Harbour Energy was created from the 2021 Premier Oil / Chrysaor merger and became a genuinely global independent through the September 2024 acquisition of Wintershall Dea's upstream portfolio, roughly doubling production to ~455 kboe/d and diversifying beyond the UK into Norway, Germany, Argentina, Egypt and North Africa while remaining the largest producer in the UK North Sea.
FY2025 was the first full year of the enlarged group: revenue of ~US$10.3bn, EBITDA ~US$6.4bn and free cash flow ~US$2.0bn funded debt reduction (net debt ~US$4.9bn) and shareholder returns. The reported net loss (~US$0.26bn) reflects UK windfall-tax deferred charges and non-cash items rather than operating weakness; the balance sheet and cash generation remain robust.
Its EV/EBITDA of 1.4x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 20.0% is higher than the 6.5% median, and at $8.63/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Harbour Energy scores 67/100, strongest on growth (88/100). Sub-scores: value 86, quality 52, growth 88, risk 51 (higher = riskier).
Harbour Energy holds approximately 1.12 billion boe of proved (1P) reserves with FY2025 production of about 474 thousand boe/d (40% liquids), a reserve life of roughly 6.5 years. Break-even: ~$40 (Brent FCF breakeven) — Low-cost, cash-generative portfolio with unit opex ~$14-15/boe; free cash flow breakeven around US$40/bbl Brent supports the ~US$455m base dividend and buybacks while deleveraging.
For Harbour Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United Kingdom | 40% | 19 | Stable but EPL windfall tax raised North Sea fiscal burden. |
| Norway | 24% | 3 | Stable, predictable; high but transparent 78% tax. |
| Argentina | 12% | 80 | FX controls, export taxes, macro instability despite Vaca Muerta upside. |
| Germany | 10% | 14 | Stable; minimal upstream, energy-transition policy pressure. |
| Egypt | 8% | 84 | FX shortages, arrears to IOCs, gas payment delays. |
| Other | 6% | 50 | diversified/unspecified exposure — universe-average proxy |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| UK North Sea (J-Area, Britannia, Elgin/Franklin, Clair, AELE) | United Kingdom | Upstream oil & gas | Legacy Chrysaor/Premier hub assets; largest UK producer, but exposed to the Energy Profits Levy |
| Norwegian Continental Shelf (Dvalin, Nova, Maria, Vega) | Norway | Upstream oil & gas | Ex-Wintershall Dea; the single largest region of the acquired portfolio |
| Germany onshore (BEB / DEA legacy) | Germany | Upstream gas & oil | Long-life, low-decline domestic gas and oil production |
| Argentina (Neuquen / Vaca Muerta, Fenix offshore gas) | Argentina | Shale & conventional | Unconventional and conventional gas/oil plus the Fenix offshore gas development |
| Egypt Western Desert | Egypt | Upstream oil & gas | Ex-WD producing concessions with active infill drilling |
| Libya (offshore / Al Jurf area) | Libya | Upstream oil | North Africa production; higher political and security risk |
| Indonesia (Tuna) & Vietnam | Indonesia | Offshore gas | SE Asia gas development and exploration acreage |
| Mexico (Zama) | Mexico | Offshore oil (non-op) | Non-operated stake in a large offshore oil development |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 175 | 208 | 186 | 258 | 474 |
| Proved reserves (bnboe) | 0.49 | 0.47 | 0.45 | 0.90 | 1.12 |
| Revenue ($bn) | 3.6 | 5.4 | 3.8 | 6.2 | 10.3 |
| EBITDA ($bn) | 2.1 | 4.1 | 2.4 | 3.4 | 7.1 |
| Net income ($bn) | 0.1 | 0.0 | 0.1 | -0.1 | -0.2 |
| Free cash flow ($bn) | 1.2 | 2.6 | 1.6 | 0.7 | 1.1 |
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✓ FY2025 figures verified against primary sources: