Half Year 2026 Harbour Energy PLC Earnings Call Transcript

Aug 6, 2026 / 08:00 AM GMT

Release Date Price: $3.41 (+4.49%)

Transcript

Key Points

Positve

Record first-half production of 509,000 barrels per day, exceeding guidance and driven by strong performance in Norway and the US.
Increased full-year free cash flow outlook to $1.8 billion, up from $1.4 billion, reflecting strong operational execution and higher commodity prices.
Completed strategic acquisitions (Log and Waldorf) that added high-margin, oil-weighted assets and enhanced portfolio resilience.
Accelerated shareholder returns with a new $250 million share buyback and a 22% increase in total distributions year-over-year.
Rapid deleveraging post-Log acquisition, with net debt only $1 billion higher despite a $3.2 billion deal, and leverage maintained below the 1x target.

Negative

Total recordable injury rate increased, driven by minor incidents in Norway, and process safety was impacted by events in Mexico and divested Indonesian assets.
UK fiscal environment remains challenging, limiting investment competitiveness and requiring a focus on cost control and portfolio optimization.
Second-half production is expected to decline due to planned maintenance and a placeholder for potential hurricane impacts in the Gulf of America.
Higher unit operating costs in the first half, partly due to FX headwinds, higher fuel costs, and the addition of the Log portfolio with near-term higher costs.
Cash tax payments are heavily weighted to the second half, with a 60% increase expected, which will pressure free cash flow in H2.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HBR.L - Harbour Energy PLC
Half Year 2026 Harbour Energy PLC Earnings Call
Aug 06, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone, and welcome to Harbour Energy's 2026 Half Year Results Call.

We have presenting today our CEO, Linda Cook, our CFO, Alexander Crane, and our Chief Operating Officer, Nigel Hearn.

Turning to today's agenda, Linda will begin by discussing our strategy and the highlights of another strong period for Harbour.

Nigel will cover operating performance. Followed by Alexander, who will take you through our financial results, guidance, and outlook.

We'll then return to Linda for some closing remarks before we open up for Q&A.

With that, over to you, Linda.

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Unidentified_2 [2]

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