Harbour Energy to acquire LLOG Exploration Company

Harbour Energy has announced that it has entered into an agreement to acquire LLOG Exploration Company LLC for $3.2 billion, comprising $2.7 billion of cash and $0.5 billion of Harbour’s voting ordinary shares.

Harbour said that the acquisition “provides a unique opportunity to acquire one of the most successful, privately-held operators in the US Gulf of America, and [will be] a strong strategic fit for the Company.” 

With the LLOG acquisition, key assets for Harbour will include the Who Dat field in the Mississippi Canyon area, and the Buckskin and Leon-Castile fields in the Keathley Canyon area. All are operated by LLOG, and have “long life assets with 2P reserves life of 22 years.” 

Harbour noted that LLOG’s production is expected to approximately double by 2028, “underpinned by a leading position in the prolific Lower Tertiary Wilcox play.”

Harbour also said LLOG offered a “deep inventory of high return, short cycle, infrastructure-led drilling opportunities, including the potential for eight wells across 2026 and 2027.” The British operator also noted that LLOG operates more than 80 leases, predominantly in the Mississippi Canyon and Keathley Canyon areas. 

Linda Z. Cook, CEO of Harbour Energy, commented: “Today’s announcement delivers on Harbour’s long-standing ambition to establish a presence in the deepwater Gulf of America. 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. 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. The oil-weighted, deepwater LLOG portfolio enhances our production profile, provides significant operational control, extends reserve life and improves our margins. In addition, the LLOG organization brings decades-long experience in the Gulf of America with a successful track record, creating a solid foundation for Harbour in the area.”

Cook continued: “We are proud to build on LLOG’s strong heritage in the Gulf of America. Its advantaged portfolio and exceptional team, led by CEO Philip LeJeune, have established the company as one of the region’s most respected operators. Following completion, LLOG will serve as Harbour’s new Gulf of America business unit, which will incorporate the LLOG name in order to preserve and leverage its history and reputation.”

Harbour’s announcement also commented that LLOG also has a “highly experienced team with a proven track record of exploration, development and production in the deepwater Gulf of America” – suggesting a retention of executive team members. 

Cook affirmed the point: “We look forward to completing the transaction and welcoming Philip, his leadership team, and the entire organization to Harbour, and to the future we will create together.” 

Philip LeJeune, LLOG CEO, said: “We are pleased to be joining an outstanding company and believe that by uniting our teams and expertise, we're unlocking new possibilities, empowering our people, and setting the stage to achieve extraordinary results with Harbour. As we look to the future, we remain dedicated to maintaining the same high ethical and operational standards that have helped guide us for the past 48 years, but with a new partner whose shared vision of growth, innovation, and operational excellence will help us achieve significant successes through a strong collaborative culture.” 

Pending regulatory approvals, completion of the acquisition is expected to occur in late 1Q 2026.