Source - Alliance News

Harbour Energy PLC on Wednesday reported a decline in production.

The oil and gas firm said over the nine months to September 30, output averaged 189,000 barrels of oil equivalent per day, down 8.7% from 207,000 the previous year.

Harbour left full-year guidance of 185,000 to 195,000 boepd in place. It also said revenue is estimated to be around $2.9 billion for the period, down 29% from an estimated $4.1 billion for the first nine months of 2022.

‘We have continued to maximise the value of our UK oil and gas portfolio and to progress our diversification opportunities in Mexico, Indonesia and CCS while maintaining strong cost control and capital discipline,’ said Chief Executive Officer Linda Cook. ‘This has enabled significant free cash flow generation and a robust balance sheet, supporting material shareholder returns over and above our base dividend.’

Harbour Energy shares rose 3.2% to 225.35 pence each on Wednesday morning in London.

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