Business
Full year results for the year to 31 December 2024
Full year results for the year to 31 December 2024.
About this update from Harbour Energy Plc
[{"type":"text","content":"\n\n\n \n\n\n\n\n\n\n\n\n\n\n\nHarbour Energy plc\nFull year results for the year to 31 December 2024\n6 March 2025\n \nHarbour Energy plc (\"Harbour\" or the \"Company\" or the \"Group\") today announces its results for the year ended 31 December 2024.\nActuals to 31 December 2024 reflect the completion of the Wintershall Dea transaction on 3 September 2024 and include approximately four months of contribution from the acquired portfolio.\nLinda Z Cook, Chief Executive Officer, commented:\n\"2024 was a transformational year with the completion of the Wintershall Dea transaction, our fourth significant transaction since 2017. As a result, we achieved a step change in the scale, resilience and longevity of our business underpinning the potential for material free cash flow generation well into the next decade. At the same time, we delivered another year of solid operational and financial performance.\n\"Looking to 2025, we have had a strong start to the year. We continue to prioritise safe and efficient operations, mature our significant 2C resource base and maintain disciplined capital allocation. We remain excited about our future and look forward to realising the potential of our company for all our stakeholders.\"\nOperational highlights\n\n\n\n\n§\n\n\nCompleted transformational acquisition of Wintershall Dea portfolio; integration progressing as planned\n\n\n\n\n§\n\n\nProduction of 258 kboepd (2023: 186 kboepd), a c.40 per cent increase on 2023\n\n\n\n\n§\n\n\nUnit operating costs of $16.5/boe (2023: $16.4/boe)\n\n\n\n\n§\n\n\nTotal recordable injury rate of 1.0 per million hours worked (2023: 0.7)\n\n\n\n\n§\n\n\nSuccessful drilling in the UK, Norway, Argentina and Indonesia; new projects online in the UK and Argentina\n\n\n\n\n§\n\n\nTotal capital expenditure (including decommissioning) of $1.8 billion (2023: $1.0 billion)\n\n\n\n\n§\n\n\n2P reserves and 2C resources more than tripled to 3.2 bnboe (2023: 880 mmboe), representing 19 years 2P reserves and 2C resource life\n\n\n\n\n§\n\n\nAppointment of Chief Operating Officer, Nigel Hearne, in February 2025\n\n\n\n\nFinancial highlights[1]\n\n\n\n\n§\n\n\nRevenue and EBITDAX of $6.2 billion (2023: $3.7 billion) and $4.0 billion (2023: $2.7 billion), up c.65 per cent and c.50 per cent respectively, versus 2023\n\n\n\n\n§\n\n\nProfit before tax of $1.2 billion (202...