Harbour has released its Q1 2025 trading update, reporting strong production and cost performance in the period, continuing to underpin the company’s cash flows during the current period of oil price volatility. We remain of the view that current share price levels are attractive given Harbour’s production diversity, balance sheet strength, hedging position (40% of 2025 production is now hedged), and focus on maintaining its dividend, with a current forward yield of over 12% available.