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Harbour Energy PLC on Thursday reported a rise in production but reduced capital expenditure guidance, due to the late arrival of drilling rigs and weaker pound.
For the nine months ended September 30, revenue amounted to $4.1 billion, with realised post-hedging oil and UK gas prices of $80 per barrel of crude oil, compared to the average Brent price of $105 per barrel.
Production during the nine months amounted to 207,000 barrels of oil equivalent per day, representing an increase of 27% compared to a year ago.
Harbour expects full-year production to be in the upper half of its 200,000 to 210,000 barrels of oil equivalent per day guidance.
Chief Executive Officer Linda Cook said: "Harbour is delivering operationally with higher production volumes and lower costs, supported by improved efficiency and our capital investment programme."
Harbour Energy, however, reduced its capital expenditure guidance to about $1.0 billion from about $1.2 billion, primarily driven by "late arrival of drilling rigs and the weaker pound sterling to US dollar exchange rate".
Net debt amounted to $1.1 billion as at period end. It continues to expect to be net debt free in 2023.
In August, Harbour reported revenue and other income of $2.67 billion for the six months ended June 30, surging 78% from $1.50 billion last year. Pretax profit increased to $1.49 billion from $120.2 million.
Harbour Energy shares were trading 2.2% higher at 393.10 pence each in London on Thursday morning.
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