Harbour Energy lifts FY hydrocarbon production target

7th Nov 2024 11:53

(Sharecast News) - Oil and gas company Harbour Energy upwardly revised its annual hydrocarbon production target on Thursday to reflect the completion of its Wintershall Dea acquisition back in September.

Harbour Energy said the "transformational" Wintershall Dea acquisition had brought about an increase in average production to 177,000 barrels of oil equivalent per day.

As a result, the FTSE 250-listed group narrowed its full-year 2024 guidance from 250,000-265,000 boepd to 255,000-265,000 boepd.

Chief executive Linda Cook said: "We continued to deliver on our strategy through the completion of the Wintershall Dea acquisition and strong operational and financial performance.

"Our expanded global portfolio is performing well, achieving production rates of over half a million barrels per day in October, generating material cash flow and presenting multiple high return organic investment opportunities. These, together with our strong team, disciplined capital allocation and investment grade credit ratings, mean we are well-positioned for the future."

As of 1150 GMT, Harbour shares were down 0.97% at 265.50p.

Reporting by Iain Gilbert at Sharecast.com