Harbour Energy has announced record production, upgraded its outlook for the second time this year and unveiled a new $250 million share buyback after a strong first half of 2026.
Production reached a record 509,000 barrels of oil equivalent per day during the first six months of the year, up 4% on the same period last year, prompting the company to narrow and increase its full-year production guidance to between 490,000 and 500,000 barrels of oil equivalent per day.
The stronger operational performance, combined with higher oil and European gas prices, has also led Harbour to increase its free cash flow forecast for 2026 from around $1.4 billion to $1.8 billion.
Alongside its interim dividend, the company now expects to return at least $800 million to shareholders this year, beginning with the newly announced $250 million share buyback.
Financially, Harbour reported revenue of $6.4 billion for the first half, up almost 20% from $5.3 billion a year earlier. Reported profit after tax increased to $436 million, compared with a $174 million loss in the first half of 2025.
The company also highlighted the completion of its acquisition of Waldorf's UK business, describing the deal as a key step in strengthening its North Sea portfolio.
Completed in July, the acquisition adds around 14,000 barrels of oil equivalent per day of predominantly oil production, increases Harbour's stake in the operated Catcher field and delivers what the company describes as material financial and operational synergies.
Chief executive Linda Z Cook said: "In a volatile macro environment, we remain focused on executing our strategy: sustaining our production, strengthening our portfolio, ensuring financial resilience and delivering competitive shareholder returns."
She added: "During the first half of the year we delivered excellent operational performance, leading to record production of more than 500,000 barrels per day and another upgrade to our full year guidance.
"Along with higher oil and European natural gas prices, this has enabled an increase to our 2026 free cash flow outlook to $1.8 billion. As a result, we are accelerating debt reduction and also the delivery of additional shareholder returns through a new $250 million share buyback."
Ms Cook continued: "In addition, we completed the strategic LLOG Exploration (US) and Waldorf (UK) acquisitions, and the divestment of non-core assets in Indonesia. These moves further strengthen our portfolio, supporting both production and cash flow for years to come."