Harbour Energy Plc · LSE:HBR
Harbour Energy — Investor Presentation (January 2026)
36 slides from Harbour Energy's investor presentation, January 2026
Slide 1: Investor Presentation
Investor Presentation Harbour Energy plc January 2026 www.harbourenergy.com
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Harbour Energy plc (the “Company”) for general information purposes in relation to its half-year results and may contain forward-looking statements, estimates, and projections regarding results of operations, business plans, and performance of the Co
Slide 3: Overview
Overview
Slide 4: One of the world's largest and fastest growing independent oil and gas companies
One of the world’s largest and fastest growing independent oil and gas companies Strategic acquisition of LLOG Exploration (US) announced December 2025, driving resilience and free cash flow growth Production1 c.500 kboepd Working interest, kboepd What sets us apart? ▪ Track record ▪ Scale and diver
Slide 5: Building a global, diversified, independent oil and gas company
Building a global, diversified, independent oil and gas company Proposed LLOG acquisition marks Harbour’s strategic entry into offshore US Harbour existing interests Publicly-listed (UK FTSE) Planned country entry 2026 Producing asset exit 2026 Production >450 kboepd Norway Competitive operating cos
Slide 6: 2025 highlights – another year of strong delivery
2025 highlights – another year of strong delivery ▪ Excellent operational performance; integration of new assets ▪ High return, short cycle investments delivered; good momentum on strategic projects (Mexico, Argentina) ▪ Increased and upgraded free cash flow, supported by strict capital discipline i
Slide 7: 2025 Performance and 2026 Guidance
2025 Performance and 2026 Guidance
Slide 8: A focus on safe and responsible operations
A focus on safe and responsible operations Trends reflect 2024 Wintershall Dea acquisition; focused on driving safety performance across expanded portfolio Occupational safety Process safety Greenhouse gas emissions intensity3 TRIR1 (per million hours worked) PSER1 (Tier 1/2 events per million hours
Slide 9: Global portfolio: key countries drive our results
Global portfolio: 4 key countries – soon to be 5 with LLOG completion – drive our results Norway, UK, Argentina and Mexico account for over 80% of our portfolio LLOG 2P of 271 mmboe, % represents an increase of c.20% 474 1.25 1.91 kboepd bnboe bnboe 80% Norway: High quality production UK: Diverse as
Slide 10: 2025 production of 474 kboepd, up 84% vs 2024 and at top end of guidance
2025 production of 474 kboepd, up 84% vs 2024 and at top end of guidance Production kboepd 474 kboepd (Initial guidance: 450-475 kboepd) 474 >80% Other gas European J-Area (UK): Production at rates not seen since 2013, with new wells online 258 gas ▪ Materially increased and diversified production,
Slide 11: A competitive cost base underpinning robust margins
A competitive cost base underpinning robust margins Operating costs1 Unit operating cost1 $ billion 2.2 $/boe Unit costs down c.20% from prior year ▪ Addition of lower cost Wintershall Dea portfolio c.20% 1.6 16.5 ▪ Strong production volumes 13.0 ▪ Improved UK cost structure ▪ Sale of high cost Viet
Slide 12: Focusing capital investment on our highest return, most competitive projects
Focusing capital investment on our highest return, most competitive projects Significant reduction in total capex/boe1 from $19 (2024) to c.$13 (2025) Total capex $2.3bn Capital projects progressed $ billion (Initial guidance: $2.4-2.6bn) 2600.0 ▪ Norway: Maria Phase 2 completed; 5 subsea tie-backs
Slide 13: Large and diverse 2C resource base underpinning material, sustainable cash flow
Large and diverse 2C resource base underpinning material, sustainable cash flow Maturing the highest return, most competitive projects within our disciplined financial framework 2P reserves and 2C resources1 bnboe 1.9 Key focus Other maturing 2C into 2P 2 High value, short cycle projects Vaca Muerta
Slide 14: Increased 2025 free cash flow of $1.1 billion
Increased 2025 free cash flow of $1.1 billion Strong operational and financial delivery offset softer commodity prices Delivering against our capital allocation priorities c.$0.5bn upgrade $ billion (vs original FCF outlook in Jan 2025) 1.1 1. Committed to investment grade 1.0 1.0 ▪ Prudent financia
Slide 15: Net debt reduced to $4.4bn, leverage less than 1x at 0.6x
Net debt reduced to $4.4bn, leverage less than 1x at 0.6x c.80% of senior debt USD denominated on a post-swap $ billion 1,2 basis $0.3bn 0.4 Year end 2025 mark to market 0.6 gain on cross currency swap portfolio of $0.1bn 1.1 Existing maturities pre-funded to 2028; YE 2025 leverage of 0.6x Weaker US
Slide 16: High grading our capital programme
High grading our capital programme (Excludes effect of transactions – LLOG and Waldorf acquisitions, Indonesia divestments – announced in December) Total capex Norway Argentina $m Guidance Mexico Other UK ▪ Step down in spending in 2026 vs 2025 $1.7-1.9bn driven by UK and project high grading 2,500
Slide 17: Portfolio sustains material production well beyond 2030
Portfolio sustains material production well beyond 2030 (Excludes effect of transactions – LLOG and Waldorf acquisitions, Indonesia divestments – announced in December) Production Guidance Norway UK kboepd 435-455 kboepd ▪ 2025-27 production averages c.450 kboepd Argentina Mexico Other 500 474 ▪ New
Slide 18: 2026 Guidance and outlook
