Harbour Energy Plc · LSE:HBR
Harbour Energy — FY2025 Earnings Presentation
37 slides from Harbour Energy's earnings presentation, Mar 5, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results Harbour Energy plc 5 March 2026
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE: THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE BEING SUPPLIED TO YOU FOR YOUR INFORMATION ONLY AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY TO ANY OTHER PERSON. BY ACCESSING THIS DOCUMENT YOU AGREE TO BE B
Slide 3: Agenda
Agenda 1. 2025 highlights 2. Operational review 3. Financial review 4. Closing remarks Harbour Energy | 2025 Full Year Results 2
Slide 4: 2025 highlights
: 2025 highlights
Slide 5: 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) completed February 2026, drives resilience and free cash flow growth Production1 c.500 kboepd Working interest, kboepd What sets us apart? ▪ Track record ▪ Scale and divers
Slide 6: 2025 highlights – another year of strong delivery
2025 highlights – another year of strong delivery ▪ Production at upper end of guidance ▪ Improved cost structure, high graded portfolio ▪ High return, short cycle investments delivered ▪ Free cash flow above guidance despite lower O&G prices ▪ Growth projects (Mexico, Argentina) progressed ▪ Announ
Slide 7: Three complementary transactions materially increase Harbour's 2026-2030 free cash flow
Three complementary transactions materially increase Harbour’s 2026-2030 free cash flow Recycle capital, enhance cash flow and reinvest in accretive growth Sale of Indonesia Acquisition Acquisition assets of Waldorf (UK) of LLOG (US) $215m1 $170m $3.2bn Portfolio high-grading Enhancing cash flow Str
Slide 8: Globally diverse independent with scale
Globally diverse independent with scale Significant portfolio reshaping with exits from SE Asia and strategic entry into US offshore via the LLOG acquisition Production 475-500 kboepd Harbour existing interests CCS opportunities Country entry 2026 Competitive operating costs and Producing asset exit
Slide 9: Diverse portfolio with five key countries driving our results
Diverse portfolio with five key countries driving our results Norway, UK, Argentina, Mexico and US account for c.90% of our portfolio % 475-500 1.4 1.9 kboepd bnboe bnboe c.90% Norway: UK: Argentina: US: Mexico: High quality Diverse asset Long life Fully operated, Large offshore production base with
Slide 10: Operational review
: Operational review
Slide 11: Portfolio priorities
Portfolio priorities Safe and reliable operations Drive margin expansion and capital efficiency Profitably convert resources to reserves to production and cash flow Deliver sustainable free cash flow growth Harbour Energy | 2025 Full Year Results 10
Slide 12: Prioritising safety in everything we do
Prioritising safety in everything we do Occupational Safety Process Safety Greenhouse gas emissions intensity3 TRIR1 (per million hours worked) PSER1 (Tier 1/2 events per million hours worked) kgCO2e/boe 20 18 28% 0.3 13 1.0 1.1 0.1 0.7 0.0 2023 2024 2025 2023 2024 2025 2023 2024 2025 Harbour Peer2
Slide 13: Materially increased and diversified production with structurally improved cost base
Materially increased and diversified production with structurally improved cost base Production kboepd 474 kboepd (Initial guidance: 450-475 kboepd) >80% Other gas J-Area (UK): Production at rates not seen since over a decade, with new wells online Record production, at upper end of guidance ▪ Excel
Slide 14: Norway: Resilient production and cash flow underpinned by high value projects
Norway: Resilient production and cash flow underpinned by pipeline of high value, near term projects ▪ 2025 production of 169 kboepd (66% gas) Project pipeline 2P reserves and 2C resources, mmboe (net) ▪ High operating margins ($12/boe unit opex) Projects onstream 50 Approved developments ▪ Leveragi
Slide 15: UK: Transformed free cash flow outlook driven by reduced cost base
UK: Transformed free cash flow outlook driven by reduced cost base, improved capital efficiency & accretive M&A Production Top quartile operating costs ▪ Significant operational control Harbour UK, kboepd Harbour UK, $/boe ▪ Improved cost structure 4% ▪ Best in class drilling performance at J-Area 1
Slide 16: Argentina: Long life production with potential for material growth
Argentina: Long life production with potential for material growth 2025 Production 2P & 2C resources ▪ CMA-1: Long life conventional production kboepd YE25, mmboe Argentina Vaca with multiple tie-back options (eg Fenix) Muerta 73 722 Basin San Roque ▪ Significant growth potential in Vaca Muerta: Agu
Slide 17: Gulf of America: Large, long-life deepwater hubs
Gulf of America: Large, long-life deepwater hubs with high-rate wells driving significant free cash flow growth through to 2030 Production, WI kboepd ▪ High margin production growth 75 Who Dat Buckskin Leon-Castile Other ▪ Fully operated, oil weighted portfolio ▪ Deep inventory of high return, low b
Slide 18: >40% average weighted IRR of GoA capex (2026-28)
LLOG acquisition further strengthens our portfolio of organic investment options LLOG provides deep inventory of high return, near term investments 10-15 wells planned in Gulf of America 2026-2028 including at Leon-Castile and Buckskin and infrastructure-led exploration wells Apparent highest bidder
