Harbour Energy has reported a year of strong operational and financial delivery, with production reaching the top end of guidance and free cash flow exceeding expectations.
In a fresh trading update for the year ended 31 December 2025, the company said average production increased by 84% year-on-year to 474 kboepd, driven by a full-year contribution from the Wintershall Dea assets and “excellent operational execution”.
During the year, Harbour also announced a series of strategic transactions, including the $170million acquisition of Waldorf in the UK.
The deal is expected to deliver significant financial synergies through the release of around $350million of "trapped cash" and approximately $900million of tax-effected UK tax losses, with completion targeted for the second quarter of 2026. The deal is partly in response to the North Sea windfall tax, which has forced the firm to shed 700 roles since it was introduced in 2022.
Chief executive Linda Z Cook said: “2025 was another year of strong delivery, driven by excellent operational performance, strict capital discipline and the successful integration of new assets.”
She added: “Looking to 2026, our priorities include delivering another year of outstanding operational performance, continuing to mature our organic growth opportunities, strengthening the balance sheet and completing the announced transactions, all of which position us better for the future.”
Harbour generated free cash flow of $1.1billion in 2025, up from $0.1billion the previous year, while pre-swap net debt reduced to $4.4billion.
FTSE100
The UK's flagship share index, the FTSE 100, was up 69-points at 10,207 shortly after opening this morning.
Brent crude oil futures were down 0.08% at $63.80 a barrel.
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