Latest news with #WintershallDea
Reuters
6 days ago
- Business
- Reuters
Harbour Energy lifts 2025 free cash flow forecast after Wintershall Dea deal
Aug 7 (Reuters) - North Sea-focused Harbour Energy (HBR.L), opens new tab raised its annual free cash flow and production forecast on Thursday, bolstered by robust production as it integrates Wintershall Dea assets, sending its shares sharply higher. Harbour Energy, the largest British North Sea oil and gas producer, completed its acquisition of the Wintershall Dea assets last year and said on Thursday the deal had driven a "step change in the scale, resilience, and longevity" of its portfolio. The company, which was created in 2021 through the merger of Chrysaor and Premier Oil, now expects to record $1 billion in free cash flow in 2025, up from a previous forecast of $900 million. It has been shifting capital away from the UK and focusing on international assets for future investments, after Britain's tax changes in late 2024 removed incentives for reinvestment. "(The UK) remains a challenging environment for us ... so long as the fiscal regime is as it is in the country, investment here just finds itself hard to compete with the opportunities we have in other countries," said CEO Linda Z. Cook. Harbour announced plans in May to cut 250 jobs, around a quarter of the workforce, at its Aberdeen-based UK unit. It launched a $100 million share buyback on Thursday, taking total shareholder distributions for the year to $555 million. Shares in the London-listed firm were up 12.7% at 230.3 pence by 0938 GMT. Harbour also lifted the lower end of its full-year production outlook to a range of 460,000 to 475,000 barrels of oil equivalent per day (boepd), from 455,000 to 475,000 boepd earlier. Production in the first half of 2025 tripled year on year to 488,000 boepd, supported by new wells in the UK, Norway and Argentina.
Reuters
6 days ago
- Business
- Reuters
UK's Harbour Energy lifts cash flow and production forecast after Wintershall deal
Aug 7 (Reuters) - North Sea-focused Harbour Energy (HBR.L), opens new tab raised its annual free cash flow and production forecast on Thursday, bolstered by robust production following the integration of the Wintershall Dea portfolio and cost control in the first half of the year. The firm has been shifting capital away from the UK and focusing on international assets for future investments, after the UK's tax changes in late 2024 removed incentives for reinvestment. Harbour had said in May that it now counts Norway as its largest producing country, following the acquisition of German group Wintershall Dea's assets. The company expects to record free cash flow of $1 billion in 2025, up from the $900 million it previously expected. It also raised the lower end of its annual production outlook range to 460,000-475,000 barrels of oil equivalent per day, from 455,000-475,000 barrels of oil equivalent per day expected earlier.
Yahoo
21-06-2025
- Business
- Yahoo
2 very different stocks that pay above-average levels of passive income!
UK stocks offer plenty of opportunities to generate healthy levels of passive income. Here are two examples. The Harbour Energy (LSE:HBR) share price has come under pressure since the middle of 2022, when the previous government announced plans to introduce an energy profits levy (or windfall tax) on profit made from the North Sea. To help mitigate the impact, the oil and gas producer bought the upstream assets of Wintershall Dea. The group now has operations in nine countries and faces a lower average tax rate than before. Harbour's current policy is to return $455m to shareholders each year. Its 2024 dividend of 26.19 cents (19.47p at current exchange rates) was 13.8% higher than in 2022. It's forecasting free cash flow (FCF) of $900m in 2025, so there's plenty of headroom. However, like all energy producers, the group's earnings are sensitive to oil and gas prices. The FCF estimate assumes a Brent crude price of $65 a barrel and a European gas price of $12/mscf (thousand standard cubic feet). A fall could lead to a cut in the dividend. During the first quarter of 2025, the group's production was split 40% liquids (oil) and 60% gas. Current prices are around $72 and $12 respectively. Therefore, at the moment, the payout appears secure. Of course, this could quickly change. Other factors that should help earnings include a post-acquisition $5/boe (barrel of oil equivalent) fall in the cost of production and lower interest costs due to a reduction in debt. Based on a current (20 June) share price of 210p, the stock's yielding an impressive 9.27%. The average for the FTSE 250 is 3.46%. Although the five-year share price performance of Legal & General (LSE:LGEN) has probably disappointed shareholders – it's increased 15% compared to a 40% rise in the FTSE 100 – I'm sure its dividend hasn't. Impressively, the pension and savings group's payout in 2024 of 21.36p was 21.6% higher than in 2020. And if it wasn't for the pandemic – when the group maintained its dividend for one year – it would be able to claim a 15-year unbroken run of increases. Looking ahead, the directors hope to grow it by 2% a year from 2025-2027. I think this is achievable if it's able to win new pension business – it has a pipeline of £44bn of schemes that it's looking to acquire – and a trend of customers moving into higher margin products continues. But the group has huge investments (£505bn at 31 December 2024) in global equites, bonds and commercial property on its balance sheet. To meet its obligations to