Harbour Energy plc today announces its half-year results for the period ended 30 June 2021. Financial and operational performance is provided on a reported basis with Premier Oil’s portfolio included from 31 March 2021.

Highlights

All share merger between Premier Oil and Chrysaor completed; integration and realisation of synergies progressing as planned
Reported production of 151 kboepd (H1 2020: 187 kboepd), impacted by planned maintenance programmes deferred from 2020 into 2021 due to COVID-19 and unplanned outages, partially offset by three months contribution from the Premier portfolio
Operating costs per barrel1 of $15.6/boe (H1 2020: $10.2/boe), reflecting lower production; total capex (including decommissioning spend) of $380 million (H1 2020: $364 million)
EBITDAX of $843 million (H1 2020: $920 million); increased profit after tax of $87 million (H1 2020 loss after tax: $155 million)
Free cash flow of $302 million (H1 2020: $475 million), after $206 million of tax payments (H1 2020 tax receipts: $7 million) largely relating to Chrysaor’s 2020 UK activities
Net debt, excluding unamortised fees, of $2.6 billion and leverage (net debt/proforma EBITDAX1) of 1.2x at end of June; significant available liquidity in excess of $1 billion
Steps taken to align the combined portfolio with Harbour’s strategy, including the decision to explore the options to exit the Group’s Sea Lion project in the Falkland Islands

Linda Z Cook, Chief Executive Officer, commented:
“The first half saw us deliver positive free cash flow and execute a significant transaction, whilst retaining a robust balance sheet.  The extended maintenance programmes which impacted our production have completed, drilling activity has returned to pre-COVID-19 levels and the merger integration is progressing well, all underpinning strong future cash flow generation. We remain committed to producing oil and gas safely and responsibly, including our aim to achieve Net Zero by 2035.”

KeyFacts Energy: Harbour Energy UK country profile