Harbour Energy forecasts higher oil and gas production
Oil and gas firm Harbour Energy has edged up its full-year production guidance despite recent market volatility.
Annual production is expected to come in at between 455 to 475 kboepd, up from a previously guided range of 450 to 475.
The London-listed group on Thursday also reaffirmed guidance for a full-year operating costs of $14/boe, barrel of oil equivalent.
It came despite the announcement of a fresh round of job cuts yesterday at the company’s Aberdeen site.
A quarter of its workforce, or around 250, are expected to go in a move Harbour has blamed on high taxes and the UK’s tough regulatory environment.
The largest oil and gas producer in the North Sea has repeatedly hit out at the Energy Profits Levy, better known as the windfall tax.
It was introduced by Boris Johnson in 2022, but was hiked to around 78 per cent by Chancellor Rachel Reeves in last October’s Autumn Budget.
“We had a strong start to the year,” Linda Z Cook, Chief Executive Officer, said, although she noted “recent market volatility.”
“We are taking mitigating actions which, together with our improved production outlook, largely offset the impact of lower commodity prices.
“Given this progress, we remain well positioned to deliver against our capital allocation priorities.”
Harbour on Thursday said it had slashed group net debt from $4.7bn (£3.5bn) as of 31 December to $4.2bn at the end of March.
It expects to pay investors a final dividend of $227.5m, in line with its annual dividend policy.