Shares of Harbour Energy dropped 8% on Thursday after warning an "unusually high level" of shutdowns in the North Sea will hit its production levels.

Production in 2024 is expected to be between 150,000 and 165,000 barrels of oil equivalent per day, down from 186,000 in 2023.

The UK North Sea's largest producer blamed “unusually high level of planned shutdowns at our operated hubs and the Beryl area, coinciding with planned pipeline outages”.

Shares dropped to 289p on Thursday morning.

Read the full story on Energy Voice.

Looking ahead, Linda Z Cook, Chief Executive Officer of Harbour Energy, commented: "We made significant progress against our strategic goals in 2023. Our safety performance improved. We continued to maximise the value of our UK production base while ensuring disciplined capital allocation, resulting in significant free cash flow and shareholder returns over and above our base dividend.

"We also advanced our UK CCS projects and our international growth opportunities in Indonesia and Mexico, delivering against key milestones. And, at year end, we announced the transformational acquisition of the Wintershall Dea portfolio.

"Looking ahead to 2024, our priorities are for the continued safe and responsible operations of our existing portfolio and the successful completion of the Wintershall Dea acquisition. We are proud of our achievements over the past year and excited about the future of the company."

FTSE 100

The UK's flagship share index, the FTSE 100, was up 58-points at 7,517 shortly after opening this morning.

Brent crude oil futures were up 0.05% today, trading at $79.14 a barrel.

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