Harbour Energy Plc · LSE:HBR
Harbour Energy — Investor Presentation (May 2026)
34 slides from Harbour Energy's investor presentation, May 2026
Slide 1: Investor Presentation
Investor Presentation Harbour Energy plc May 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: 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 (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 diversification ▪
Slide 5: Globally diverse independent with scale
Globally diverse independent with scale Significant portfolio reshaping: SE Asia exits and strategic entry into US offshore Production 475-500 kboepd Harbour existing interests CCS opportunities Country entry 2026 Competitive operating costs and Producing asset exit 2026 resilient margins Norway Bro
Slide 6: 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 % 480-500 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 7: Q1 2026 Highlights
Q1 2026 Highlights ▪ Continued strong delivery including high operational reliability and excellent project execution ▪ Portfolio strengthened; LLOG acquisition completed ahead of schedule ▪ Improved 2026 free cash flow outlook with potential for material debt reduction and shareholder returns ▪ Inv
Slide 8: 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 9: Operational review
: Operational review
Slide 10: Prioritising safety in everything we do
Prioritising safety in everything we do Occupational Safety Greenhouse gas emissions intensity3 TRIR1 (per million hours worked) kgCO2e/boe ▪ Q1 2026 saw two Tier 2 events (one in Mexico and one in Indonesia) ▪ All incidents are rigorously 20 18 investigated with learnings shared 28% ▪ Methane inten
Slide 11: Production guidance narrowed upwards after strong start to the year
Production guidance narrowed upwards after strong start to the year Production WI, kboepd 480-500 kboepd 506 (Previously: 475-500 kboepd) 500 Other gas Q1 2026: Continued strong operational delivery European ▪ Production of 506 kboepd in Q1 2026 (Q1 2025: 500 kboepd); gas April production of 520 kbo
Slide 12: Delivering our highest return, most competitive projects
Delivering our highest return, most competitive projects Total capex $bn $2.2-2.4 bn Guidance reiterated E&A ▪ Norway: Pipeline of high value projects on track supporting near term production P&D including start up from Dvalin North, Irpa, Alve Nord, Idun Nord in 2026 ▪ UK: Farm in for 45% of Fotla
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 1.4 Mexico ▪ Infill drilling, tie-backs to ▪ A
Slide 14: Continuing our strong track record of reserve replacement
Anticipated reserve additions Continuing our strong track record of reserve replacement 2026-2028 2P reserves Short cycle, high return (GoA, bnboe Norway), major growth (Mexico) 150% 250% >100% reserve replacement ratio and shale (Argentina) 1.5 YE17-YE21 YE21-YE25 YE 2025- YE 2028 Oil weighted addi
Slide 15: Delivering our highest return, most competitive projects to drive higher margin production
Delivering our highest return, most competitive projects to drive higher margin production Norway UK Argentina US Mexico Other Total capex Production $bn Guidance WI, kboepd Guidance 2.5 $2.2-2.4bn 480-500 kboepd 500 2.0 400 Growing higher margin 1.5 300 Strict capital production discipline Maintain
Slide 16: Business Unit review
Business Unit review
Slide 17: 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 ▪ Q1 2026 production of 181 kboepd (62% gas) Project pipeline 2P reserves and 2C resources, mmboe (net) ▪ High operating margins ($12/boe opex) Projects onstream 50 Approved developments ▪ Leveraging
Slide 18: UK: Transformed free cash flow outlook
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 WI kboepd $/boe ▪ Improved cost structure ▪ Selective high return, short cycle 155 149 153 15% investments – e.g.
