Half Year 2024 Harbour Energy PLC Earnings Call Transcript
Key Points
- Harbour Energy PLC (HBRIY) maintained a strong operational performance with production, maintenance, and investments on track.
- The company ended the period with a positive net cash position and increased its dividend per share by 8%.
- Significant progress was made towards completing the Wintershall Dea acquisition, expected in early Q4.
- Harbour Energy PLC (HBRIY) achieved a strong safety performance, with a total recordable incident rate below the industry average.
- The company is making strides in reducing its environmental impact, with greenhouse gas emissions expected to be 15% lower in 2024 compared to two years ago.
- A Tier 2 process safety incident occurred in Indonesia, highlighting the importance of maintenance programs.
- The company faces ongoing inflationary pressures and a stronger British pound, impacting operating costs.
- The UK fiscal environment is evolving, creating uncertainty around future capital allocation and investment opportunities.
- Harbour Energy PLC (HBRIY) experienced a high effective tax rate, impacting profitability.
- The Vietnam asset sale process was terminated and relaunched, indicating challenges in completing the transaction.
Good morning. Thanks to everyone for joining us with a particular thank you to those of you who might be dialing in while you're away on holiday for the summer. With me today is our CFO, Alexander Krane. I'll start by taking you through our first half operational performance and also an update on the Wintershall Dea acquisition. Alexander will then cover our financial results and guidance for the full year, and then back to me to wrap up, and then we'll open the call for questions.
So starting with the half year highlights. Importantly, we maintained our focus on operational delivery. Our production, annual maintenance program and ongoing investments in the UK are all on track. Our international organic projects continue to progress and our financial position remains strong, thanks to active cost management and disciplined capital allocation.
This allowed us to end the period with a positive net cash position, while also delivering an 8% increase in our dividend per share. And lastly, we've made excellent
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