Harbour Energy anticipates a substantial revenue increase to approximately $6.1 billion in 2024, a significant jump from $3.7 billion in 2023. This growth is largely attributed to higher production levels following the company’s acquisition of Wintershall Dea’s asset portfolio in September 2023. In its trading and operations update for the year ending December 31, 2024, Harbour highlighted the transformative impact of the deal, which has enhanced its scale, geographic diversification, and resource base.

“2024 was a pivotal year for Harbour Energy,” said CEO Linda Z. Cook. “The completion of the Wintershall Dea transaction delivered a step change in our scale and geographic diversification, improved our margins, increased our reserve life, and expanded our resource base significantly.”

The company’s production averaged 258,000 barrels of oil equivalent per day (kboe/d) in 2024, marking a 40% increase compared to 186 kboe/d in 2023. Harbour’s production mix was diversified, consisting of 40% liquids, 45% European gas, and 15% non-European gas. This balance underscores the company’s commitment to maintaining a versatile and robust energy portfolio.

Harbour Energy achieved key milestones in its exploration and production activities during the year. It successfully completed six infrastructure-led exploration and appraisal wells in the North Sea, reinforcing its presence in the region. Additionally, the company commenced a multi-pad drilling campaign at the Aguada Pichana Este license in Argentina’s Vaca Muerta play, one of the world’s largest shale reserves. These initiatives reflect Harbour’s ongoing efforts to expand its resource base and capitalize on high-potential opportunities.

Looking forward to 2025, Harbour expects production to grow further, reaching between 450,000 and 475,000 kboe/d. This increase will be supported by the integration of Wintershall Dea’s assets and the company’s continued focus on operational efficiency and disciplined capital allocation. “With our high-quality portfolio, financial strength, and a strong team, we are well-positioned to continue executing our strategy for sustainable growth,” Cook added.

The company is also committed to delivering value to its shareholders. Harbour plans to pay $455 million in total dividends, including a $227.5 million final dividend for 2024 and a $227.5 million interim dividend for 2025. This marks an increase in its annual dividend policy, reflecting the company’s improved financial performance.

Harbour Energy’s transformative year underscores its strong position in the global energy market. By leveraging its diversified asset base, enhanced production capabilities, and strategic investments, the company is set to achieve long-term growth and continue creating value for shareholders.