Slide 19: Argentina: Long life production with potential for material growth
Argentina: Long life production with potential for material growth Production 2P & 2C resources ▪ CMA-1: Long life conventional production Q1 2026, WI kboepd YE25, mmboe Argentina Vaca with multiple tie-back options (e.g. Fenix) Muerta 72 722 Basin San Roque ▪ Significant growth potential in Vaca Mu
Slide 20: Gulf of America: Large, long-life deepwater hubs
Gulf of America: Large, long-life deepwater hubs with high-rate wells driving significant free cash flow growth through to 2030 Production, WI kboepd ▪ High margin production growth 75 Who Dat Buckskin Leon-Castile Other ▪ Fully operated, oil weighted portfolio ▪ Deep inventory of high return, low b
Slide 21: >40% average weighted IRR of GoA capex (2026-28)
LLOG acquisition further strengthens our portfolio of organic investment options LLOG provides deep inventory of high return, near term investments 10-15 wells planned in Gulf of America 2026-2028 including at Leon-Castile and Buckskin and infrastructure-led exploration wells 10 licences awarded in
Slide 22: Mexico: Creating a scale and advantaged business around Zama and Kan
Mexico: Creating a scale and advantaged business built around two shallow water production hubs, Zama and Kan ▪ Appointed operator of c.750 mmboe gross Zama oil Zama Phase I Early Production Plan (EPP) development ▪ Agreed to divest 5% to subsidiary of Grupo Carso increasing stake of strategic partn
Slide 23: Financial review, guidance and outlook
Financial review, guidance and outlook
Slide 24: Against a volatile backdrop, Harbour well positioned
Against a volatile backdrop, Harbour well positioned Large scale and diverse portfolio BRENT PRICE DEVELOPMENT ($/BBL) TTF PRICE DEVELOPMENT ($/mscf) Strong cost focus and strict capital Q1 Pre-hedge discipline $79/bbl $14.7/mscf realised price Q1 Post-hedge $14.8/mscf Significant exposure to Dated
Slide 25: Significant free cash flow generation accelerating debt reduction
Significant free cash flow generation accelerating debt reduction Improved FCF outlook driven by higher commodity prices Net debt1,2 $ billion $ billion Includes hybrid Post Q1 repaid coupon and drawn RCF c.1.4 remainder of 2025 balances and share buyback $240m of bonds $80/bbl 0.7 $13/mscf 0.05 0.1
Slide 26: Improved 2026 production guidance and free cash flow outlook
Improved 2026 production guidance and free cash flow outlook 2026 guidance includes LLOG and assumes Indonesia and Waldorf transactions completes end Q2 2026 Updated Updated vs March 2026 guidance Q1 Actuals guidance / March guidance outlook / outlook Production kboepd 475-500 506 480-500 Unit opex1
Slide 27: Strengthened portfolio delivers significant free cash flow growth
Strengthened portfolio delivers significant free cash flow growth FCF profile1 $ billion Delivering material FCF CAGR 2026 FCF outlook through 20301 more than doubled ▪ Increasing high margin US GoA production c.1.4 driven by near term investment $80/bbl ▪ Significant financial synergies from 2027 $
Slide 28: Outlook: delivering against our capital allocation priorities
Outlook: delivering against our capital allocation priorities Net debt1 Free cash flow1 Distributions $ billion Leverage $ billion FCF payout ratio, % Leverage currently <1x but 2027 Increased 2026 FCF at leverage impacted by tax lag effect $80/bbl & $13/mscf 75% FCF of $1.4bn results in distributio
Slide 29: Why Harbour Energy?
Why Harbour Energy? A track record of strategic, operational and financial delivery supported by active portfolio management and a world class team A large scale, diverse producing asset base with a competitive cost structure and exposure to Brent oil prices and European gas prices Production mainta
Slide 30: Appendix
: Appendix
Slide 31: Group realised prices and production
Group realised prices and production Q1 2026 realised prices Group production Q1 2026 Q1 2025 Oil ($/bbl) Liquids kboepd, net Gas Total Total HBR pre-hedge 79 (oil and NGLs) HBR post-hedge 76 Norway 69 113 181 180 NGLs ($/bbl) UK 74 79 153 165 Group NGLs 55 Argentina 5 67 72 74 Liquids (oil & NGLs,
Slide 32: Hedging schedule
Hedging schedule As at 31 March 2026. Owing to rounding, totals do not match the sum of the component parts Q2-Q4 2026 FY2026 FY 2027 FY 2028 Transacted Average Transacted Average Transacted Average Transacted Avg price volume price volume price volume price volume EU/UK gas kboepd $/mscf kboepd $/m
Slide 33: Return 45-75% of annual free cash flow
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 34: Harbour Energy
o_ Harbour mam Energy