Harbour Energy updates guidance to reflect LLOG, Waldorf acquisitions

Harbour Energy updated its 2026 guidance to include the impact of the now-closed acquisition of LLOG and the company’s entry in the US deepwater Gulf of Mexico.

In the first 2 months of 2026, the company produced an average of 509,000 b/d, including 1 month’s contribution from LLOG’s oil-weighted assets.

Assuming completion of the Indonesia and Waldorf (UK) transactions at the end of second-quarter 2026, Harbour now expects full-year production of 475,000-500,000 boe/d. The company previously noted plans to divest Indonesia assets for $215 million and a $170-million acquisition of Waldorf (UK).

Total capital expenditure of $2.2-2.4 billion is expected for 2026, reflecting additional expenditure related to the LLOG and Waldorf acquisitions.

Free cash flow is estimated at $600 million, assuming $65/bbl Brent and $11/mscf European gas prices.

In 2025, Harbour produced 474,000 boe/d vs. 258,000 boe/d in 2024, up 84%.

Despite the increase, the company posted an after-tax loss on the year of $200 million “reflecting a 106% effective tax rate and impacted by a $300 million deferred tax charge associated with changes to the UK fiscal regime and $700 million of pre-tax impairments and exploration write-offs in our North Africa, Mexico, and CCS portfolios.”

Harbour Energy reported increased revenue and other income of $10.3 billion (2024: $6.2 billion). Free cash flow increased to $1.1 billion from $100 million in 2024.

In addition to the LLOG and Waldorf acquisitions, the company reiterated optimism about its December 2025 appointment as operator of the 750-MMboe gross recoverable Zama oil field (Mexico, Harbour 32%) and a new phased FPSO-based development plan agreed by the partners.