New player enters US Gulf oil & gas playground with $3.2B LLOG buy

February 11, 2026, by Melisa Cavcic

London-listed oil and gas company Harbour Energy has brought into its fold the U.S.-headquartered LLOG Exploration Company (LLOG), marking its strategic entry into the deepwater U.S. Gulf of America (the U.S. Gulf of Mexico).

LLOG's FPU Salamanca; Source: Tampnet — LLOG’s FPU Salamanca; Source: Tampnet

Harbour Energy revealed its acquisition of LLOG from LLOG Holdings in December 2025, explaining that the purchase would cost $3.2 billion, entailing $2.7 billion of cash and $0.5 billion of the UK player’s voting ordinary shares.

The UK firm has now completed this acquisition, which strengthens its global portfolio and establishes a new core business unit alongside Norway, the UK, Argentina, and Mexico.

Harbour claims that the purchase of LLOG allows it to gain a fully operated, oil-weighted portfolio and “an exceptional team in one of the world’s most prolific oil and gas basins.”

The acquisition is perceived to add high margin, long-life assets and a deep inventory of high return drilling opportunities. The production from LLOG averaged 36,000 barrels of oil equivalent per day (boepd) during 2025.

This is interpreted to reflect strong performance across the Who Dat and Buckskin hubs and the start-up of Leon-Castille in October 2025. The firm explains that the production is on track to increase to 65-70,000 boepd by 2028.

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Linda Z Cook, CEO of Harbour Energy, commented: “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 financed the acquisition through $2.7 billion of cash and the issuance of 174,855,744 new voting ordinary shares to LLOG Holdings, with an agreed value of $0.5 billion. The cash was funded by a $1 billion bridge facility, a $1 billion three-year term loan, and $0.7 billion from existing sources of liquidity.

The acquisition supports overall production at about 500,000 boepd to the end of the decade, adding 2P reserves of 271 mmboe, increasing the firm’s 2P reserves by 22%.