- Wednesday, October 16, 2024
By Christian Moess Laursen
Harbour Energy has announced that its full-year oil and gas output for 2023 was in line with the company's target. However, estimated revenue decreased due to lower U.K. gas prices.
Oil and Gas Production
In 2023, Harbour Energy's daily production fell to 186,000 oil-equivalent barrels (BOE) from 208,000 BOE in 2022. The company had aimed to achieve a target range of 185,000-195,000 BOE per day.
Declining Revenue
Revenue dropped to approximately $3.9 billion compared to $5.4 billion in the previous year. This decline was partly influenced by lower realized post-hedging U.K. gas prices, which stood at 54 pence per therm, down from 86 pence per therm. Oil prices remained stable at $78 per barrel. (A therm is equivalent to 100 cubic feet of natural gas.)
Operating Costs and Guidance
Operating costs averaged around $16 per BOE for the year, up from $13.7 per BOE but still within the company's guidance.
Future Outlook
For 2024, Harbour Energy expects its daily production to range from 150,000 to 165,000 BOE, with a unit operating cost of approximately $18 per BOE. It is important to note that these projections do not include any contribution from the proposed acquisition of Wintershall Dea's assets.
Dividend Policy
As per its policy, Harbour Energy plans to pay out $200 million in dividends, comprising a final dividend of $100 million for 2023 and an interim dividend of $100 million for 2024.
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