Harbour enters U.S. Gulf with $3.2 billion acquisition of LLOG

(WO) — Harbour Energy has agreed to acquire privately held LLOG Exploration Company LLC for $3.2 billion, marking Harbour’s entry into the U.S. Gulf of America and establishing a new core operating region alongside its assets in Norway, the UK, Argentina and Mexico.

The transaction includes $2.7 billion in cash and $500 million in Harbour voting ordinary shares. Harbour said the acquisition will significantly expand its deepwater portfolio, add oil-weighted production, extend reserve life and improve margins.

LLOG’s assets are concentrated in the deepwater U.S. Gulf, including operated positions at Who Dat in Mississippi Canyon and Buckskin and Leon-Castile in Keathley Canyon. Current production from the acquired portfolio totals about 34,000 boepd, with Harbour projecting production to approximately double by 2028, supported by exposure to the Lower Tertiary Wilcox play.

Linda Z. Cook, CEO of Harbour Energy, said the deal fulfills a long-standing strategic objective.

“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,” Cook said.

“The oil-weighted, deepwater LLOG portfolio enhances our production profile, provides significant operational control, extends reserve life and improves our margins,” she added.

Following completion, LLOG will form Harbour’s new U.S. Gulf business unit and retain the LLOG name. Philip LeJeune, CEO of LLOG, is expected to continue leading the organization.

“We are pleased to be joining an outstanding company and believe that by uniting our teams and expertise, we’re unlocking new possibilities,” LeJeune said.

Harbour CFO Alexander Krane said the acquisition strengthens the company’s financial outlook while supporting shareholder returns.

“The LLOG business complements our portfolio with a high-quality, long-life asset base underpinning strong production and cash flow growth profiles,” Krane said. “Consistent with our practice following previous acquisitions, our priorities following completion of the transaction will be the safe integration of assets and people.”

The deal is expected to close in late first-quarter 2026, subject to customary regulatory approvals, including U.S. antitrust clearance. Upon completion, LLOG Holdings LLC will hold about 11% of Harbour’s voting shares.