Harbour Energy PLC on Thursday said it anticipated its revenue in 2023 to have fallen from 2023, alongside a decline in output.

The London-based oil and gas company with operations in the UK North Sea, Norway, Mexico, Indonesia and Vietnam said it expects revenue of $3.9 billion for 2023, down 28% from $5.4 billion in 2022.

Further, it said production averaged 186,000 barrels of oil equivalent per day in 2023, down 11% from 208,000 boepd in 2022.

For 2024, it expects a further drop in output to between 150,000 and 165,000, a decline of 11% at best from 2023’s anticipated production.

Meanwhile, operating costs increased 14% to $16 per boe from $14, in line with guidance. It expects this to further increase to $18 in 2024, citing lower volumes with absolute operating costs to be broadly flat year-on-year.

Chief Executive Officer Linda Cook said: ‘Looking ahead to 2024, our priorities are for the continued safe and responsible operations of our existing portfolio and the successful completion of the Wintershall Dea acquisition. We are proud of our achievements over the past year and excited about the future of the company.’

The company expects its $11.2 billion acquisition of Wintershall Dea to complete in the fourth quarter of 2024.

Harbour Energy shares fell 9.4% to 286.93 pence each on Thursday morning in London.

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