash flow generation.
Priorities for 2025
  • Continued execution of our hedging strategy to ensure predictable and resilient cash flow through the commodity price cycle.
  • Protect investment grade credit ratings, including by maturing investment opportunities which improve reserve life and reducing absolute net debt levels.
  • Proactively manage our debt maturity profile.
  • Deliver on our commitment to shareholder distributions.

Strategy in action

Considerable balance sheet strength

Investment grade credit ratings achieved, providing stable access to lower cost sources of capital and more flexible financing terms.

Value creation

Harbour creates value for a wide range of stakeholders, including our employees, investors, JV partners, suppliers, customers and wider society. For our employees and contractors, we offer a fulfilling career and competitive rewards. For investors, we aim to deliver competitive shareholder returns, underpinned by our $455 million annual dividend, with an ambition to continue to increase returns. Our business also supports a large network of joint venture partners, suppliers and customers, as well as contributing to the prosperity of our local communities.

Key facts*

Our employees

74%

response rate to our 2024 employee pulse survey, which gave a generally positive result on the impacts of the Wintershall Dea transaction

Government & regulators

$1.5bn

paid in taxes (2024)

Our investors & shareholders

$455m

annual dividend policy commitment

Our lenders

$1.6bn

investment grade bonds issued in 2024 enabling quick repayment of $1.5bn bridge facility

Our JV partners, suppliers & customers

c.$2.5bn

of spend with our suppliers (2024)

Wider society

c.$6.3bn

of economic value created (2024)

* As at 31 December 2024.

Related pages

Investors

Leadership

Shareholder information