Harbour Energy plc (HBR) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Harbour Energy 2025 Half Year Results. Today's presentation will be hosted by Linda Cook, CEO, and Alexander Crane, CFO. After the presentation, we will take questions. Linda, please go ahead. Good morning. Welcome to our first half results call. With me today is our CFO, Alexander Crane. Turning to the agenda, I'll walk you through our operational performance, Alexander will cover our financial results, and then it's back to me to wrap up, and we're aiming to leave plenty of time for questions. But first, let me hit the highlights for the first half. Today's strong results reflect the continued execution of our strategy. The Winter Saldanha transaction, which completed 11 months ago, has significantly enhanced the scale, the resilience, and the longevity of our business. Perhaps the most obvious evidence of this is our production in the first half. At 488,000 barrels per day, it's almost three times where we were one year ago. These results are also supported by excellent underlying operational performance. Production efficiency was strong, our approved capital projects are on track, and we've made progress maturing our substantial 2C resources. At the same time, we demonstrated discipline when it comes to costs and capex, taking action to protect cash flow in response to a very volatile commodity price environment earlier in the year. We also strengthened our financial position, addressing near-term maturities and materially reducing net debt. The progress made in the first half enabled us to improve our cash flow outlook for the year, to $1 billion. As a result, we're pleased to announce that in addition to our interim dividend, the board approved a new $100 million share buyback. This will bring our expected total shareholder distr...