Harbour Energy has released its half-year results for the six months ended 30 June 2024, recording total revenue and other income to $1,916 million, down from $2,016 million in the same period in 2023. This decrease was driven by lower production volumes, partially offset by higher commodity prices.

The company, meanwhile, reported a profit after taxation of $57 million, an improvement from a loss of $8 million in the previous period.

“During the first half of 2024 we maintained our focus on safe operations, maximizing the value of our existing portfolio and advancing our organic growth projects,” said Linda Z. Cook, CEO of Harbour Energy.

“At the same time, we made significant progress towards completing the Wintershall Dea acquisition, which is now expected early in the fourth quarter,” Cook added.

Harbour has acquired in December all of Wintershall Dea’s upstream assets including Egypt, Libya, Algeria, Norway, Germany, Denmark, Argentina, and Mexico.

Cook emphasized the importance of this deal stating that “The acquisition will transform the scale, geographical diversity and longevity of our portfolio and strengthen our capital structure enabling us to deliver enhanced shareholder returns over the long run while also positioning us for further opportunities.”

The acquisition, worth $11.2 billion, is set to add 1.1 billion barrels of oil equivalent (bnboe) of 2P reserves at c.$10/boe and more than 300,000 barrels of oil equivalent per day (kboepd) of production at c. $35,000/boepd.

The London-listed company said production for the reported six-month period fell nearly 19% to 159 kboepd, compared to the previous six months. this was partly due to prolonged shutdown at its East Irish Sea operation and the start of the significant planned UK maintenance shutdown in May.

Though, the weakness in production was offset by rise in crude prices that climbed, post-hedging, by nearly 12% to $85 per barrel.

Looking ahead, the company expects 2024 production to be 155-165 kboepd.