Lower natural gas prices and production contribute to disappointing results
- Harbour Energy’s full-year pretax profit dropped to a fourth of the prior year’s
- Pretax profit slumped to $597 million in 2023 from $2.46 billion in 2022
- Earnings before interest, taxes, depreciation, amortization and exploration costs fell 33% to $2.675 billion
- Revenue from oil fell 25% to $2.09 billion, while gas revenue fell 39% to $1.415 billion
- Harbour Energy backed its 2024 production, unit costs, and capital-spent guidance
- Declared a stable final dividend of $100 million, or 13 pence per share
Harbour Energy, a U.K. oil-and-gas company, reported a significant drop in its full-year pretax profit. The company’s pretax profit slumped to $597 million in 2023, a fourth of the previous year’s figure of $2.46 billion. This decline was primarily attributed to lower natural gas prices and production. Earnings before interest, taxes, depreciation, amortization, and exploration costs also fell by 33% to $2.675 billion. The company’s revenue from oil decreased by 25% to $2.09 billion, while gas revenue fell by 39% to $1.415 billion. Despite these challenges, Harbour Energy remains confident in its 2024 production, unit costs, and capital-spent guidance. The company also declared a stable final dividend of $100 million, or 13 pence per share.
Factuality Level: 9
Factuality Justification: The article provides specific details about Harbour Energy’s financial performance, including pretax profit, revenue, and production figures. The information is clear and based on factual data without any apparent bias or misleading information. The article focuses on the company’s financial results and future outlook without unnecessary digressions or sensationalism.
Noise Level: 3
Noise Justification: The article provides clear and relevant information about Harbour Energy’s financial performance, including details on profit, revenue, and acquisitions. It stays on topic and supports its claims with specific data and numbers. However, it lacks in-depth analysis, accountability, or insights into the broader implications of the company’s financial results.
Financial Relevance: Yes
Financial Markets Impacted: The article pertains to the financial performance of Harbour Energy, a U.K. oil-and-gas company. The drop in pretax profit and lower revenue may impact the company’s stock price and investor sentiment.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the financial performance of Harbour Energy, but there is no mention of any extreme events.
Public Companies: Harbour Energy PLC (HBR.L), Wintershall Dea (null)
Key People: Christian Moess Laursen (Author)
Reported publicly:
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