Harbour Energy's strategy to diversify internationally - accelerated by the UK’s Energy Profits Levy (EPL) - has helped to deliver a strong set of results this morning.
The London-listed energy firm has again criticised the UK's "continued punitive domestic fiscal regime" as it delivered an update to shareholders.
Chief executive Linda Z Cook outlined "another strong performance" which she said was driven by "excellent operational execution and strict capital discipline while benefitting from our increased scale and resilience.”
Production rose to 473,000 barrels of oil equivalent per day (kboepd), up from 177,000 last year, with major contributions from new assets in Norway and Argentina following the Wintershall Dea acquisition.
Ms Cook added: “We also made good progress across our strategic projects including at Zama and Kan in Mexico and Southern Energy LNG in Argentina, underpinning longer term material production and cash flow.”
The company said it had reduced its UK headcount by a further 250 roles this year — bringing total job cuts since the EPL was introduced in 2022 to around 600 — due to “significantly lower anticipated UK investment.”
Harbour reaffirmed its investment-grade credit ratings and said its dividend and share buyback programme would deliver a total shareholder payout equivalent to around 55% of free cash flow in 2025.
FTSE100
The UK's flagship share index, the FTSE 100, was up 62 points at 9,772 shortly after opening this morning.
Brent crude oil futures were up 0.28% at $63.80 a barrel.
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