Harbour Energy PLC

Harbour Energy PLC (LSE: HBR) is an FTSE 250 listed entity that came into existence after an all-share merger between Premier Oil and Chrysaor.

9M FY24 Trading Update (Released on 07 November 2024)

1. Wintershall Dea Acquisition: The transformative acquisition of Wintershall Dea’s portfolio was completed ahead of schedule, with integration progressing smoothly. The update reflects one month's contribution from this portfolio, with full-year guidance including an expected four-month contribution.

2. Production & Operational Updates: Average production to the end of September 2024 was 177 kboepd, slightly down from 2023. Full-year guidance was adjusted upwards to 255-265 kboepd. Key developments included early production start-up at the Fenix gas project in Argentina and new wells online in the UK and Norway, with October production averaging 503 kboepd post-maintenance.

3. Financial Performance: Estimated revenue to September was USD 3.1 bn, with realised post-hedging prices of USD 82/bbl for oil, USD 9/mscf for European gas, and USD 6/mscf for non-European gas for 9M FY24. Full-year capital expenditure guidance was revised to approximately USD 1.8 bn.

4. Debt and Cash Flow: Net debt stood at USD 4.7 billion as of September 30, with year-end net debt expected to remain at a similar level. Free cash flow for 2024 is estimated at around USD 300 mn, excluding one-off acquisition costs and distributions, with proforma cash flow estimated at USD 1.1 bn.

5. Dividend & Bond Issuance: An interim dividend of USD 100 mn was paid in September, aligning with the updated annual dividend policy of USD 455 mn. Additionally, Harbour issued EUR 1.6 bn in senior bonds, allowing for repayment of the USD 1.5 bn bridge facility related to the Wintershall Dea acquisition

Share Price Chart

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Harbour Energy PLC (LSE: HBR) was trading at the current market price of GBX 256.30 (as of 11 November 2024, 09:40 AM GMT) 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 11 November 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 4: Dividend Yield may vary as per the stock price movement.