Harbour Energy plc (HBR) has published a trading and operations update for the nine months to 30 September 2026, reporting record group production of 501 kboepd and a significant upgrade to its full-year free cash flow outlook. The diversified independent oil and gas producer lifted its 2026 free cash flow forecast by $800 million to approximately $2.6 billion, while announcing a further $150 million share buyback. The company also confirmed net debt has fallen to $5.1 billion following approximately $1.0 billion of debt repayment since completing the LLOG acquisition earlier this year.

Key Points

  • Harbour Energy plc (HBR) — diversified international oil and gas producer
  • Record nine-month production of 501 kboepd; full-year guidance upgraded to 500–505 kboepd
  • Free cash flow doubled to $2.4 billion year-to-date; full-year outlook raised to c.$2.6 billion; at least $1.2 billion of shareholder returns targeted for 2026
  • Investors may be watching the pace of further debt reduction and progress towards year-end FIDs across Norway, the Gulf of America, and Mexico

Record 501 kboepd Nine-Month Production Driven by LLOG Integration and Norway Outperformance

Harbour Energy's production for the nine months to 30 September 2026 averaged 501 kboepd, up 6% from 473 kboepd in the equivalent period of 2025 and representing a new group record. The improvement reflects the addition of the LLOG portfolio in the US Gulf of America from February and the Waldorf assets in the UK from July, which more than offset the divestment of Indonesia and Vietnam assets and natural UK decline. Norway contributed 177 kboepd, supported by strong reliability across key hubs, infill drilling at Njord, and the Skarv satellites coming onstream in August — a full year ahead of schedule. Unit operating costs were $13.9 per barrel of oil equivalent for the period.

Revenue Rises 29% to $9.8 Billion as Higher Commodity Prices Boost Harbour's European Gas and Oil Portfolio

The announcement states that nine-month revenue increased 29% year-on-year to $9.8 billion, while EBITDAX rose 26% to $6.8 billion, reflecting both higher production volumes and improved commodity price realisations. Post-hedge oil realisations reached $85 per barrel compared with $71 per barrel in the equivalent 2025 period, while European gas realisations improved to $16.1 per thousand standard cubic feet from $13.4. Free cash flow doubled to $2.4 billion against $1.2 billion a year earlier. The portfolio's split of approximately 40% liquids, 40% European gas, and 20% other gas gives Harbour material exposure to both oil price movements and European energy market dynamics, which the company cited as a key driver of the upgraded full-year outlook.

$550 Million of Buybacks Announced Year-to-Date as BASF Stake Falls from 47% to 16%

Harbour Energy has announced total buybacks of $550 million year-to-date following today's additional $150 million programme, equivalent to more than 9% of its issued share capital based on figures stated in the announcement. An interim dividend of 8.05 cents per voting ordinary share, totalling approximately $150 million, was paid in September. The announcement confirms that the BASF shareholding has fallen from approximately 47% at the start of the year to approximately 16% at the period end, following a directed buyback as part of a wider book build in September. The company reiterated its commitment to returning at least $1.2 billion to shareholders for the full year 2026, comprising a $300 million annual dividend and at least $900 million of additional returns.

Growth Projects Advance Across Argentina Vaca Muerta, Mexico Zama, and EU's First Full-Scale CCS Site

Beyond near-term production, Harbour Energy disclosed several strategic milestones during the period. In Argentina, applications were progressed for the San Roque conventional and unconventional licences in the Vaca Muerta, with potential to unlock more than 200 new drilling locations. The Southern Energy LNG export project, in which Harbour holds a 15% interest, remains on track for an approximately year-end 2027 start-up. In Mexico, a memorandum of understanding was signed for the Lakam Ha FPSO at the Zama project. Additionally, Greensand CCS in Denmark, in which Harbour holds a 40% interest, achieved first CO₂ injection in September, becoming the first full-scale CO₂ storage site operational in the EU.