Lower production and reduced prices impact revenue for FTSE 250 energy company
- Harbour Energy reports slump in full-year profit
- Lower oil and gas production and prices impact revenue
- Production averaged 186,000 oil-equivalent barrels per day
- Revenue earned from hydrocarbon production activities decreased to $3.68 billion
- Crude oil sales decreased to $2.09 billion
- Gas revenue was $1.415 billion
- Cost of operations decreased to $2.36 billion
- Total operating costs were flat year on year at $1.115 billion
Harbour Energy reported a significant slump in full-year profit due to lower oil and gas production and prices. The company’s production averaged 186,000 oil-equivalent barrels per day, with 52% natural gas and 48% liquids. However, drilling deferrals at partner-operated hubs and extended shutdowns in the second half of the year affected production volumes. Revenue earned from hydrocarbon production activities decreased to $3.68 billion, mainly driven by lower post-hedging realized UK natural gas prices and reduced production volumes. Crude oil sales also decreased to $2.09 billion, primarily due to lower production volumes. Gas revenue was $1.415 billion, split between UK natural gas revenue and international gas revenue. The company’s cost of operations decreased to $2.36 billion, driven by positive movement in hydrocarbon inventories. Total operating costs remained flat year on year at $1.115 billion, with strong cost control in an inflationary environment.
Factuality Level: 8
Factuality Justification: The article provides specific details about Harbour Energy’s production, revenue, and costs, supported by direct quotes from the company. The information is presented in a straightforward manner without any sensationalism or bias. The article focuses on the key financial aspects of the company’s performance without unnecessary digressions or tangential details.
Noise Level: 3
Noise Justification: The article provides a detailed overview of Harbour Energy’s full-year profit report, including information on production, revenue, and costs. The information is relevant and focused on the company’s performance, but it lacks in-depth analysis, insights, or implications beyond the financial numbers.
Financial Relevance: Yes
Financial Markets Impacted: The financial markets impacted by this news article are the oil and gas industry, as well as investors and stakeholders in Harbour Energy.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The news article reports on Harbour Energy’s slump in full-year profit due to lower oil and gas production and prices. While this is a significant financial event for the company, it does not describe an extreme event or have a direct impact on financial markets beyond the oil and gas industry.
Public Companies: Harbour Energy (FTSE 250)
Key People: Christian Moess Laursen (Author)
Reported publicly:
www.marketwatch.com 
