Harbour Energy holds production guidance as weak prices hit 2023 profits
Harbour Energy
227.60p
16:10 03/03/25
0.31%
0.70p
North Sea oil and gas producer Harbour Energy on Thursday held production guidance for 2024 as it reported a sharp fall in annual profits on the back of lower output and weaker prices.
FTSE 250
20,407.46
16:10 03/03/25
n/a
n/a
FTSE 350
4,850.46
16:10 03/03/25
n/a
n/a
FTSE All-Share
4,795.72
16:10 03/03/25
n/a
n/a
Oil & Gas Producers
8,546.71
16:10 03/03/25
0.59%
49.96
Pre-tax profit for 2023 slumped to $597m from £2.46bn a year earlier when surging energy prices provided a cash bonanza for the sector.
Production fell to 186,000 barrels of oil equivalent per day from 208kboepd. Harbour said it still expected to produce 150-165 kboepd with production to end February of around 172 kboepd.
Free cash flow is expected to be marginally positive in 2024, after estimated cash tax of $1bn, assuming commodity prices of $85 a barrel for Brent crude oil and reduced UK gas prices of 70p/therm.
Reporting by Frank Prenesti for Sharecast.com