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yesterday

Harbour Energy to Buy LLOG for $3.2 Billion to Enter U.S. Deepwater Gulf

The cash‑plus‑stock deal establishes a Gulf business unit pending U.S. antitrust clearance.

The British FTSE 250 company predicts the acquisition will help it reach 500,000 barrels of oil equivalent production a day by the end of the decade
LLOG's FPU Salamanca; Source: Tampnet
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Overview

  • Harbour agreed to acquire LLOG for $3.2 billion, comprising $2.7 billion in cash and $500 million in Harbour voting shares.
  • On completion, LLOG Holdings is expected to own about 11% of Harbour’s listed voting ordinary shares.
  • The companies target closing in late Q1 2026, subject to customary conditions including expiration of the HSR review period.
  • LLOG brings about 34,000 boe/d from operated hubs such as Who Dat, Buckskin, and the Leon‑Castile developments in the U.S. deepwater Gulf.
  • Financing includes a $1 billion underwritten bridge, a $1 billion term loan, and existing liquidity, with Harbour guiding to added 2P reserves, production growth toward roughly 500,000 boe/d by the decade’s end, and free cash flow accretion from 2027.