Oil, Gas and Coal (0530)

9,535.35
   
  • 52 Week High: 9,802.40
  • 52 Week Low: 7,714.34

Harbour Energy holds production guidance as weak prices hit 2023 profits

By Frank Prenesti

Date: Thursday 07 Mar 2024

LONDON (ShareCast) - (Sharecast News) - North Sea oil and gas producer Harbour Energy on Thursday held production guidance for 2024 as it reported a sharp fall in annual profits on the back of lower output and weaker prices.
Pre-tax profit for 2023 slumped to $597m from £2.46bn a year earlier when surging energy prices provided a cash bonanza for the sector.

Production fell to 186,000 barrels of oil equivalent per day from 208kboepd. Harbour said it still expected to produce 150-165 kboepd with production to end February of around 172 kboepd.

Free cash flow is expected to be marginally positive in 2024, after estimated cash tax of $1bn, assuming commodity prices of $85 a barrel for Brent crude oil and reduced UK gas prices of 70p/therm.

Reporting by Frank Prenesti for Sharecast.com

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are end of day values only.

 

Price Data

Price 9,535.35
Closing Price Change -93.02
% Change -0.97 %
14-May-24 Close 9,535.35

Top Risers

Price Change
JOG 162.67p +7.7%
BOIL 0.071p +5.9%
AEX 1.68p +4.3%
SOU 0.83p +3.6%
AXL 21.61p +3.4%
SNGR $11.30 +2.7%
PRD 9.21p +2.4%
CEG 0.15p +2.2%
JSE 34.20p +2.1%
RKH 13.00p +2.0%

Top Fallers

Price Change
SCIR 0.23p -22.2%
PET 1.45p -17.1%
BCE 0.051p -15.6%
BLVN 0.16p -7.1%
TRP 0.018p -6.0%
I3E 10.90p -5.1%
TXP 35.86p -5.0%
UOG 0.18p -4.5%
ECO 13.06p -3.2%
ENQ 16.04p -3.1%

Top of Page