Harbour Energy Share Discussion Threads

[thecomposer] 10/5/2024 18:24

oilprice.com
Oil Rig Counts Falls as WTI Holds Below $80

The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday.

The total rig count fell by 2 to 603 this week, compared to 731 rigs this same time last year.

The number of oil rigs fell by 3 this week, after falling by 7 in the week prior. Oil rigs now stand at 496--down by 90 compared to this time last year. The number of gas rigs rose by 1 this week to 103, a loss of 38 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 4.

[bearnecessities33] 10/5/2024 18:05

Biden Raises Oil Price US Is Willing to Pay to Refill Reserves

Energy Department will pay as much as $79.99 (WTI) barrel, up by $1
DOE seeks to refill vault currently sitting near 40-year low

The Biden administration raised the price it’s willing to pay to refill the country’s emergency oil reserves, which have dwindled near the lowest in four decades.

The Energy Department said in a filing that it will pay as much as $79.99 (WTI) a barrel for oil, the first time the administration has set an explicit price ceiling. That’s higher than the previous informal cap of $79 and close to market prices. The DOE has also changed the pricing formula, allowing for potential bidders to better hedge positions.

[luckyjoe999] 10/5/2024 17:50

Post from lse bb today:

Kokomo
Posted in: HBR
Posts: 403
Price: 300.00
Strong Buy
Today 17:32

HBR - Now Even Further Short Reductions!

Always excellent to note, still even further reductions in HBR Short positions as evident once again here today, now this being the FIFTH consecutive/back to back rapid reduction by GLG Partners LP during the months of April and May (3, 4, 5, 16, April 2024 and now also on 09 May 2024).

Let the trend be your friend!

[shaf200] 10/5/2024 16:52

They marched them up the hill and then....

[farmerjohn1] 10/5/2024 12:53

North Sea giant Harbour closes in on £9bn German deal

British companies, one by one, are being plucked off the London stock market by foreign predators.

But two deals suggest the siege is not all one-way traffic.

North Sea producer Harbour Energy is closing in on a near-£9billion takeover in a swoop on most of the oil and gas assets owned by Germany’s Wintershall Dea.

The acquisition, which was announced in December, has now been approved by Germany and Norway and should be completed in the final three months of 2024.

Harbour also said it expects production to double after the deal, making it a major global player.

[onlylongterm9] 10/5/2024 09:55

Proactive Investors 09 May 2024

Harbour Energy ‘on-track̵7; to complete transformational Wintershall deal later this year

Harbour Energy PLC (LSE:HBR) told investors it is on track to complete its transformational acquisition of Wintershall in the fourth quarter of 2024.

The $11.2 billion deal was announced in December and will, when completed, add a catalogue of assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria.

It will create “one of the world’s largest and most geographically diverse” independent oil and gas companies – with a combined production profile of over 500,000 barrels per day.

Significantly for Harbour, which is the largest North Sea independent, it delivers a substantial diversification and eases exposure to the UK’s currently high fiscal regime for oil and gas.

Today’s trading update confirmed Harbour was producing 172,000 barrels oil equivalent per day in the first quarter of 2024. Its operating costs averaged $18 per barrel.

The company estimated $900 million of revenue for the quarter, after hedging for UK prices of $83 per barrel of oil and 69p per therm for gas.

It maintained guidance for capital spending, with first-quarter capex seen at $250 million and full-year spend expected to reach $1.2 billion.

Net debt halved compared to this time last year, reducing to $100 million at the end of March.

Harbour is to pay a final 13 cents per share dividend for 2023, which the company noted was inline with its previously stated plan to payout $200 million for the year. The payment will be paid on 22 May.

In terms of the Wintershall countdown, Harbour noted that it had made significant progress on the various workstreams and approvals required to complete within its timeline.

Notably, it confirmed that it had executed necessary hedging (predominantly for oil) for the anticipated 2025 and 2026 production, in order to de-risk near-term cash flow.

“During the first quarter, we continued to deliver safe and responsible operations, maximize the value of our UK production base and advance our organic growth projects,” Harbour chief executive Linda Cook said in a statement.

“At the same time, we made significant progress towards completion of the Wintershall Dea acquisition which will transform our portfolio and capital structure and support enhanced and sustainable shareholder returns."

[thecomposer] 10/5/2024 08:39

Excellent Investor Presentation (May 2024) by HBR team clearly highlighting both the Outstanding progress made and enormous potential ahead here going forward:



IMHO, we should very easily reach £5+ by Q4 if everything goes as planned/scheduled, GLA.

[llef] 09/5/2024 16:33

@MickinVest,

I think you must be right re the mistake.
Last update I saw said that Harbour had hedged 50% of this years' gas output at 67p.
So so get a post-hedging price of 49p, would imply they sold 50% of output at 30p or so, which seems impossible.

69p would seem to be right.

[mickinvest] 09/5/2024 09:40

Is there a major mistake in the RNS?

§ Estimated revenue of c.$0.9 billion with realised, post-hedging oil and UK gas prices of $83/bbl and 49 pence/therm

Presentation states $83 oil and 69p/therm which seems more realistic?

