Trading and Operations Update

Operational highlights

§ Transformational Wintershall Dea portfolio acquisition completed ahead of schedule; integration progressing as planned

§ A continued focus on safety with a total recordable injury rate of 0.96 per million hours worked (2023: 0.89)

§ Average production of 177 thousand barrels of oil equivalent per day (kboepd) to end September (2023: 189 kboepd). Full year 2024 guidance narrowed upwards to 255-265 kboepd (250-265 kboepd previously)

-    Production start-up from the Fenix gas project (Argentina) in September, ahead of plan

-    New wells on-stream in Q3, including at Njord (Norway), Armada (UK) and Greater Britannia Area (UK)

-    October production averaged 503 kboepd following completion of Norway and UK planned maintenance shutdowns

§ Operating costs averaged $19.5/barrel of oil equivalent (boe) for the period (2023: $16/boe). 2024 guidance of $16-17/boe is reiterated, reflecting the addition of the lower cost Wintershall Dea portfolio and expected higher production in Q4

§ High return, short cycle investments on track, including Talbot (UK) first oil anticipated around year end, Maria Phase 2 (Norway) production start-up expected in 2025, and a multi-pad drilling campaign underway at APE Vaca Muerta (Argentina)

§ Growth opportunities advanced, underpinning future reserves replacement and portfolio longevity

-    Norway: Successful appraisal of the Storjo gas discovery and appraisal drilling underway at the Harbour-operated Sabina discovery, both potential subsea tie-backs to the Skarv FPSO

-    UK: Oil discovery at Gilderoy, close to Harbour-operated Greater Britannia infrastructure

-    Mexico: Zama FEED progressing; appraisal drilling ongoing at Harbour-operated Kan discovery

-    Indonesia: Multi-well exploration and appraisal campaign completed at Andaman, confirming the potential of the play; additional Harbour-operated licence secured with the award of Central Andaman

-    European CCS: Assessment of our enlarged CO₂ transportation and storage portfolio underway, with a focus on building a competitive business with long-term cash flow potential

§ Estimated revenue to end of September of $3.1 billion, with realised post-hedging oil, European and non-European gas prices of $82/bbl, $9/mscf and $6/mscf respectively

§ Total capital expenditure to end of September of c.$1.0 billion. Full year 2024 guidance revised to c.$1.8 billion from c.$1.7 billion. This reflects phasing of spend between pre- and post-completion of the Wintershall Dea acquisition versus that estimated at the time of completion. Proforma total capital expenditure for 2024 unchanged at c.$2.7 billion.

§ Estimated net debt of $4.7 billion at 30 September. Year-end net debt expected to be of a similar level, based on an estimated c.$250 million negative working capital movement and current commodity price outlook

-    Estimated full year 2024 free cash flow of c.$300 million, excluding shareholder distributions and one-off acquisition-related costs. Equivalent proforma free cash flow estimated at $1.1 billion

-    2024 one off acquisition-related costs, including change of control payments for seismic data, totalling c.$250 million

§ Interim dividend of c.$100 million paid in September, in line with Harbour's prior $200 million annual dividend policy. As previously guided, annual dividend increased to $455 million (comprising $380 million for ordinary shares, $75 million for non-voting shares) to be paid in two equal instalments, starting with a final dividend for 2024 to be paid in May 2025, subject to shareholder approval

§ Successful issuance of €1.6 billion of senior bonds (completed October) enabling repayment and cancellation of the $1.5 billion bridge facility utilised for the Wintershall Dea portfolio acquisition

§ Corporate and senior unsecured issue credit ratings upgraded to investment grade Baa2, BBB- and BBB- from Moody's, S&P and Fitch, respectively

UK

142

Norway

10

Germany

3

Argentina

7

Mexico

1

MENA

4

SE Asia

11

Total Group

177¹