Puzzler read it it alludes to that.
That might be why it rose on Friday.
Separately, HM Treasury and HM Revenue and Customs are confirming that the Energy Profits Levy will end in 2030. They are consulting on what a new regime could look like, to respond to any future shocks in oil and gas prices. The government will work closely with the sector and other stakeholders to develop an approach that protects jobs in existing and future industries and delivers a fair return for the nation, during times of unusually high prices. The government will ensure that the oil and gas industry has the long-term certainty it needs on the future fiscal landscape, helping to support investment and protect businesses and jobs now and for the future.'
Government web site . |
How the hell is the government "helping to support investment and protect businesses and jobs now and for the future" whilst it rips out 78% of the profits in tax? |
Meant to be helpful!
Not a plug for JOG above .
'The government will ensure that the oil and gas industry has the long-term certainty it needs on the future fiscal landscape, helping to support investment and protect businesses and jobs now and for the future. '
....'consultation gives certainty to industry about the lifespan of oil and gas projects by committing to maintain existing fields for their lifetime and work with business and communities on a managed transition, while implementing the commitment not to issue new licences to explore new fields'. |
Bought a few, 189. |
Suspiciously looking very very cheap here based on every single metric! |
Re post 5329 above. Interesting that it's my post 5291 on this thread from 6 March that apparently is now on X. I don't post on X. |
Brazilnut
So you think this is the best time to sell?
🤪 |
Pile in. PMSL. Lol. |
Bought a few
Well oversold |
 Wednesday, 12th March 2025
Egypt, Harbour Energy Examine Plans to Boost Natural Gas Output
On the sidelines of CERAWeek Conference 2025, Karim Badawi, Minister of Petroleum and Mineral Resources, met with Linda Cook, CEO of Harbour Energy, where they discussed ways to enhance cooperation between the two parties in the field of research and exploration, as well as plans to increase natural gas production from the company’s concession areas in Egypt.
During the meeting, the two sides discussed the latest developments regarding the company’s recent successful drilling activities in the Mediterranean at the north of Alexandria, in which the company is investing in Egypt as a partner with bp, the main operator.
They also emphasized the importance of accelerating the development of new discoveries and quickly linking them to existing facilities, which reduces production costs and the time it takes to bring wells into production to achieve optimal benefits in supporting domestic natural gas production.
The successful development and increase in gas production at the Raven field in the Mediterranean Sea, also in partnership with bp, were also reviewed.
The meeting addressed the company’s interest in increasing its investments in Egypt, in line with the strategy of the Egyptian Ministry of Petroleum and Mineral Resources.
During the meeting, Badawi praised the strategic relationship with Harbour Energy, highlighting the Egyptian government’s commitment to providing all possible support to international investors and partners. |
If Trump can keep the oil price down for 2 more quarters then...
'Energy Security Investment Mechanism (ESIM), that will end the levy if average oil and gas prices fall below specified thresholds for two consecutive quarters: $71.40/barrel for oil and £0.54/therm for gas. ' |
Company works for the government |
Near 12% Dividend yield for investment grade rated HBR at today's all time lows - and this dividend is only going to go up when Buyback/Tender offer for BASF shares concluded in May 2025
Have averaged down today
Harbour Energy Share Price -> 177.9p
HBR Current Share Price vs 52 Week low of 177.9 on 12 Mar 25-> 0.00%
HBR Current Share Price vs 52 Week High of 333.5p on 3 Jun 24-> 87.46%
Brent -> $70.00
UK Natural Gas-> 106.0p
Shares Outstanding-> 1,691,590,026
GBPUSD Exch Rate -> 1.294
Market Cap GBP -> £3,009,338,656
Market Cap USD -> $3,894,084,221
Net Debt (as of 31 Dec 24)-> $4,700,000,000
Enterprise Value USD (EV) -> $8,594,084,221
HBR Actual Average Production Till End Feb 2025 -> 500,000
HBR Mid Guidance Production 2025 (Bpd) [450-475 kboepd]-> 462,500
HBR Actual PRO-FORMA Production 2024 (Bpd) -> 479,000
HBR Average Production 2023 (Bpd) [Guidance 185k-195] -> 186,000
HBR 2022 Average Production (Bpd) -> 208,000
EV/Barrel USD HBR Actual Average Production Till End Feb 2025 -> $17,188
EV/Barrel USD HBR Mid Guidance Production 2025 (Bpd) -> $18,582
EV/Barrel USD HBR Actual PRO-FORMA Production 2024 (Bpd) -> $17,942
(Decommissioning costs (Full Year 2024 Results) -> $7,114,000,000
EV / Barrel (Including Decommissioning Exp) -> $33,070
Dividend USD 455mn per annum - Dividend Yield-> 11.68%
EV/2P (1.5 Billion Boe) YE 2023 -> $5.73
EV/2P+2C (1.8 Billion Boe) YE 2023 -> $2.60 |
Forward yield 13%. Interesting times! |
As far as I know FCF is after buybacks and deleverage. Debt reduction is prioritised - no bad thing.
In the next 5 years they will evolve their portfolio away from uk and towards Norway, Argentina and the rest of the world. If we’re doing little production in the UK, the UK gets little tax.
HRB is a get rich slowly stock with a very good yield; - and a current overhang. |
Profit is not cash flow |
I can't see how they can afford dividends or share buy-backs if they're making nothing post tax, as the last four years has shown. |
185p eh ? 500p-700p incoming though, who said that ? Lol |
Should be good news for shareholders to buy back the shares cheaper than intended |
BASF lock up period ended on 3rd March - price was £2.30 then.
Also :
Harbour plans to seek authority from its shareholders at its upcoming AGM to conduct an off-market buyback of shares held by BASF, its largest shareholder. While BASF remain a significant shareholder, it is Harbour's intention to seek such authority each year from its shareholders to retain maximum flexibility. The Company is not obliged to exercise the authority or proceed with an off-market buyback once the authority has been approved.
-----------------
Very clear to me that the recent fall is based on that. |
It's almost like a competition between the Directors to see who can buy more. |
Excellent - Now Still Even More/Yet Another Consecutive HBR Director Buy Here Today (post that of the CEO today and those of last week!):
“Harbour announces that Alan Ferguson, Independent Non-Executive Director, has purchased 21,436 ordinary shares in the Company ("Ordinary Shares") at an average price of 186.59 pence per Ordinary Share.
As a result of this purchase of Ordinary Shares, Alan Ferguson holds a direct interest in 45,639 Ordinary Shares, representing 0.003% of the Company's issued ordinary share capital. “ |
This Labour Government is basically a Soviet in style of Governing. |
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