North Sea Oil Giant Harbour Energy 8m Profit

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North Sea Oil Giant Harbour Energy 8m Profit

North Sea Oil Giant Harbour Energy 8M Profit

The North Sea oil and gas giant Harbour Energy has announced its strong results after being merged with Premier Oil about a year ago. Its cash flow is 515 million pounds, a significant increase from 2020 when the figure was 427 million pounds.

The profits after tax were 76.8 million in 2021 while a year before the company witnessed a loss of 591 million pounds.

CEO Linda Cook said 2021 was transformational as the company merged with Premier Oil and it was the third significant of the same since 2017.Harbour Energy is now a global company and of course fits as the largest independent gas and oil entity in the UK. It is based in London.

She added the company is well placed in delivering value creation, shareholder returns and growth due to a robust balance sheet and it is something of proud the figure is accomplished in the first year after going public.

The company is being expected to produce up to 210,000 barrels per day in 2022. The figure was 175,000 in 2021. It follows the policy of hedging to shield against volatility.

It has hedged 26 million barrels for the oil output of 2022 and 2023 at a price range between $61.05 and $61.15 per barrel. The company had earlier planned to seek permission from shareholders to buy its own shares to the extent of 15 percent.

Harbour Energy was formed by the merger of Premier Oil and Chrysaor in April 2021. The stock exchange listing of Premier was thereafter replaced.

About Harbour Energy

Harbour Energy was founded in 2014 by Noble Group commodity trader and headquartered in Edinburgh, Scotland. Its stock is listed on LSE and has been a constituent of FTSE 250 Index. Initial funding was from Noble Group and EIG Global Energy Partners with $150 million and $50 million respectively.

It announced in June 2020 the backing of Chrysaor Holdings to take over Premier Oil. The two were merged in March 2021 and were absorbed into Harbour Energy. Linda Cooke was appointed to manage the merged companies.

About Premier Oil

Premier Oil was founded as a Caribbean Oil Company in 1934 and is headquartered in London, UK. The independent oil company in the country was listed on LSE as Premier (Trinidad) Oilfields and concentrated mainly on the production of oil in Trinidad for about the next two decades. It acquired the North Sea later in 1971.

Chrysaor Holdings acquired it in March 2021 and thereafter the two companies were absorbed and merged into Harbour Energy.

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