Harbour Energy (LON: HBR), the London-listed independent oil and gas producer, saw its shares jump after reporting record first-half production and launching a new $250 million share buyback alongside its interim dividend.
The stock traded at 248.7p in early trade on Thursday, up 7.1% from Wednesday’s close of 232.2p, having climbed as high as 250.6p after opening at 241.6p.
Harbour’s unaudited half-year results, published before Thursday’s market open, showed record first-half production of 509 thousand barrels of oil equivalent per day (kboepd), up 4% from 488 kboepd a year earlier, helped by the LLOG US Gulf acquisition completed in February. The company raised full-year production guidance to 490-500 kboepd from 480-500 kboepd. The board also announced a new $250 million buyback, running to no later than 5 March 2027 via an irrevocable agreement with broker Barclays, alongside an 8.05 cents per share interim dividend.
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Higher output and stronger realised oil and European gas prices lifted revenue 20% to $6.408bn from $5.271bn, while free cash flow rose to $1.765bn, up nearly a third on last year’s $1.363bn. That strength let Harbour raise its 2026 free cash flow outlook to around $1.8bn from roughly $1.4bn, underpinning a shareholder return policy targeting at least $800m of distributions this year. The gains came at a cost: net debt rose to $5.170bn from $4.305bn at the end of 2025, taking leverage, net debt measured against annual earnings, to 0.7x from 0.6x, reflecting the financing of the $3.2bn LLOG deal.
Chief executive Linda Z Cook said the improved outlook was behind the decision to accelerate returns: “As a result, we are accelerating debt reduction and also the delivery of additional shareholder returns through a new $250 million share buyback.”
The interim dividend is due to be paid on 24 September to shareholders on the register on 14 August, giving income-focused holders a near-term date to watch alongside the buyback’s rollout.
