Harbour Energy Share Discussion Threads

[bookbroker] 08/3/2024 10:18

Can’t be any more pain than paying 95% tax on UK income, we are all screwed in any case!

[mansell59] 08/3/2024 10:12

All fossil fuel stocks will be screwed under a Labour government. More pain to come

[back2basics1] 08/3/2024 09:23

Brent Oil, UK and European Gas prices all now positive/up at the moment:

[cashisking76] 07/3/2024 14:16

Proactive Investors:
Harbour Energy reports results ‘in line’ as it works to close Wintershall deal

Harbour Energy PLC (LSE:HBR) reported production in line with expectations, whilst its financial results statement reflected a business in steady state ahead of its next phase of consolidation.

Harbour, which was formed in 2021 through the combination of London-listed Premier Oil and private equity North Sea firm Chrysaor, is now working to close its deal to acquire $11.2 billion of upstream assets from Germany’s Wintershall.

Adding substantial operations in Norway, Germany, Argentina and Mexico to its existing portfolio of assets in the North Sea, Asia and Africa, the deal promises to create “one of the world's largest and most geographically diverse independent oil and gas companies”

The company, today, noted “significant progress” toward closing the transaction.

It expects to publish a prospectus and hold necessary shareholder meetings in the second quarter, and it is progressing through its checklist of regulatory and legal approval processes.

It has, so far, successfully received approval from certain bondholders, as needed, and has successfully agreed syndication for financing facilities.

Harbour said it continues to expect the deal’s completion by the end of 2024.

In regards to its current business, the company reported average production of 186,000 barrels of oil equivalent per day, noting an average operating cost of $16 per barrel – with both metrics described as within guidance and forecast.

Revenue was reported at $3.7 billion, down from $5.4 billion, with the company citing the reduction from exceptionally prior high gas prices for the decline.

Profit before tax reduced to $600 million, from $2.5 billion, and after-tax adjustments the company reported a $32 million profit.

Chief executive Linda Cook, in her accompanying comments, highlighted Harbour’s cash flow generation, as well as its growth opportunities and carbon capture and storage (CCS) projects.

"Harbour materially advanced its strategy during 2023,” she said in the statement.

“We improved our safety performance, generated material free cash flow, and progressed our international growth opportunities and CCS projects, while maintaining our capital discipline.

“This enabled continued shareholder returns over and above our base dividend while retaining the flexibility that allowed us to announce a transformational acquisition in December.”

Cook added: "We remain focused on the successful completion of the Wintershall Dea acquisition and the ongoing safe and efficient management of our existing portfolio.

“We are excited about our future as we look to continue to build a geographically diverse, large scale, independent oil and gas company focused on safe and responsible operations, value creation and shareholder returns."

[hopefulalways] 07/3/2024 12:44

Totally agree, this government is a total disgrace and can keep its investment offerings, its a pity that what is on the sideline is even worse!

[kibes] 07/3/2024 12:39

They were thrown out of the FTSE because we have a Banana Republic government which reneges on tax commitments made to licence holders. Hardly their fault. People invested only to have the fruits of their investment confiscated. Absolutely disgusting government theft. (And incidentally why would anyone invest in Hunt's British companies special ISA if they are going to behave like this?). As for vision, the Wintershall deal has been generally very well regarded with Wintershall paying 360p/share to join up. What's wrong with that?

[purplerain2] 07/3/2024 09:15

We're the ell is the webcast ?

[onlylongterm9] 07/3/2024 08:34

“Key here will be the successful closure of the Wintershal Dea deal which will not only provide outstanding global diversification for HBR but also add very lucrative assets to the already PMO inherited ones for further exploration, development, and production. Daily/Weekly market fluctuations either way are totally insignificant if you have a longer term outlook, nevertheless, I would be very surprised if by the time of the May AGM share price here is not well over £3+, DYOR.”

[spacedust] 07/3/2024 08:10

What has the share buybacks achieved over the last two years?????

[kibes] 07/3/2024 08:08

Results look as expected to me what is it the market doesn't like about them? However the government has spotted a golden goose in the UK oil and gas industry and has determined to kill it to steal the eggs.

