Harbour Energy PLC · LSE:HBR
Harbour Energy — Investor Presentation (November 2026)
32 slides from Harbour Energy's investor presentation, November 2026
Slide 1: Investor Presentation
Investor Presentation Harbour Energy plc November 2026
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE: THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE BEING SUPPLIED TO YOU FOR YOUR INFORMATION ONLY AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY TO ANY OTHER PERSON. BY ACCESSING THIS DOCUMENT YOU AGREE TO BE B
Slide 3: Executive summary
Executive summary
Slide 4: Continued execution of our strategy
Continued execution of our strategy Leveraging our scale, Production, WI kboepd 501 diverse asset base, 500 established track record and world-class team to create value Production shifting to lower-cost, lower tax-basins with significant running room ▪ Sustaining production at scale ▪ Building a co
Slide 5: Five core countries driving our results
Five core countries driving our results % 500-505 1.4 1.9 kboepd bnboe bnboe c.85% Norway: UK: Argentina: US: Mexico: High-quality Diverse, cash Long-life Fully operated, oil- Operated production generative portfolio production with weighted growth large offshore oil underpinned by with high degree
Slide 6: Q1-Q3 2026 Highlights
Q1-Q3 2026 Highlights Record nine-month production and free cash flow; further $150m share buyback announced, taking total to $550m ▪ Excellent operational performance including record nine-month production with Q3 production up 9% year-on-year; full-year guidance upgraded ▪ Portfolio materially str
Slide 7: Outlook: Strong free cash flow accelerating debt reduction and shareholder returns
Outlook: Strong free cash flow accelerating debt reduction and shareholder returns Delivering against our capital allocation priorities 1 Investment grade balance sheet 2 Robust & diverse portfolio 3 Competitive shareholder returns ▪ Debt reduction ahead of plan ▪ Sustain 475-500 kboepd production ▪
Slide 8: Why Harbour Energy?
Why Harbour Energy? A track record of strategic, operational and financial delivery supported by active portfolio management and a world-class team A large-scale, diverse producing asset base with a competitive cost structure and exposure to Brent oil prices and European gas prices Production mainta
Slide 9: Operational review
: Operational review
Slide 10: Safety: A focus on strong barriers and risk mitigation
Safety: A focus on strong barriers and risk mitigation Occupational Safety Greenhouse gas emissions intensity3 TRIR1 (per million hours worked) kgCO2e/boe ▪ YTD TRIR reflects mainly low-severity safety incidents; Improved performance in Q3 ▪ All incidents are rigorously investigated with learnings s
Slide 11: Production: Record nine months, Q3 up 9% year-on-year; FY guidance upgraded
Production: Record nine months, Q3 up 9% year-on-year; FY guidance upgraded for 3rd time Large-scale production with significant Brent and European gas price exposure and competitive cost structure Production WI, kboepd Guidance upgraded 500-505 kboepd (from 490-500 kboepd) 501 Increased and enhance
Slide 12: Norway
Norway: Resilient production and cash flow underpinned by pipeline of high-value, near-term projects ▪ Nine months production of 177 kboepd, Project pipeline Projects onstream 62% gas (2025: 165 kboepd) 2P reserves and 2C resources, mmboe (net)1 Approved developments Future projects ▪ High operating
Slide 13: UK: Robust free cash flow platform driven by strong operational delivery
UK: Robust free cash flow platform driven by strong operational delivery and Waldorf acquisition Production Operating costs ▪ Significant operational control WI kboepd $/boe ▪ Low-cost operator 2025 UK basin average: ▪ Successful well intervention activity c.$24/boe3 ▪ Selective high return, short-c
Slide 14: Argentina
Argentina: Long-life production with potential for material growth ▪ CMA-1: Long-life conventional gas production with multiple tie-back options Production 2P & 2C resources WI kboepd YE25, mmboe Vaca Argentina ▪ APE (Vaca Muerta gas, Harbour 23%1): 73 74 Muerta ― Nine new gas wells connected YTD 20
Slide 15: Gulf of America
Gulf of America: Large, long-life deepwater hubs with high-rate wells driving significant free cash flow growth through to 2030 ▪ Fully operated, oil-weighted portfolio Production, WI kboepd Who Dat Buckskin Leon-Castile Other ▪ High-margin production growth 75 ▪ Deep inventory of high return (>40%
Slide 16: Mexico
Mexico: Building a scaled and advantaged business around our operated shallow water Zama and Kan oil fields ▪ Focus on optimising Zama (Harbour 27%1) and 2P reserves & 2C resources YE25, mmboe (net) Kan (Harbour 70%) development plans to 375 enhance returns and reduce risk ▪ Capital efficient, phase
