Harbour Energy announce audited full year results for 2022
Harbour Energy today announces its audited full year results for the year ended 31 December 2022.
2022 Operational highlights
Production of 208 kboepd (2021: 175 kboepd), a 19 per cent increase on 2021
Improved unit operating costs of $13.9/boe (2021: $15.2/boe)
Total recordable injury rate reduced to 0.8 per million hours worked (2021: 1.3)
Investment decisions taken on Talbot development and Leverett appraisal in the UK
Material discovery at Timpan-1 (Indonesia), de-risking a multi-TCF gas play
Zama (Mexico) development plan substantially agreed ahead of submission to the regulator
2P reserves and 2C resources of 865 mmboe (2021: 948 mmboe), reflecting Indonesia exploration success offset by production and UK licence relinquishments
Net Zero by 2035: Board-approved interim target to halve our emissions by 2030
Viking CCS CO2 storage resources of 300 mt independently verified; customer base expanded
2022 Financial highlights
Realised, post hedging, oil and UK gas prices of $78/bbl and 86p/therm (2021: $59/bbl, 54p/therm)
Increased EBITDAX of $4.0 billion (2021: $2.4 billion) and profit before tax of $2.5 billion (2021: $0.3 billion)
Profit after tax of $8 million (2021: $101 million) impacted by a $1.5 billion one off non-cash deferred tax charge associated with the EPL
Free cash flow of $2.1 billion (2021: $0.7 billion) after total capital expenditure of $0.9 billion (2021: $0.9 billion) and $551 million of tax payments (2021: $280 million)
Approved $600 million of shareholder distributions: $553 million made in 2022; $41 million in 2023
Net debt (excluding unamortised fees) and leverage reduced to $0.8 billion (2021: $2.3 billion) and 0.2x (2021: 0.9x), respectively
Proposed final dividend of $100 million (12 cents per share) for 2022, in line with $200 million annual dividend policy; given our buybacks, this represents dividend per share growth of nine per cent
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