UK's Harbour Energy half-year revenue beats on higher oil and gas prices
UK's Harbour Energy half-year revenue beats on higher oil and gas prices
Overview
UK oil and gas producer's half-year revenue rose about 20%, beating analyst expectations
Adjusted EPS for half-year increased 27% yr/yr
Company announced $250 mln share buyback
Outlook
Harbour Energy raises 2026 production guidance to 490-500 kboepd from 480-500 kboepd
Company increases 2026 free cash flow outlook to $1.8 bln from $1.4 bln
Harbour Energy expects 2026 shareholder distributions of at least $800 mln, including $250 mln share buyback
Result Drivers
RECORD PRODUCTION - Co said production rose 4% to 509 kboepd, driven by the LLOG acquisition and new wells in the US, Argentina and Norway
HIGHER COMMODITY PRICES - Co said higher realised oil and European gas prices contributed to revenue growth
PORTFOLIO CHANGES - Acquisitions in the US and UK and divestment of non-core Indonesian assets supported production and cash flow
Company press release: ID:nRSF5068Pa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
H1 Revenue | Beat | $6.41 bln | $5.99 bln (3 Analysts) |
H1 Pretax Profit |
| $2.35 bln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy."
Wall Street's median 12-month price target for Harbour Energy PLC is GBp320.00, about 37.8% above its August 5 closing price of GBp232.20
The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 8 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)