Harbour Energy narrows FY production guidance

8th Aug 2024 08:01

(Sharecast News) - Harbour Energy narrowed its full-year production guidance on Thursday as the oil and gas producer pointed to "good" progress on its capital projects and planned maintenance shutdowns.

In results for the six months to the end of June, Harbour said it now expects 2024 production of between 155,000 and 165,000 barrels of oil equivalent per day (kboepd), versus previous guidance of 150,000 to 165,000.

The company said guidance has also been updated to include an extra six months contribution from the Chim Sáo oil field due to the deferred sale of its Vietnam business.

Pre-tax profit for the half was steady at $0.4bn, but Harbour swung to an after tax profit of $0.1bn from a loss of $8m in the same period a year earlier.

Production in the first half averaged 159,000 kboepd, versus 196,000 in the same period a year earlier.

Chief executive Linda Z Cook said: "During the first half of 2024 we maintained our focus on safe operations, maximising the value of our existing portfolio and advancing our organic growth projects. At the same time, we made significant progress towards completing the Wintershall Dea acquisition, which is now expected early in the fourth quarter.

"The acquisition will transform the scale, geographical diversity and longevity of our portfolio and strengthen our capital structure enabling us to deliver enhanced shareholder returns over the long run while also positioning us for further opportunities."