[oilretire] 09/5/2024 07:54

Take over ticking along nicely and divvy up a cent.Acquisition of Wintershall Dea Asset Portfolio on track to complete in Q4 2024Harbour has made significant progress on the various workstreams and approvals required to complete the acquisition of the Wintershall Dea asset portfolio (the "Acquisition"). § All regulatory, anti-trust and foreign direct investment approvals required for completion continue to progress as planned, including:- Clearance received from the Federal Ministry of Economics and Climate Action in Germany, which satisfies the German foreign direct investment closing condition- Consent received from the Norwegian Ministry of Energy§ Prospectus and shareholder circular expected to be published later this month with the shareholder meeting to approve the Acquisition anticipated to take place in June

[cashisking76] 08/5/2024 16:24

Carbon Capture And Storage Market Size Expected to Reach USD 14.76 Billion by 2030 With CAGR: 15% As Revealed In New Report

[dd776] 07/5/2024 10:39

After BP.Waiting for positive news at AGM.Could be the usual wet blanket.

[spawny100] 26/4/2024 10:05

I like this from the other board. Makes sense. A hint that the deal is nearly done?"RE: CEO PurchaseToday 07:3886055 on an old calculator is Bboss.She's sending a clear message that she's the Boss ?"

[luckyjoe999] 26/4/2024 09:53

Post from lse bb today:

theancientmarine
Posted in: HBR
Posts: 123
Price: 287.20
No Opinion
RE: Fantastic RNS! HBR CEO/Linda C. Buying More Shares Here & Clearly has Major Skin in the Game
Today 07:51

Shorts Closing CONSECUTIVELY, HBR Director's Buying CONSECUTIVELY, and as for today, Linda adding a further ~£250,000 worth of HBR shares to her already massive portfolio (even by CEO standards!) with Brent nicely trading at circa $90, now looking forward to the upcoming company AGM followed by the ~500,000+ bpd resulting Wintershall Dea mega merger by Q4 this very year!

[husbod] 26/4/2024 09:33

No doubt reflects her confidence that the transformative deal will go through.Fingers crossed.

[monkeybusiness1] 26/4/2024 07:25

Fantastic RNS Today! HBR CEO/Linda Cook Buying More Shares Here and Clearly has Major Skin in the Game:

“Harbour announces that Linda Z. Cook, Chief Executive Officer, has purchased 86,050 ordinary shares in the Company ("Ordinary Shares") at an average price of 285.5 pence per Ordinary Share.

As a result of this purchase, Linda Z. Cook has an interest in 8,603,532 Ordinary Shares, representing 1.117 % of the Company's issued share capital.”

[mickinvest] 26/4/2024 07:08

Interesting share purchase by CEO, roughly £250,000 spent when she already has plenty. The share price does seem a bargain with oil around $90.

[mickinvest] 26/4/2024 06:58

Thedudie

Point made is Net profit of $531m for the quarter.

Do you have the tax rate that enabled the above bottom line?

[thedudie] 24/4/2024 08:25

"They don't have onerous UK tax charge"

AckerBPs effective Tax rate is 75% / Q4 2023 was 92% / Q1 2023 was 90%

Seems similarly onerous to me.

[monkeybusiness1] 16/4/2024 11:39

Top ten crude oil upcoming fields in North America

1. Zama

Zama is located in the Gulf of Mexico, Mexico. This upcoming crude oil field is owned by BASF, Harbour Energy, LetterOne Holdings, Petroleos Mexicanos and operated by PEMEX Exploracion y Produccion. Production from this field is expected to begin in 2024 and is forecasted to peak in 2026 at approximately 0.13mmbpd of crude oil and condensate. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2053.



“Zama oil field is located approximately 60km off the coast of Tabasco, Mexico, in the Block 7 of Sureste Basin, Gulf of Mexico. Estimated to hold up to two billion barrels of oil-equivalent, it is considered to be one of the world’s biggest shallow-water oil discoveries in the past 20 years.”

[crystball1] 16/4/2024 11:19

Yes, they are well placed. What value is attached to the Zama oil field? Would they have any interest in the North Falkland basin if this was developed?

[luckyjoe999] 16/4/2024 11:02

Post from lse bb today:

sittingduck11
Posted in: HBR
Posts: 22
Price: 292.00
No Opinion
Today 09:17

Harbour Energy - a review

To recap on managements performance and progress since Harbours inception -

1. Paid down over 90% of the debt, which amounted to 150% of the market cap. In doing so they have protected shareholders and the company. Oil could fall to $40, Harbour would survive thanks to this action.

2. Returned billions back to shareholders, introducing a sizable dividend that is comfortably covered by earnings and that continues to rise, AND bought back nearly 20% of the shares, returning more value to shareholders in a non taxable way.

3.Embarked on one of the boldest and ambitious takeover, buying a company five times their size, diversifying their portfolio all over the world which as well as offering shareholders protection from cowboy governments (no one saw the WF tax coming) will also significantly increase earnings.

Outstanding work, so far.

[luckyjoe999] 16/4/2024 07:37

Post from lse bb:

theancientmarine
Posted in: HBR
Posts: 120
Price: 289.50
No Opinion
15 Apr 2024 15:11

April 12 RNS - Consecutive HBR Director Buys

Now great to see the recent consecutive director Buy-Ins here:

"Harbour announces that Louise Hough, Independent Non-Executive Director, has purchased 6,800 ordinary shares in the Company ("Ordinary Shares") at an average price of 288.9 pence per Ordinary Share."