{"id":8854,"date":"2026-11-05T07:30:14","date_gmt":"2026-11-05T07:30:14","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/scotland\/?p=8854"},"modified":"2026-11-05T07:46:18","modified_gmt":"2026-11-05T07:46:18","slug":"harbour-energy-posts-record-production-numbers-during-third-quarter","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/scotland\/news\/8854-harbour-energy-posts-record-production-numbers-during-third-quarter","title":{"rendered":"Harbour Energy posts record production numbers during third quarter"},"content":{"rendered":"

Harbour Energy has posted a record nine months\u2019 production of 501 barrels of oil equivalent per day (kboepd), up 9% year-on-year.<\/p>\n

The company’s unaudited trading update for the nine months to 30 September 2026 also showed\u00a0the full-year free cash flow outlook increasing by $800m to around $2.6bn.<\/p>\n

Revenue and earnings before tax increased to $9.8bn and $6.8bn respectively – from $7.6bn and $5.4bn in 2025 – reflecting higher production and commodity price realisations<\/p>\n

Total capital expenditure, including decommissioning, through the end of September was $1.6bn; flat compared to last year. Net debt was reduced to $5.1bn at the end of September, from $5.4bn at the same stage in 2025.<\/p>\n

Harbour also announced a new $150m share buyback programme,<\/span> to reduce share capital. The programme will commence following completion of the buyback announced in August – expected around year-end 2026 – and will run until the end of the first quarter of 2027.<\/p>\n

Net debt reduced to $5.1bn, with around $1bn of debt repaid since completion of the LLOG acquisition. Harbour’s BASF shareholding was also reduced from about 47% at the beginning of the year to 16% at the period-end.<\/p>\n

Production during the period was split into broadly 40% liquids, 40% European gas and 20% other gas. This included the addition of LLOG in the US<\/a>, from February, and Waldorf in the UK, from July, which more than offset Indonesia and Vietnam divestments and a “natural decline” in the North Sea.<\/p>\n

The LLOG portfolio was “successfully integrated”, adding a new core country with an operated, oil-weighted portfolio and “significant growth potential”, while the Waldorf acquisition<\/a> completed in July and was integrated by the period end, “supporting financial and operational synergies and enhancing the resilience of the UK business”.<\/p>\n

In Norway, Gj\u00f8a North and Ofelia were sanctioned during the second quarter, with five further projects targeted to reach final investment decision by year-end, with the potential to deliver 100% Norway reserves replacement.<\/p>\n

Meanwhile, in Argentina, three gas wells were drilled on the Aguada Pichana Este gas licence in the Vaca Muerta during the third quarter, with nine wells connected during the period. In Mexico, at Zama, a Memorandum of Understanding was signed for the Lakam Ha \u00a0floating production storage and offloading unit and invitations to tender were issued.<\/p>\n

Harbour was also awarded 12 leases – eight of them as operator – in the US ‘Big Beautiful Gulf 3’ lease sale, building on success in earlier rounds and adding exploration prospects near key hubs.<\/p>\n

Chief executive Linda Z Cook commented: \u201cWe delivered another excellent quarter with production up 9% year-on-year driven by continued strong operational performance and the successful integration of LLOG and Waldorf.<\/p>\n

\u201cThis enabled us to further upgrade our 2026 production guidance and, given the portfolio\u2019s material exposure to both higher oil and European gas prices, our free cash flow outlook.<\/p>\n

\u201cAs a result, we are accelerating debt reduction and delivering material shareholder returns, with at least $1.2 billion now expected to be returned to shareholders for 2026, including a further $150m share buyback announced today,\u201d she continued, adding: \u201cWe also advanced our growth projects including through the addition of a second drilling rig in the US, progressing the San Roque Vaca Muerta oil licence in Argentina and reaching key milestones in Mexico, supporting future reserves and production.\u201d<\/p>\n

\"Meg

Meg O’Neill, chief executive of BP<\/strong><\/p><\/div>\n

Separately, BP has executed the sale of 5% of its 15.9% shareholding in Norwegian oil and gas producer Aker BP at a price of NOK 311 per share, raising gross proceeds of approximately $1.06bn.<\/p>\n

Following the sale, BP will hold 68.7 million shares in Aker BP, representing an approximate 10.9% interest in the company.<\/p>\n

Proceeds from the sale will go towards strengthening BP\u2019s balance sheet and it now expects full-year 2026 divestment and other proceeds to be around $9bn – around $1bn higher than previously guided.<\/p>\n

Chief executive Meg O\u2019Neill said: \u201cSince Aker BP\u2019s creation a decade ago, it has executed a successful growth strategy that has led to significant value creation.<\/p>\n

\u201cIn recent months, it has further increased its value through a combination of its strong performance and the favourable macro environment.<\/p>\n

\u201cWe believe now is the right time for us to realize part of this value to further strengthen BP\u2019s balance sheet.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Revenue and earnings before tax increased to $9.8bn and $6.8bn respectively<\/p>\n","protected":false},"author":278857,"featured_media":8855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,120781],"coauthors":[137126],"class_list":["post-8854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-markets","tag-featured-story","tag-north-east-scotland"],"yoast_head":"\nHarbour Energy posts record production numbers during third quarter<\/title>\n<meta name=\"description\" content=\"Revenue and earnings before tax increased to $9.8bn and $6.8bn respectively.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/scotland\/news\/8854-harbour-energy-posts-record-production-numbers-during-third-quarter\" 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