[scepticalinvestor] 07/3/2024 07:45

They are conservative in name alone

[hopefulalways] 07/3/2024 07:42

But the Tories are the party of low taxation !!!!!!!!!!!!!!!!

[scepticalinvestor] 07/3/2024 07:34

Incredible - effective tax rate of 95%!What incentive does that give? Welcome to the socialist state of Britian.

[luckyjoe999] 07/3/2024 07:28

Post from lse bb today on the results RNS:

AlexTrader0
Posts: 189
Price: 273.30
No Opinion
Today 07:09

HBR - An Excellent Update/News!

An excellent update/RNS, lot better than anticipated, now let’s see how the markets react, should be a very good day here, fingers crossed.

And on the Wintershall Dea M&A:

“Since the announcement, significant progress has been made on the various approvals and workstreams required for completion”

Also good to note:

§ Total 2P reserves and 2C resources increased to 880 mmboe (2022: 865 mmboe) reflecting reserve additions at our operated UK hubs and international exploration success, partially offset by production

§ Continued momentum on Harbour's UK CCS projects, Viking and Acorn, with both projects awarded Track 2 status; estimated independently verified net CO2 storage capacity in excess of 200 million tonnes

And nice to see a 1c higher dividend per share a resulting from less shares in circulation:

§ Proposed final dividend of $100 million, in line with $200 million annual dividend policy and equating to 13 cents per share (2022: 12 cents), reflecting dividend per share growth for the full year 2023 of c.9%

"We remain focused on the successful completion of the Wintershall Dea acquisition and the ongoing safe and efficient management of our existing portfolio. We are excited about our future as we look to continue to build a geographically diverse, large scale, independent oil and gas company focused on safe and responsible operations, value creation and shareholder returns."

[back2basics1] 04/3/2024 14:54

Good to once again note that Brent, UK, European (and Natural Gas) prices are all nicely up once again and with gas prices looking particularly bullish at the moment while we await HBR updates this week:

[thecomposer] 01/3/2024 10:31

RISHI SUNAK: ‘I want more oil and gas’

Exclusive: The prime minister writes in the P&J about his government's plans for the vital energy industry as the Scottish Conservative conference begins in Aberdeen.

Putin’s illegal invasion of Ukraine, and the soaring energy prices that followed, brought home the crucial importance of energy security to our national security.

Scotland is at the heart of that, with North Sea energy helping to power our homes and drive our economy.

I don’t want our young children to grow up to be dependent on foreign dictators for energy.

I want more offshore wind, I want more nuclear power and, while we transition to more green energy, I want more oil and gas that comes from home – relying instead on imported liquified gas comes with up to four times the carbon emissions.

‘Backing British oil and gas’

That’s why I’m here in the North-East of Scotland today – to show how the UK Government is backing British oil and gas and the tens of thousands of jobs the industry supports.

We’re delivering new legislation to tap North Sea oil and gas with annual licensing rounds, to boost our energy independence and support our transition to net zero. Proving that only the Conservatives can be trusted to sustain your jobs and livelihoods, unlike the SNP.

The SNP’s abandonment of the north-east is clear from their long-standing “presumption against” new oil and gas, their opposition to the Rosebank oil field and their partnership with the Scottish Greens.

As for Labour, they don’t want to ban oil and gas – just British oil and gas, by halting North Sea exploration.

Labour yet again prove they don’t have a plan. They put virtue signalling, not only above our energy security, but your financial security.

We Conservatives will always protect jobs, businesses, and the supply chain throughout our energy transition.

Just look at our North Sea Transition Deal: 40,000 jobs, supported. Billions of pounds of investment, generated.

And of course all this builds on our record on renewable energy.

Transition

I’m proud of the fact the UK has decarbonised faster than any other G7 country, with emissions down 48 percent between 1990 and 2021 – and that we are home to four of the largest working offshore wind farms in the world.

But I’m also determined that our transition is pragmatic and proportionate so that we don’t load costs onto hard pressed families.

And we must make the most of the transferable skills in the oil and gas industry, ensuring that they can be applied to the development and delivery of the low-carbon technologies that will underpin this transition.

Of course, backing British oil and gas is just part of our plan to deliver growth here in Scotland.

