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LONDON, Dec 9 (Reuters) - Harbour Energy has
introduced a $200 million annual dividend policy, equating to 16
pence per share, it said on Thursday on the company's first
post-merger capital markets day.
Struggling to deal with heavy debt after its profits were
slashed by a drop in oil prices during COVID-19 lockdowns,
Premier struck a deal with Chrysaor in October 2020 to create
the British North Sea's largest oil and gas producer.
Harbour expects to produce 195,000-210,000 barrels of oil
equivalent per day (boe/d) next year, up from 175,000 boe/d in
2021, mainly boosted by first gas from the delayed Tolmount gas
project in the North Sea, expected to flow in the first quarter
2022.
It sees production at around 200,000 boe/d through to 2024,
it said, guiding for "materially higher free cash flow at
current commodity prices".
Harbour made $302 million in free cashflow in the first half
of 2021 and is set to benefit from tax losses Premier had
accrued, reducing Harbour's tax bill.
It said in September it had around $1 billion in liquidity.
(Reporting by Shadia Nasralla; editing by David Goodman and
Jason Neely)