Harbour Energy PlC, formerly known as LON HBR, is a leading independent oil and gas exploration and production company. The company operates in a diverse range of regions, including the UK, Norway, the United States, and Southeast Asia. With a proven track record of delivering value to its stakeholders, Harbour Energy PlC has become a trusted name in the energy industry.
History and Background
Harbour Energy PlC traces its roots back to the formation of Energy XXI in 2005. Energy XXI was created with the goal of becoming a leading operator in the Gulf of Mexico. The company achieved rapid growth, and in 2014, it acquired EPL Oil & Gas, a publicly traded company, for $2.3 billion. The acquisition increased Energy XXI's production capabilities and expanded its asset base.
In 2018, Energy XXI underwent a restructuring process that resulted in the creation of Harbour Energy. Harbour Energy continued to focus on oil and gas exploration and production, and it expanded its operations beyond the Gulf of Mexico. In 2021, the company changed its name to Harbour Energy PlC to reflect its evolution into a global player in the energy industry.
Operations
Harbour Energy PlC has a diverse portfolio of assets that span the globe. In the UK, the company operates the Catcher and Kraken fields, which are located in the North Sea. The Catcher field produces crude oil, while the Kraken field produces both crude oil and natural gas. In Norway, Harbour Energy PlC has an interest in the Wintershall Dea-operated Nova field, which produces natural gas.
In the United States, Harbour Energy PlC has operations in the Gulf of Mexico and the Rocky Mountains. In the Gulf of Mexico, the company operates the South Pass 78 and Main Pass 252 fields, which produce crude oil and natural gas. In the Rocky Mountains, Harbour Energy PlC has a significant presence in the Williston Basin, where it produces crude oil from the Bakken formation.
In Southeast Asia, Harbour Energy PlC has a 50% interest in the Sinphuhorm gas field, which is located in Thailand. The field produces natural gas, which is sold to the local market.
Financial Performance
Harbour Energy PlC has a strong financial position, with a market capitalization of over £2.7 billion as of April 2023. The company reported revenues of $1.8 billion in 2021, an increase of 52% compared to the previous year. The increase in revenue was driven by higher production volumes and higher oil and gas prices.
Harbour Energy PlC is committed to delivering value to its stakeholders. In 2021, the company announced a dividend of $0.04 per share, which was paid in two instalments. The company also launched a share buyback program, which allows it to repurchase up to $100 million worth of its own shares.
Outlook
Harbour Energy PlC is well positioned to capitalise on the growing demand for energy around the world. The company has a diverse range of assets that provide it with a degree of resilience in the face of changing market conditions. Harbour Energy PlC is committed to responsible energy production and is actively investing in renewable energy technologies.
In conclusion, Harbour Energy PlC is a leading independent oil and gas exploration and production company with a strong track record of delivering value to its stakeholders. The company's diverse portfolio of assets and strong financial position make it well positioned to capitalise on the growing demand for energy around the world. Harbour Energy PlC is committed to responsible energy production and is actively investing in renewable energy technologies to ensure a sustainable future.
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