Harbour Energy plc (HBRIY) M&A Call Transcript

Harbour Energy plc ( HBRIY ) M&A Call December 22, 2025 5:00 AM EST Company Participants Linda Cook - CEO & Director Nigel Hearne Alexander Krane - CFO & Director Conference Call Participants Lydia Rainforth - Barclays Bank PLC, Research Division Mark Wilson - Jefferies LLC, Research Division Alejandra Magana - JPMorgan Chase & Co, Research Division Teodor Nilsen - Sparebank 1 Markets AS, Research Division Presentation Linda Cook CEO & Director Thanks, Matt. Good morning, and welcome, everyone. Thanks for joining the call on such short notice and probably for many of you possibly taking time away from holidays. So we appreciate that. Sharing the presentation with me today are Alexander Krane, our CFO; and our Chief Operating Officer, Nigel Hearne; and Alan Bruce, our EVP of Technical Services, is also on the call. We're going to cover an overview of the acquisition that we announced earlier this morning with just 10 slides, so it won't be too long. And after that, we'll be happy to take your questions. Before we get started, there's a disclaimer. I think maybe we've already gone past that. But let me just draw your attention to that. It covers, amongst other things, information about forward-looking statements and other important things that we'll use in today's presentation. So if we go to this first slide, as you will have seen from the announcement, we've reached agreement to acquire LLOG Exploration Company for $3.2 billion. We've long said that the United States Gulf of America is a logical reason for Harbour to target. It's one of the most prolific oil and gas basins in the world that has well-established infrastructure and a supplier and contractor base, a really supportive fiscal and regulatory regime. And from a subsurface standpoint, it has considerable running room. This acquisition presents a unique opportunity to secure a leading position through

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