UK-based oil and gas producer Harbour Energy has acquired US exploration and production company LLOG Exploration for $3.2bn, marking the company’s entry into the US Gulf of Mexico.
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 in one of the world’s most prolific oil and gas basins. LLOG adds high-margin, long-life assets and an inventory of high-return drilling opportunities.
Production from LLOG averaged 36,000 boepd during 2025, reflecting strong performance across the Who Dat and Buckskin hubs and the start-up of Leon-Castille in October. Production is on track to increase up to 70,000 boepd by 2028.
Harbour financed the acquisition through $2.7bn of cash and the issuance of 174,855,744 new Harbour voting ordinary shares to LLOG Holdings with an agreed value of $500m. The cash was funded by a $1bn bridge facility, a $1bn three-year term loan, and $700m from existing liquidity sources.
On February 12, 2026, the total number of voting ordinary shares, including the consideration shares, will be 1,579,724,339, 89% of which are owned by Harbour’s legacy shareholders and 11% from LLOG.
