Harbour Energy PLC final dividend 12 cents per ordinary shares

DividendMax Ltd.

Harbour Energy PLC final dividend 12 cents per ordinary shares

The Harbour Energy PLC Board is proposing final dividend with respect to 2022 of 12 cents per ordinary share to be paid in GBP at the spot rate prevailing on the record date. This dividend is subject to shareholder approval at the AGM, to be held on 10 May 2023. If approved, the dividend will be paid on 24 May 2023 to shareholders on the register as of 14 April 2023. A dividend re-investment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the company. The last date to elect for the DRIP in respect of this dividend is 28 April 2023.

Other financial highlights include:

Realised, post hedging, oil and UK gas prices of $78/bbl and 86p/therm (2021: $59/bbl, 54p/therm)

Increased EBITDAX of $4.0 billion (2021: $2.4 billion) and profit before tax of $2.5 billion (2021: $0.3 billion)

Profit after tax of $8 million (2021: $101 million) impacted by a $1.5 billion one off non-cash deferred tax charge associated with the EPL

Free cash flow of $2.1 billion (2021: $0.7 billion) after total capital expenditure of $0.9 billion (2021: $0.9 billion) and $551 million of tax payments (2021: $280 million)

Approved $600 million of shareholder distributions: $553 million made in 2022; $41 million in 2023

Net debt (excluding unamortised fees) and leverage reduced to $0.8 billion (2021: $2.3 billion) and 0.2x (2021: 0.9x), respectively

Proposed final dividend of $100 million (12 cents per share) for 2022, in line with $200 million annual dividend policy; given our buybacks, this represents dividend per share growth of nine per cent

Companies mentioned