Slide 17: Financial review and guidance
Financial review and guidance
Slide 18: Q1-Q3 2026 Financial highlights
Q1-Q3 2026 Financial highlights Free cash flow $2.4bn ▪ Strong financial performance underpinned by operational (Q1-Q3 2025: $1.2bn) excellence and diverse portfolio with significant exposure to European gas and Dated Brent EBITDAX $6.8bn (Q1-Q3 2025: $5.4bn) ▪ 2026 Free cash flow outlook upgraded t
Slide 19: Against a volatile backdrop, Harbour is well positioned
Against a volatile backdrop, Harbour is well positioned Large scale and diverse Harbour realised oil prices, $/bbl Harbour realised Euro gas prices, $/mscf portfolio Q1-Q3 2025 Q1-Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Pre-hedge 69 92 13.9 17.1 Significant exposure to Dated Brent and European gas prices Post
Slide 20: 2026 Free cash flow increased to $2.6bn, supporting at least $1.2bn of shareholder returns
2026 Free cash flow increased to $2.6bn, supporting at least $1.2bn of shareholder returns Base dividend Buybacks announced Further shh returns 2026 Free cash flow outlook 2026 distributions BASF ownership ytd $bn $ million % of Harbour ISC1 1,200 >4x c.4x 47 66% 2.6 350 Includes newly announced 550
Slide 21: Debt reduction ahead of plan following completion of the LLOG acquisition
Debt reduction ahead of plan following completion of the LLOG acquisition Significant net debt reduction post completion of LLOG1,2 ▪ Net debt reduced to $5.1bn and leverage to 0.6x $bn at 30 September (30 June: $5.4bn; 0.7x) ▪ Debt reduction ahead of plan, with c.$1.0bn of 28% debt repaid since com
Slide 22: Upgraded 2026 production & free cash flow outlook
Upgraded 2026 production & free cash flow outlook Strong delivery and higher O&G prices driving upgrades through 2026 FY guidance FY guidance FY guidance FY guidance FY guidance / Q4 FCF reflects higher prices and Q1-Q3 2026 / outlook / outlook / outlook Actuals3 / outlook outlook production partly
Slide 23: Why Harbour now?
Why Harbour now? Scale, significant cash flow and a strong pipeline of near-term catalysts Record production Upcoming catalysts 2026 guidance upgraded to 500-505 kboepd with significant exposure to Brent and European gas prices Further projects online; Q4 2026 FIDs support Norway 100% Norway reserve
Slide 24: Appendix
: Appendix
Slide 25: Group realised prices and production
Group realised prices and production Q1-Q3 2026 realised prices Group production Q1-Q3 2026 Q1-Q3 2025 Oil ($/bbl) Liquids kboepd, net (oil and Gas Total Total HBR pre-hedge 92 NGLs) HBR post-hedge 85 Norway 68 109 177 165 NGLs ($/bbl) UK 69 73 142 156 Group NGLs 53 Argentina 6 68 74 75 Liquids (oil
Slide 26: Hedging schedule
Hedging schedule As at 30 September 2026. Owing to rounding, totals do not match the sum of the component parts FY2026 FY 2027 FY 2028 Transacted Average Transacted Average Transacted Avg price volumes price volumes price volumes EU/UK gas mmboe $/mscf mmboe $/mscf mmboe $/mscf Swaps 22 11.6 7 10.4
Slide 27: Large and diverse 2C resource base underpinning material, sustainable cash flow
Large and diverse 2C resource base underpinning material, sustainable cash flow Maturing the highest return, most competitive projects within our disciplined financial framework 2P reserves and 2C resources1 bnboe 1.9 Key focus Other maturing 2C into 2P 1.4 Mexico ▪ Infill drilling, tie-backs to ▪ A
Slide 28: Cash tax payment schedule and sensitivity
Cash tax payment schedule and sensitivity Approximately 60% of Harbour’s tax liability is paid in H2 of current year with 40% paid in H1 the following year Norway and UK cash tax payments $bn Nov. outlook: $2.6bn FCF 3.0 March outlook: $0.6bn FCF 2.0 1.0 2025 Est. 2026 Est. 2026 liability paid liabi
Slide 29: Germany
Germany: Stable, high margin production with long reserve life and low emissions Production ▪ One of the largest oil and gas producers in Germany WI kboepd ▪ High degree of operational control 30 ▪ 100% op. interest in Mittelplate, Germany’s largest 31 28 oil field ▪ Ongoing infill drilling programm
Slide 30: North Africa
North Africa Stable, low-cost production supported by near-field discoveries and improved licence terms Production ▪ Long-established presence & strong in-country relationships WI kboepd ▪ Four production hubs: West Nile Delta (WND) & Disouq, Egypt; Reggane Nord, Algeria; and Al Jurf, Libya 30 ▪ 202
Slide 31: CCS: Building a competitive CCS business
CCS: Building a competitive CCS business, offering the potential for long-term stable cash flow Leading CO2 storage position in Europe Greensand Future Greenstore Viking ▪ Ineos operator (40%), Harbour 40%, ▪ Harbour operator 40%, Ineos 40%, ▪ Harbour 60% operator, bp 40% Nordsøfonden 20% Nordsøfond
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