pensioners, these need to perform in line with expectations. This makes its earnings (and dividend) vulnerable to the same global uncertainty that affects most investors. Also, it operates in an increasingly competitive marketplace. Based on amounts paid over the past 12 months and a current share price of 254p, the stock's yielding 8.41%. The average for the FTSE 100 is 3.49%. Although dividends cannot be guaranteed, I think both of these stocks are well placed to – as a bare minimum – maintain their generous payouts. That's why I have them in my Stocks and Shares ISA. And for the same reason, income investors could consider including them in their own portfolios. The post 2 very different stocks that pay above-average levels of passive income! appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool James Beard has positions in Harbour Energy Plc and Legal & General Group Plc. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-05-2025
- Business
- Yahoo
Recommendation from Equinor's nomination committee
The nomination committee in Equinor ASA (OSE:EQNR, NYSE:EQNR) recommends that the company's corporate assembly elects Dawn Summers as a new member to the board of directors of Equinor ASA Further, the nomination committee recommends a re-election of Jon Erik Reinhardsen as chair and Anne Drinkwater as deputy chair of the board, in addition to re-election of Finn Bjørn Ruyter, Haakon Bruun-Hanssen, Mikael Karlsson, Fernanda Lopes Larsen and Tone Hegland Bachke as members of the board of directors. Current member, Jonathan Lewis will resign from the board of directors as of 30 June 2025. It is recommended that Dawn Summers' election takes effect from 1 September 2025. Dawn Summers served as Interim Chief Operating Officer at Harbour Energy from 2024 - 2025. In this position, she was responsible for ensuring business continuity and smooth operations integration following Harbour Energy's acquisition of Wintershall Dea, where she was as Chief Operating Officer and board member from 2020-2024. In this role, she was responsible for safe business delivery and also led efforts to develop early-stage carbon capture and storage (CCS) and hydrogen projects. Before this, Summers held COO roles at Beach Energy from 2018-2020 and Origin Energy from 2016-2018. She was executive Head of HSE, Operations & Developments with General Energy from 2013-2015 and has held several positions with BP plc from 1995-2013. Summers is active in European energy policy. As former Chair of the European Board of the International Association of Oil & Gas Producers (IOGP), she led strategic engagement with EU institutions on energy transition policy and energy security. She also served as President of GasNaturally, promoting secure approaches to climate resilience across the gas value chain. Summers is a strong advocate for diversity and inclusion in the energy sector and committed to mentoring the next generation of women leaders in STEM fields. Summers has a Bachelor of Engineering (with Honours) in Chemical Engineering from Edinburgh University and Executive Operations Leadership from MIT Sloan School of Management in Massachusetts, USA. The election to the board of directors of Equinor ASA takes place in the company's corporate assembly meeting Monday 2 June 2025. It is proposed that the election takes effect from 1 July 2025, with the exception of Dawn Summers who is proposed elected with effect from 1 September 2025, all with effect until the ordinary election of members to the board of directors in June 2026. Contacts: Nils Morten Huseby, chair of the nomination committee All enquiries to be directed through Equinor Corporate Press Office,Sissel Rinde, +47 412 60 584. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading ActError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
17-04-2025
- Business
- Reuters
Russia threatens Germany's Wintershall Dea with 7.5 bln euro fine, news agencies report
MOSCOW, April 17 (Reuters) - Russia's General Prosecutor's office has submitted a claim in a Moscow court against Germany's Wintershall Dea, threatening a fine of 7.5 billion euros ($8.5 billion) in case it pursues international arbitration, news agencies reported on Thursday. The Moscow Arbitration Court's website showed a claim against the company, as well as Aurelius Cotta, a law firm specialised in international arbitration, and three international arbiters, without disclosing details. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. A spokesperson for Wintershall Dea in Germany said: "We have heard of the claim through the media. Please understand that we will not comment on the matter." Britain's Harbour Energy (HBR.L), opens new tab last year acquired most of Wintershall Dea's exploration and production activities except some assets, most notably the group's Russian-related activities and its 15.5% stake in the defunct Nord Stream 1 pipeline. Wintershall Dea's exit from Russia, announced over Russia's invasion of Ukraine in 2022, was an uneasy process. Under Russian decrees from December 2023, Wintershall Dea's stakes in the Yuzhno-Russkoye oil and gas condensate field and in the Achimov gas projects were reverted to newly-created Russian companies and offered for sale to Gazovyye Tekhnologii, formalising the loss of control that BASF ( opens new tab and Wintershall Dea had flagged since January 2023. The company had initiated arbitration proceedings against Russia, which had repeatedly protested against such cases, saying they should have been considered only in Russian courts. ($1 = 0.8794 euros)
