Harbour Energy PLC has released its full-year results for the year ended 31 December 2023. The company reported operational highlights, including a production of 186 kboepd, operating costs of $16/boe, and a reduction in the total recordable injury rate. The 2P reserves and 2C resources increased to 880 mmboe, reflecting reserve additions at operated UK hubs and international exploration success. Additionally, Harbour has made progress on its UK CCS projects, Viking and Acorn, with both projects awarded Track 2 status.

In terms of financial highlights, Harbour realized post-hedging oil and UK gas prices of $78/bbl and 54p/therm, with revenue of $3.7 billion and profit before tax of $0.6 billion. The company returned $249 million through share buybacks in addition to the $200 million annual dividend, resulting in $1 billion of shareholder distributions since becoming a public company in April 2021. Harbour's net debt reduced to $0.2 billion, with proposed final dividend of $100 million, reflecting dividend per share growth for the full year 2023 of approximately 9%.

Looking ahead to 2024 and 2025, Harbour reiterated its production guidance of 150-165 kboepd and expects to generate significant free cash flow in 2025, resulting in a net cash position by year end. The company has also hedged a significant portion of its 2024 and 2025 UK gas and liquids volumes.

Furthermore, Harbour provided an update on the acquisition of Wintershall Dea's upstream assets for $11.2 billion, stating that the acquisition is on track to complete in Q4 2024. The company has made significant progress on various approvals and workstreams required for completion, including irrevocable undertakings from shareholders, successful bondholder vote, and submission of filings in relevant jurisdictions for regulatory, anti-trust, and foreign direct investment approvals.

Linda Z Cook, Chief Executive Officer of Harbour Energy, commented on the company's progress, emphasizing the improvement in safety performance, generation of material free cash flow, and the progression of international growth opportunities and CCS projects. She also expressed excitement about the future, focusing on building a geographically diverse, large-scale, independent oil and gas company.

For further information, Harbour Energy plc can be contacted through Elizabeth Brooks, Head of Investor Relations, or Brunswick. Additionally, Harbour will host a live webcast to discuss the results and progress on the Wintershall Dea acquisition.