London, United Kingdom | August 6, 2026 – Harbour Energy has upgraded its financial and production outlook for the second time this year following a record first-half operational performance and stronger global energy prices. The company also announced plans to return at least $800 million to shareholders in 2026, underscoring confidence in its strengthened financial position and long-term growth strategy.
The shareholder returns programme will begin with a $250 million share buyback, with additional distributions to be determined based on full-year cash generation, commodity market conditions, and capital allocation priorities.
Chief Executive Officer Linda Cook said the company remains focused on delivering sustainable value while maintaining financial discipline.
“We’ll see where we end up with our full year of cash flow, and then decide how and when to make the decision on what the payout will actually be,” Cook said during a media briefing.
She added that future distributions will continue to reflect movements in commodity prices, with Brent crude currently trading near $80 per barrel following a year marked by geopolitical uncertainty and energy market volatility.
Strong Operational Performance Drives Improved Outlook
Harbour Energy attributed its upgraded guidance to record first-half production exceeding 500,000 barrels of oil equivalent per day (boepd), supported by stronger oil and European natural gas prices.
As a result, the company increased its 2026 free cash flow forecast to approximately $1.8 billion, up from its previous estimate of $1.4 billion, reflecting improved market conditions and operational efficiency.
The company also raised its production guidance for 2026 to 490,000–500,000 boepd, reaffirming confidence in the performance of its expanded asset portfolio.
Investors welcomed the announcement, with Harbour Energy shares rising by approximately 7% following the release of the results.
Strategic Portfolio Transformation Continues
Harbour Energy said it is continuing to reshape its global portfolio following its transformational acquisition of Wintershall Dea’s assets. The company has expanded its international footprint by entering the United States through the acquisition of LLOG Exploration, while simultaneously divesting selected non-core assets to streamline operations and improve capital efficiency.
The company noted that diversification beyond the UK remains an important strategic priority, particularly as elevated windfall taxes have reduced the attractiveness of domestic upstream investment.
Debt Reduction Remains a Key Priority
Alongside rewarding shareholders, Harbour Energy plans to direct additional cash toward strengthening its balance sheet.
Net debt stood at approximately $5.17 billion at the end of June, compared with $4.31 billion at the close of last year. Management reiterated its commitment to reducing leverage while maintaining investment in high-quality producing assets.
Cook also confirmed that Harbour has already achieved an earlier objective of reducing net debt by $1 billion ahead of its original 2028 target, although the company has not yet announced a revised debt reduction goal.
Earnings Reflect Strong Operations Despite Slight Forecast Miss
For the first half of the year, Harbour Energy reported adjusted EBITDAE (earnings before interest, taxes, depreciation, amortisation and exploration expenses) of $4.47 billion. While this was marginally below analysts’ expectations of $4.6 billion, the results highlighted the company’s strong operational performance and cash-generating capability.
Management indicated that the company remains focused on integrating recently acquired assets, optimizing operational performance, reducing debt, and delivering attractive returns to shareholders.
Positive Outlook for UK Energy Policy
Commenting on the broader operating environment, Cook noted encouraging signs from the UK’s new government regarding future energy policy.
She suggested that early indications point to a more pragmatic approach toward the country’s oil and gas industry, which could support future investment while balancing energy security and climate objectives.
