Harbour Energy reported record first-half production of 509,000 barrels per day, exceeding guidance and driven by strong performance in Norway and the US. The company increased its full-year free cash flow outlook to $1.8 billion, up from $1.4 billion, reflecting strong operational execution and higher commodity prices. Harbour also accelerated shareholder returns with a new $250 million share buyback and a 22% increase in total distributions year-over-year. The company completed strategic acquisitions of Log and Waldorf, adding high-margin, oil-weighted assets, and maintained leverage below its 1x target despite a $3.2 billion deal. However, second-half production is expected to decline due to planned maintenance and a placeholder for potential hurricane impacts in the Gulf of America, while cash tax payments are heavily weighted to the second half, which will pressure free cash flow.
Harbour Energy PLCRecord production, raised free cash flow outlook, increased buyback and dividends, and completed strategic acquisitions.
