Harbour Energy PLC on Thursday increased its minimum expected daily production guidance for 2025, as it posted sharp first-quarter revenue growth.
The London-based oil and gas firm said it sharply increased production to 500,000 barrels of oil equivalent per day in the first quarter of 2025, from just 172,000 boepd a year prior.
Revenue surged to $2.8 billion in the first quarter, from $900 million a year ago.
For 2025, Harbour Energy slightly increased the bottom of its production guidance. It now anticipates between 455,000 and 475,000 boepd, compared to its previous guidance of 450,000 to 475,000 boepd.
The expected total capital expenditure was meanwhile narrowed to between $2.4 billion and $2.5 billion from $2.4 billion to $2.6 billion.
The company said: ‘Our diverse portfolio, prudent financial risk management and strong performance year to date mean we remain well positioned to deliver against our capital allocation priorities. Depending on market conditions, this includes the potential for additional shareholder returns via buybacks later this year.’
Chief Executive Officer Linda Cook said: ‘Recent market volatility reinforces the benefits of our diverse portfolio and our prudent approach to risk management. In relation to this, since early March, we successfully issued $900 million of senior notes and €900 million of hybrids. In addition, 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 Energy shares rose 10% to 172.90 pence each on Thursday morning in London.
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