BATON ROUGE, LOUISIANA (By Steve Stewart, Energy Analytics Institute, 11.Feb.2026, Words: 446) — Harbour Energy completed the acquisition of LLOG Exploration Company LLC for $3.2bn, marking the company’s strategic entry into the US Gulf of America.
The acquisition strengthens Harbour’s global portfolio and establishes a new core business unit alongside Norway, the UK, Argentina and Mexico.
Through LLOG, Harbour gains 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, Harbour said on 11 Feb. 2026 in an official statement.
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“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 Energy CEO Linda Z Cook commented in the statement.
Production from LLOG averaged 36,000 boe/d during 2025, reflecting strong performance across the Who Dat and Buckskin hubs and the start-up of Leon-Castille in Oct. Production is on track to increase to 65,000-70,000 boe/d by 2028.
Financing
Harbour financed the acquisition through $2.7bn 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 $0.5bn. The cash was funded by a $1bn bridge facility, a $1bn 3-year term loan and $0.7bn from existing sources of liquidity.
An application has been made to the London Stock Exchange for admission of the consideration shares and it is expected that these will be admitted to trading on the main market for listed securities of the London Stock Exchange and to listing on the Equity Shares (Commercial Companies) Listing Category of the Official List of the Financial Conduct Authority on 12 Feb. 2026 at 8.00 a.m. (London).
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On 12 Feb. 2026, the total number of voting ordinary shares, including the consideration shares, will be 1,579,724,339. This share count may be used by shareholders to determine if they are required to notify their interest, or a change to their interest, in the company under the FCA’s Disclosure Guidance and Transparency Rules.
The 1,579,724,339 voting ordinary shares in Harbour are owned approximately 89% by Harbour’s legacy shareholders, including 42% by BASF, and 11% by the seller. Of the consideration shares, 70% are subject to a 1-year lock-up following completion of the acquisition.
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By Steve Stewart reporting from Baton Rouge. © 1999-2025 Energy Analytics Institute (EAI). All Rights Reserved.
