Harbour Energy PLC has released its full-year results for 2025, highlighting significant progress in operational performance, strategic growth, and financial strength. Key highlights include
**Record Production and Operational Excellence**: Harbour achieved record production of 474 thousand barrels of oil equivalent per day (kboepd), an 84% increase from 2024, driven by new wells and projects in the UK, Norway, Argentina, and Egypt. Unit operating costs were reduced by 22% to $12.8/boe, and the company maintained a strong safety record with a Total Recordable Injury Rate (TRIR) of 1.1 per million hours worked.
**Strategic Growth and Acquisitions**Harbour made substantial progress in its growth projects, including becoming the operator of the Zama oil field in Mexico and advancing the Southern Energy LNG project in Argentina. The company also completed the acquisition of LLOG, entering the US deepwater Gulf of America, and announced the acquisition of Waldorf in the UK, which is expected to unlock significant financial synergies.
**Financial Performance**Revenue and other income increased to $10.3 billion, with adjusted EBITDAX rising to $7.2 billion. Free cash flow grew to $1.1 billion, and adjusted profit after tax reached $0.6 billion. The company maintained investment-grade credit ratings and adopted a new distribution policy linking shareholder returns directly to free cash flow.
**Shareholder Returns**Harbour returned approximately 40% of annual free cash flow to shareholders since 2022 and aims to return 45-75% of free cash flow annually under the new policy. A final dividend of 8.05 cents per voting ordinary share was declared for 2025, bringing total distributions to $478 million.
**2026 Outlook**Harbour expects production to range between 475-500 kboepd in 2026, with unit operating costs around $14.5/boe and total capital expenditure of $2.2-2.4 billion. Free cash flow is estimated at $0.6 billion, assuming $65/bbl Brent and $11/mscf European gas prices. The company remains focused on safety, operational excellence, and advancing its growth projects.
Overall, Harbour Energys 2025 results demonstrate strong operational and financial performance, strategic growth through acquisitions, and a commitment to returning value to shareholders. The company is well-positioned for continued success in 2026 and beyond.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue and other income ($ million) | 6,226 | 10,261 | +65% |
| Adjusted EBITDAX ($ million) | 4,146 | 7,196 | +74% |
| Free cash flow ($ million) | (118) | 1,066 | +1,053% |
| Net debt ($ million) | 4,424 | 4,305 | -3% |
| Leverage ratio (times) | 1.1 | 0.6 | -45% |
| Production (kboepd) | 258 | 474 | +84% |
| Unit operating costs ($/boe) | 16.5 | 12.8 | -22% |