Harbour Energy completes LLOG acquisition
Harbour Energy has announced that it has completed the acquisition of LLOG Exploration Company LLC for $3.2-billion, marking its entry into what it describes as the “Gulf of America.”
Harbour Energy says that the LLOG acquisition strengthens its global portfolio and establishes a new core business unit alongside Norway, the UK, Argentina and Mexico.
Through LLOG, Harbour says that it gained a “fully operated, oil-weighted portfolio and an exceptional team in one of the world’s most prolific oil and gas basins. LLOG adds high margin, long-life assets and a deep inventory of high return drilling opportunities.”
Production from LLOG averaged 36,000 barrels of oil equivalent per day in 2025, reflecting “strong performance” across the Who Dat and Buckskin hubs and the start-up of Leon-Castille fields in October. Production is on track to increase to 65,000 to 70,000 barrels of oil equivalent by 2028.
Harbour will reportedly preserve the LLOG name to maintain its “strong reputation” in the deepwater Gulf.
Harbour financed the acquisition through $2.7 billion of cash and the issuance of 174,855,744 new Harbour voting ordinary shares to LLOG Holdings, L.L.C. with an agreed value of $0.5 billion. The cash was funded by a $1.0-billion bridge facility, a $1.0-billion, three-year term loan and $0.7 billion from existing sources of liquidity.
Linda Z. Cook, CEO Harbour Energy, commented: “This marks another important step in Harbour’s journey by establishing a leading position in the US Gulf of America. We are excited to welcome our new colleagues and look forward to building on their strong heritage and proven exploration and development capabilities in the region. With the combined strengths of our teams, the quality of the assets, and the depth of opportunities ahead, we are well-placed to deliver significant value for our shareholders.”
Harbour says that its next scheduled market update will be on March 5, 2026, when the company will publish its 2025 full year results. Alongside this, Harbour will provide updated 2026 guidance and a mid-term outlook, including the impact of the LLOG acquisition, as well as additional detail on its capital allocation plans.