Business
Strategic acquisition of LLOG
Harbour Energy plc has agreed to acquire LLOG Exploration Company LLC for $3.2 billion, comprising $2.7 billion in cash and $0.5 billion in Harbour shares, establishing a significant presence in the deepwater US Gulf of America. This strategic acquisition is expected to increase production, extend reserve life, and improve margins, with free cash flow per share projected to be accretive from 2027. The deal adds 271 mmboe of 2P reserves, increasing Harbour's total reserves by 22% and reserve life from seven to eight years, while also strengthening its investment-grade profile and supporting competitive shareholder returns. Completion is anticipated in late Q1 2026, subject to customary closing conditions. Disclaimer*
About this update from Harbour Energy Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n \n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nHarbour Energy plc\n(\"Harbour\" or the \"Company\")\nStrategic acquisition of LLOG\n22 December 2025\n \n\n\n\n\n§\n\n\nEstablishes top tier position in deepwater US Gulf of America[1]\n\n\n\n\n§\n\n\nAdds conventional offshore oil assets with significant operational control\n\n\n\n\n§\n\n\nIncreases production, extends reserves life and improves margins\n\n\n\n\n§\n\n\nDelivers differentiated growth profile with significant exploration opportunity\n\n\n\n\n§\n\n\nFree cash flow per share accretive from 2027\n\n\n\n\n§\n\n\nMaterial and increasing free cash flow supports competitive shareholder returns and investment grade profile\n \n\n\n\n\n \nHarbour announces that it has entered into an agreement to acquire LLOG Exploration Company LLC (\"LLOG\") from LLOG Holdings LLC for $3.2 billion (the \"Acquisition\"), comprising $2.7 billion of cash and $0.5 billion of Harbour's voting ordinary shares. The Acquisition marks Harbour's strategic entry into the US Gulf of America, strengthening its global portfolio and establishing another core business unit alongside Norway, the UK, Argentina and Mexico.\n \nLinda Z Cook, CEO Harbour, commented:\n\"Today's announcement delivers on Harbour's long-standing ambition to establish a presence in the deepwater Gulf of America. With LLOG, we found the right combination of high-quality assets and a talented team, providing a strong strategic and cultural fit with our company. The transaction positions us as a leading player in a region with well-established infrastructure, a supportive fiscal and regulatory environment and opportunities for additional growth. The oil-weighted, deepwater LLOG portfolio enhances our production profile, provides significant operational control, extends reserve life and improves our margins. In addition, the LLOG organisation brings decades-long experience in the Gulf of America with a successful track record, creating a solid foundation for Harbour in the area.\n \n\"We are pr...