I know from every visit I’ve made here what an incredible place this is: full of warmth, ingenuity and hard work.

So we’re backing Scottish innovation – from funding a new supercomputer in Edinburgh to supporting the development of space infrastructure in Dundee.

We’re championing your contribution to our military defences – supporting Scottish shipbuilding with new frigates being constructed on the Clyde and our aircraft carriers being maintained on the Forth.

And we’re working with you to attract investment and boost jobs with almost £3 billion for projects right across Scotland.

That includes two new Freeports and two further Investment Zones. And it includes millions being spent on projects in towns and cities, like £125 million for Aberdeen’s City Region Deal to boost the area including by expanding the harbour.

Legacy of Covid

All of this is making a difference. In part thanks to UK Government investment, Scotland is now the most attractive place in the UK outside of London for foreign direct investment.

I know that the last few years have been difficult, with the legacy of Covid and the impact of the war in Ukraine.

But I believe we’ve turned a corner. Inflation rates have more than halved. Mortgage rates are starting to come down. And wages have been rising faster than prices for six months now.

Because of our careful approach in managing the economy, we’ve been able to deliver a tax cut for millions of workers worth an average of £450 a year – benefitting 2.4 million people in Scotland alone.

In addition, we have cut taxes on business investment here in the UK by £11 billion.

We’re moving in the right direction.

So the choice is stark at the next election – stick to the plan that’s starting to work to deliver the long-term change for the country, or go back to square one with the Labour Party.

And as we look ahead, nobody should overlook the risk the SNP pose to Scotland and the rest of the UK.

I passionately believe we are stronger working together, united.

By creating jobs, generating energy, and strengthening our defences, Scotland plays an incredible role bolstering the collective strength of the United Kingdom – ensuring that together, we will build a better, brighter future for everyone.

[monkeybusiness1] 01/3/2024 07:21

Conservatives are not going to be in power from next year anyhow, hence just more meaningless BS via Hunt!

Article in full via Yahoo here incase of interest:

Bloomberg

Hunt Considers Extending UK Windfall Tax on Oil and Gas at Budget

Maintaining the energy levy for an extra year would increase the tax take in 2028-2029, the crucial fifth year of the OBR’s forecast horizon during which Hunt’s own fiscal rules state that the national debt must be falling. That would give him a bit of extra breathing space to ease other taxes. None of the people disclosed an estimate of how much revenue extending the tax would generate, but the OBR predicts it will raise £1.9 billion ($2.4 billion) in 2027-2028.

One of the people said that extending the energy profits levy is low down the list of potential measures under consideration, suggesting it may not end up being deployed in the budget.

“We keep all taxes under review and do not comment on future tax policy outside of fiscal events,” the Treasury said in a statement.

The tax has ended up raising less than initially forecast, with the government’s monthly receipts data suggesting about £6 billion has been collected to date. The OBR’s forecasts indicate another £3.6 billion is expected over the 2024-25 tax year, with takings tapering to £1.9 billion in 2027-2028.

[itsriskythat] 29/2/2024 17:28

Jeremy Hunt considering extending the windfall tax

[brazilnut1] 29/2/2024 12:39

Ye for now but 550p - 700p is imminent, incoming in 2035.

[spacedust] 29/2/2024 08:46

How is this shttt share doing guys? Stuck at 250p area for no reason.

[thecomposer] 27/2/2024 08:15

Extremely interesting/detailed article which bodes very well for the future here!

Oil Spreads Soar As Physical Market Screams Tightness While Hedge Fund Press Shorts

Something odd is taking place in the oil market. While on one hand "data" dissembled by Biden's Dept of Energy and specifically its statistical arm, the Energy Information Administration, has done everything it could to indicate there is a glut of oil, which is understandable - there is nothing Biden's handlers fear more than an inflationary surge in oil and gasoline prices ahead of the November elections and will do everything in their power to mandate a dataset that has the most adverse impact on oil prices, the physical market is sending just the opposite signal, with spreads showing screaming physical tightness.

Consider the Brent prompt spread which after tumbling to a multi-year low in late December, has exploded higher to a backwardation around 90 cents...