Harbour Energy Turns To Profit In H1, But EBITDAX, Production Down; Backs FY21 Production View

Harbour Energy Plc (HBR.L) reported Thursday that its first-half pre-tax profit was $120 million, compared to last year's loss of $224 million.

Profit after tax was $87 million, compared to prior year's loss after tax of $155 million. Earnings per share were 10.6 US cents, compared to loss of 21.9 US cents a year ago.

EBITDAX, meanwhile, was $843 million, down from $920 million a year ago.

Harbour reported total revenue and other income of $1.50 billion, up from prior year's $1.24 billion. Revenue was driven primarily as a result of an increase in realised gas prices, offset to some extent by lower production volumes and lower realised liquid prices.

Reported production was 151 kboepd, down from 187 kboepd last year, impacted by planned maintenance programmes deferred from 2020 into 2021 due to COVID-19 and unplanned outages.

Looking ahead for fiscal 2021, the company continues to expect production of 170-180 kboepd, with higher expected production in the second half.

The company plans to provide an update on its strategy and capital allocation plans, including its dividend policy, at a capital markets day on December 9.

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