Harbour Energy Plc · LSE:HBR
Harbour Energy — Investor Presentation (November 2025)
30 slides from Harbour Energy's investor presentation, November 2025
Slide 1: Investor Presentation
Investor Presentation Harbour Energy plc November 2025 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 Publicly-listed (UK FTSE) 465-475 Diverse production base kboepd >450 kboepd Competitive operating costs and resilient margins Broad set of strategic organic 258 kboepd investment options Leading European CO2 175 kboepd
Slide 5: 2025 Q1-Q3 highlights
2025 Q1-Q3 highlights Continued strong performance and reinforced free cashflow outlook ▪ Significantly enhanced scale and resilience ▪ Excellent operational execution; acquisition integration completed ▪ Decisive action taken in response to volatile commodity prices ▪ Capital projects on track; str
Slide 6: Performance and 2025 Guidance
Performance and 2025 Guidance
Slide 7: 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 8: Production of 473 kboepd to end September; guidance further narrowed upwards
Production of 473 kboepd to end September; guidance further narrowed upwards Production Guidance narrowed kboepd 465-475 kboepd (from 460-475 kboepd) >2.5x 473 Other gas European J-Area (UK): Production at rates not seen since 2013, with new wells online gas ▪ Materially increased and diversified pr
Slide 9: A competitive cost base underpinning robust margins
A competitive cost base underpinning robust margins Operating costs1 Unit operating cost1 Unit costs down c.30% from prior year $ billion $/boe Guidance ▪ Addition of lower cost Wintershall Dea portfolio 1.7 reiterated 19 c.30% ▪ Cost controls offset impact of weaker USD c.13.5 Guidance for full yea
Slide 10: 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 $21 (Q1-Q3 2024), to c.$13 (Q1-Q3 2025) Guidance lowered Total capex $ billion c.$2.4 billion ($2.4-2.5bn previously) Capital projects on track 2600 ▪ Norway: Maria Phase 2 sta
Slide 11: 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 12: Strengthened financial position
Strengthened financial position Net debt1,2 reduced by $0.5bn to $4.2bn compared to year-end 2024 $ billion Debt maturities pre-funded to 2028; €1bn of senior notes $0.5bn repaid in September 4.7 0.4 0.6 Increased hedging of Euro denominated debt in Q3 with 1.2 c.80% of senior debt now USD denominat
Slide 13: 2025 Improved free cash flow outlook
2025 Improved free cash flow outlook Strong operational and financial delivery offset softer commodity prices Significant free cash flow & increased shareholder +/-$5/bbl FY Brent or +/-$1/mscf FY Eur. gas distributions $ billion +/-$115m FCF 1.0 1.0 2025 interim dividend of $227.5m paid, per annual
Slide 14: Guidance and outlook further improved
Guidance and outlook further improved FY 2025F1 FY 2025F2 FY 2025F3 Q1-Q3 FY 2025F4 (Jan 2025) (May 2025) (Aug 2025) actuals (Nov 2025) Production kboepd 450-475 455-475 460-475 473 465-475 Guidance Unit opex $/boe c.14 c.14 c.13.5 13 c.13.5 Total capex5 $bn 2.4-2.6 2.4-2.5 2.4-2.5 1.6 c.2.4 Brent o
Slide 15: Portfolio overview
: Portfolio overview
Slide 16: Global portfolio – four key countries drive our results
Global portfolio – four key countries drive our results Norway, UK, Argentina and Mexico account for over 80% of our portfolio % 465-475 1.25 1.91 kboepd bnboe bnboe 80% Norway: High quality production UK: Diverse asset base with high degree with significant near field opportunities of operational c
Slide 17: 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 Q1-Q3 2025 unit op
Slide 18: The UK’s largest oil and gas producer
The UK’s largest oil and gas producer Production kboepd 150 100 10-15% 50 managed decline rate 0 2024 2025 2026 2027 2030 Outperformance in 2025 ▪ Production of 156 kboepd to end September, supported by Total capex improved operating efficiency and new wells on-stream $million ▪ Best in class drilli
Slide 19: 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 20: Largest international company by reserve and resource base in Mexico
Largest international company by reserve and resource base in Mexico A major growth opportunity for Harbour ▪ Operated production from Reserve and resource base1 onshore Ogarrio and mmboe offshore Hokchi oil fields 500 ▪ At c.750 mmboe Zama oil field (Harbour 32.2%), a 250 more capital efficient, ph
Slide 21: 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 22: Outlook
: Outlook
Slide 23: Portfolio sustains material production well beyond 2030
Portfolio sustains material production well beyond 2030 Production Guidance Norway UK kboepd 465-475 Argentina Mexico Other 500 kboepd ▪ 2025-27 production averages c.450 kboepd ▪ New production in high margin Norway, Argentina and – over time – Mexico offsetting decline in high-cost UK Long term, ‒
Slide 24: High grading of our capital programme
High grading of our capital programme Total capex Norway Argentina $m Guidance Mexico Other UK ▪ Reduced spending in 2026 vs 2025 c.$2.4bn driven by UK and project high grading 2,500 c.20% ▪ Near term spend focused on high value, short cycle opportunities 2,000 ▪ Significant optionality longer term
Slide 25: Capital allocation priorities and Outlook (2025-2027)
Delivering returns-focused value Capital allocation priorities Outlook (2025-2027) 1 Investment grade balance sheet strength ▪ Investment grade credit rating ▪ <1.0x leverage ratio 1 ▪ c.$0.5-1.0bn debt reduction 3 2 Robust and diverse portfolio ▪ c.450 kboepd production ▪ <$15/boe operating costs ▪
Slide 26: 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 27: Appendix
: Appendix
Slide 28: 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 $0.38bn mark to market c.20% Volumes hedged, kbo
Slide 29: Group production and hedging
Group production and hedging Q1-Q3 2025 Group production kboepd, net Liquids Gas Total Norway 55 111 165 UK 78 78 156 Germany 19 10 28 Argentina 5 70 75 Mexico 9 2 10 MENA 4 27 31 SE Asia 3 5 8 Owing to rounding, totals do not Total 173 301 473 match the sum of the component parts Hedging schedule H
Slide 30: i Harbour
i Harbour mmm Energy
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