Harbour Energy has reported a 9% fall in its UK North Sea production, as the company's global output reached record levels and its financial performance surged.
The energy giant produced an average of 142,000 barrels of oil equivalent per day from its UK operations during the first nine months of 2026, down from 156,000 during the same period last year.
The decline contrasts sharply with neighbouring Norway, where Harbour increased production by more than 7% and is pursuing an ambitious programme of new developments and exploration.
The company has sanctioned two Norwegian projects this year, is targeting investment decisions on five more before December and was awarded nine exploration licences in Norway's 2025 licensing round.
The figures underline the contrasting trajectories of the two North Sea jurisdictions, at a time when the UK Government faces mounting pressure to reform the Energy Profits Levy and provide greater certainty for offshore investment.
Harbour's Norwegian production increased from 165,000 to 177,000 barrels of oil equivalent per day during the period, supported by strong operational performance, new drilling and the early start-up of developments.
The company said five further Norwegian projects could reach final investment decisions before the end of the year, potentially enabling it to replace 100% of its Norwegian reserves.
Across its global portfolio, Harbour reported record production of 501,000 barrels of oil equivalent per day, up 6% year-on-year, while revenue increased 29% to $9.8billion.
Free cash flow doubled to $2.4billion, prompting the company to upgrade its full-year cash flow forecast by $800million to approximately $2.6billion.
Harbour also announced a further $150million share buyback, taking total shareholder returns expected during 2026 to at least $1.2billion.