Harbour Energy (HBR)

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Share Price:
246.00p
Market Cap:
£3,884.82m
Change Today:
2.00p
Sector:
Energy Producers

Harbour Energy unveils $3.2bn takeover of LLOG

By Benjamin Chiou

Date: Monday 22 Dec 2025

LONDON (ShareCast) - (Sharecast News) - London-listed oil and gas group Harbour Energy has announced the $3.2bn acquisition of LLOG Exploration Company, marking its first entry into the deepwater Gulf of Mexico market.
Harbour is already the largest private company in Mexico measured by hydrocarbons resources, with a 2C resource base of over 400m barrels of oil equivalents across offshore conventional oil fields, but is yet to establish a position in the nearby Gulf of Mexico.

LLOG adds "significant exploration opportunity", according to Harbour, with material and increasing free cash flow expected to support shareholder returns and investment grade profile. The deal will also create supply chain synergies with its other projects in Mexico.

Louisiana-based LLOG has been rumoured to be exploring a sale since the end of October, with the company being controlled by the family of founder Gerald Boelte after his death last year.

The proposed deal will see Habour pay $2.7bn in cash - funded through a $1bn bridge facility, a $1bn term loan and Harbour's existing liquidity - along with $0.5bn of Harbour's voting ordinary shares, giving LLOG shareholders an 11% stake in the company upon completion.

"With LLOG, we found the right combination of high-quality assets and a talented team, providing a strong strategic and cultural fit with our company," said Harbour chief executive Linda Cook.

"The transaction positions us as a leading player in a region with well-established infrastructure, a supportive fiscal and regulatory environment and opportunities for additional growth."

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Harbour Energy Market Data

Currency UK Pounds
Price 246.00p
Change Today 2.00p
52 Week High 318.80p
52 Week Low 185.90p
Volume 15,743,986
Shares Issued 1,579.20m
Market Cap £3,884.82m

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