Harbour Energy expects a rise in revenue to c.$6.1 billion from $3.7 billion in 2023, driven by increased production, according to its trading and operations update of the year ended 31 December 2024, released on Thursday.

The company completed the transformational acquisition of the Wintershall Dea asset portfolio last September, leading to an increase in the company’s production and reserve life.

“2024 was a transformational year with the completion of the Wintershall Dea transaction delivering a step change in our scale and geographic diversification, improving our margins, increasing our reserve life and expanding our resource base significantly,” said Linda Z Cook, CEO of Harbour Energy.

Harbour Energy’s production averaged 258 thousand barrels of oil equivalent per day (kboe/d), up approximately 40% from 186 kboe/d in 2023. The production was diversified with 40% liquids, 45% European gas, and 15% non-European gas.

In its exploration and production activities, Harbour Energy achieved results from six infrastructure-led exploration and appraisal wells in the North Sea. It also commenced a multi-pad drilling campaign at the Aguada Pichana Este licence in the unconventional Vaca Muerta play in Argentina.

“Looking to 2025, we will continue to prioritise safe and efficient operations as we complete the integration of our new business units, mature our significant 2C resource base and maintain disciplined capital allocation. With our high-quality portfolio, financial strength and strong team, we are well-positioned for continued execution of our strategy,” Cook said.

Harbour Energy expects its production for 2025 to be between 450,000 and 475,000 kboe/d, benefiting from the acquired assets of Wintershall Dea.

In line with its increased annual dividend policy, Harbour expects to pay $455 million in total dividends, comprising a $227.5 million final dividend for 2024 and a $227.5 million 2025 interim dividend