Slide 19: Mexico: Creating a scale and advantaged business around Zama and Kan
Mexico: Creating a scale and advantaged business built around two shallow water production hubs, Zama and Kan ▪ Appointed operator of c.750 mmboe gross Zama oil Zama Phase I Early Production Plan (EPP) development (Harbour 32%) ▪ More capital efficient, phased FPSO-based Zama development plan agreed
Slide 20: Delivering our highest return, most competitive projects
Delivering our highest return, most competitive projects to drive higher margin production Norway UK Argentina US Mexico Other Total capex Production $bn Guidance kboepd Guidance 2.5 $2.2-2.4bn 475-500 kboepd 500 2.0 400 Growing Strict capital higher margin 1.5 discipline 300 production $2.0-2.3bn p
Slide 21: Continuing our strong track record of reserve replacement
Anticipated reserve additions Continuing our strong track record of reserve replacement 2026-2028 Announced transactions deliver 2P reserves of 150% of est. 2026 production Short cycle, high return (GoA, 2P reserves Norway), major growth (Mexico) bnboe and shale (Argentina) 150% 250% >100% reserve r
Slide 22: Portfolio priorities
Portfolio priorities Safe and reliable operations Drive margin expansion and capital efficiency Profitably convert resources to reserves to production and cash flow Deliver sustainable free cash flow growth Harbour Energy | 2025 Full Year Results 21
Slide 23: Financial review
Financial review
Slide 24: 2025 Financial highlights
2025 Financial highlights Free cash flow $1.1bn ▪ Strong set of financial results driven by excellent operational (2024: $0.1bn) execution and capital discipline ▪ Delivered a step change in our cost base Adjusted EBITDAX ▪ Significantly increased and upgraded our free cash flow $7.2bn (2024: 4.1bn)
Slide 25: Resilience in a volatile commodity price environment
Resilience in a volatile commodity price environment Large scale and diverse portfolio BRENT PRICE DEVELOPMENT ($/BBL) TTF PRICE DEVELOPMENT ($/mscf) Harbour post- hedge realised 82 69 11 13 Strong cost focus and strict capital discipline Benchmark Annual average 81 69 11 12 100 20 Active portfolio
Slide 26: Income statement
Income statement FY 2025 FY 2024 Realised oil / Euro. gas prices $ million Reported1 Adjusts Adjusted Reported1 Adjusted $69/bbl; $13/mscf Total Revenue and other income 10,261 - 10,261 6,226 6,226 (2024: $82/bbl; $11/mscf) Operating costs and G&A (3,143) 78 (3,065) (2,199) (2,080) Production EBITDA
Slide 27: 2025: Significant free cash flow generation
2025: Significant free cash flow generation Reflects strong operational execution and strict capital discipline Increased free cash flow $ billion $ billion FCF upgrade 0.5 1.1 2.3 1.0 0.4 3.5 Norway 7.3 0.4 UK CT/SCT UK EPL Free cash flow 0.5 $1.1 billion 0.5 (2024: $0.1bn) 0.8 0.8 2025 FCF Commodi
Slide 28: Deleveraging during 2025 supported strategic transactions
Deleveraging during 2025 supported strategic transactions Post period end, in February, completed LLOG transaction $ billion 1,2 $0.3bn Funded through $2.7bn of cash 0.4 – $1.0bn bridge, $1.0bn 3Y term loan and $0.7bn existing 0.6 liquidity – and $0.5bn of equity 1.1 Net debt on completion of LLOG o
Slide 29: Strong 2025 performance, beating/at upper end of guidance despite price weakness
Strong 2025 performance, beating/at upper end of guidance despite price weakness 2026 guidance updated for LLOG completion and assumes Waldorf and Indonesia transactions complete end Q2 2026 2025 2026 Initial Actuals vs Initial guidance Updated guidance Actuals initial guidance guidance excl. transa
Slide 30: Strengthened portfolio delivers significant free cash flow growth
Strengthened portfolio delivers significant free cash flow growth Delivering material FCF CAGR Future FCF profile1 through 20301 $ billion ▪ Increasing high margin US GoA production driven by near term investment 1.6x ▪ Significant financial synergies from 2027 c.1.0 driven by UK Waldorf acquisition
Slide 31: Adopting a payout ratio distributions policy
Adopting a payout ratio distributions policy Links shareholder returns directly to growing free cash flow and strengthens capital allocation framework 2022-2025: Fixed dividend 2026: Payout ratio approach 40% Return 45-75% of annual free cash flow1 of annual free cash Including initial base dividend
Slide 32: Outlook: delivering against our capital allocation priorities
Outlook: delivering against our capital allocation priorities Net debt1 Free cash flow1 Distributions $ billion 8 Leverage $ billion FCF payout ratio, % 1.6 75% 7 1.4 6 1.2 5 45% 1.0x 1 40% 4 0.8 3 0.6 c.1.0 2 0.4 c.0.6 c.$7.2bn net debt Initial (at LLOG completion) 1 0.2 base 0 0 2021-25 2026+ YE26
Slide 33: Closing remarks
: Closing remarks
Slide 34: Why Harbour Energy?
Why Harbour Energy? A track record of strategic, operational and financial delivery supported by active portfolio management and a world class team A large scale, diverse producing asset base with a competitive cost structure and exposure to Brent oil prices and European gas prices Production mainta
Slide 35: Appendix
: Appendix
Slide 36: Group production and hedging
Group production and hedging 2025 Group production 2025 realised prices kboepd, net Liquids Gas Total Oil ($/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 37: o_ Harbour
o_ Harbour mam Energy