2026 Guidance and outlook (excludes effects of announced transactions) Strong 2025 performance, beating/at upper end of guidance despite price weakness Guidance 2025 actuals 2025 2025F 2025 vs initial 20261 (Jan 2025) (Nov 2025) actuals guidance Production 450-475 465-475 474 435-455 kboepd Unit ope
Slide 19: Continued strategic execution
Continued strategic execution
Slide 20: Three complementary transactions announced December 2025 materially increase FCF
Three complementary transactions announced December 2025 materially increase FCF Recycle capital, enhance cash flow and reinvest in accretive growth Sale of Indonesia Acquisition Acquisition assets of Waldorf (UK) of LLOG (US) ▪ Portfolio high grading ▪ Immediately, materially free ▪ Unique opportun
Slide 21: Strategic entry into deepwater US Gulf of America
Strategic entry into deepwater US Gulf of America Acquisition of LLOG for $3.2 billion (effective date 1 October 2025); expected completion in late Q1 2026 Unique opportunity to enter US Gulf of America at scale, LLOG significantly enhances Harbour’s establishing another core business unit free cash
Slide 22: LLOG acquisition is accretive to Harbour across key operational and financial metrics
LLOG acquisition is accretive to Harbour across key operational and financial metrics Unlocking the next chapter: Harbour’s strategic expansion into the deepwater Gulf of America 1 ▪ Establishes a material presence in a prolific O&G basin with a top tier portfolio and world class team Strategic entr
Slide 23: LLOG: Unique opportunity to enter one of the world's most prolific oil and gas basins
LLOG: Unique opportunity to enter one of the world’s most prolific oil and gas basins A top tier portfolio and world class team in a highly supportive regulatory and fiscal environment Leon-Castile start up Oct. 2025 271 34 c.25% mmboe kboepd 3 year production CAGR4 2P Reserves H1 2025 YE 2024 produ
Slide 24: LLOG: long-life deepwater hubs with high-rate wells drive significant free cash flow growth
LLOG: long-life deepwater hubs with high-rate wells drive significant free cash flow growth Who Dat (45%, op.) Buckskin (33.8%, op.) Leon-Castile (33%-48.2%, op.) ▪ H1 2025: 14 kboepd (WI) ▪ First production 2019, achieved at ▪ Discovered in 2014, developed with a first ▪ Ongoing infill drilling sup
Slide 25: LLOG: Largest resource base among independents in Gulf of America drives growth
LLOG: Largest resource base among independents in Gulf of America drives growth Disciplined exploration and developed strategy drives long term value creation GoA remaining resources1 Proven explorer and experienced mmboe developer and operator 500 Inventory of low breakeven, high return infrastruct
Slide 26: Concluding remarks
: Concluding remarks
Slide 27: Why Harbour Energy?
Why Harbour Energy? A track record of strategic, operational and financial delivery supported by a world class team A large scale, diverse producing asset base with a competitive cost structure and exposure to Brent oil prices and European gas prices Broad set of attractive Half-year Results strateg
Slide 28: Appendix
: Appendix
Slide 29: Group production and hedging
Group production and hedging 2025 Group production 2025 realised prices kboepd, net Liquids Gas Total Oil ($/bbl) Norway 57 112 169 HBR pre-hedge 66.9 UK 77 78 155 HBR post-hedge 69.3 Germany 18 10 28 Argentina 5 68 73 NGLs ($/bbl) Mexico 9 1 10 Overall NGLs 45.8 MENA 4 27 31 SE Asia 2 5 7 Liquids:
Slide 30: Prudent risk management with a systematic approach to hedging
Prudent risk management with a systematic approach to hedging Hedging to protect the balance sheet while maintaining price appreciation exposure amidst volatile market ▪ Significant hedge position European gas volumes hedged Liquid volumes hedged with c.$0.5bn mark to market c.20% Volumes hedged, kb
Slide 31: A leading producer and explorer in Norway
A leading producer and explorer in Norway Harbour is the largest international operator and one of the largest natural gas producers in Norway ▪ Diversified asset base; multiple export routes ▪ High operating margins ▪ Strong equity position in multiple key host facilities $12/boe 2025 unit operatin
Slide 32: One of the UK's largest oil and gas producers
One of the UK’s largest oil and gas producers Production kboepd 150 100 10-15% 50 managed decline rate 0 2024 2025 2026 2027 2030 Outperformance in 2025 ▪ Production of 155 kboepd, supported by improved operating Total capex efficiency and new wells on-stream $million ▪ Best in class drilling perfor
Slide 33: Largest international independent oil and gas company in Argentina
Largest international independent oil and gas company in Argentina Long life production with potential for material growth ▪ Active in Argentina since 1978 ▪ One of country’s largest gas producers ▪ Long term production potential ▪ Significant reserve replacement opportunity with huge 2C resource ▪
Slide 34: Largest international company by reserve and resource base in Mexico
Largest international company by reserve and resource base in Mexico Major operated growth opportunities for Harbour ▪ At c.750 mmboe gross Reserve and resource base1 Zama oil field (Harbour mmboe 32.2%), more capital 500 efficient, phased development plan 250 submitted and Harbour appointed operato
Slide 35: Building a focused CCS business for the UK and European market
Building a focused CCS business for the UK and European market Harbour CCS projects must deliver attractive returns and compete for capital ▪ Potential to provide long-dated, stable cash flow >650 mt ▪ Offering a route to unlock value through reuse of legacy assets Net CO2 storage resources ▪ Priori
Slide 36: Harbour Energy
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