Harbour Energy has reported adjusted profit after tax of $603m for the full year 2025, an increase of 63% compared to $370m in 2024.
The UK-based oil and gas company’s revenue and other income for the year ending 31 December 2025 surged by 66% to $10.3bn, from $6.2bn in 2024.
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Its earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) climbed to $7.1bn in 2025, a 76% rise from $4.02bn the previous year.
Adjusted EBITDAX also saw a substantial increase, reaching $7.2bn from $4.14bn, a 74% uptick.
Despite these positive metrics, the company reported a loss after tax amounting to $182m, influenced by a 106% effective tax rate and a deferred tax charge of $300m due to changes in the UK fiscal regime.
From an operational perspective, Harbour Energy achieved production of 474,000 barrels of oil equivalent per day (boepd), an 84% increase from the previous year’s 258,000boepd.
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By GlobalDataThe company also managed to reduce unit operating costs by 22%, bringing them down to $12.8 per barrel of oil equivalent (boe) from the previous year’s $16.5/boe.
Throughout the year, Harbour Energy brought new wells and projects online across the UK, Norway, Argentina and Egypt. The company also realised exploration and appraisal successes in Egypt and Norway.
Strategically, it was appointed as the operator of Mexico’s Zama oilfield, with gross recoverable reserves of 750 million barrels of oil equivalent, and agreed on a more capital-efficient phased floating production storage and offloading-based development plan.
Construction has commenced on the six million tonnes per annum Southern Energy LNG project in Argentina, where Harbour Energy holds a 15% stake. Operations from this project are expected to begin by the end of 2027.
The company announced its exit from Vietnam and revealed $215m divestment plans for Indonesia, with the transactions expected to complete by mid-2026.
Additionally, Harbour Energy announced the $170m acquisition of Waldorf in the UK, which is expected to unlock significant financial synergies valued at approximately $900m upon completion by mid-2026.
The company also completed the acquisition of LLOG for $3.2bn, securing a fully operated oil-weighted portfolio with significant growth potential in the deep-water US Gulf.
Looking ahead to 2026 and beyond, Harbour Energy anticipates production levels of 475,000–500,000boepd, with unit operating costs of around $14.5/boe.
By 2030, production is projected to remain stable within the same range, supported by annual capital expenditure of $2bn–2.3bn, with operating costs under $15/boe.
Harbour Energy CEO Linda Z Cook said: “2025 was a year of significant progress for Harbour. We delivered excellent operational performance while maintaining capital discipline and integrating new assets.
“This drove record production and higher free cash flow against a backdrop of lower commodity prices. In addition, we improved our cost structure, built momentum at our growth projects in Mexico and Argentina, and announced three significant transactions.
“Together these actions position Harbour’s portfolio to deliver higher margin production over the coming years, leading to material growth in free cash flow.”
