For an explanation of ownership concepts including Company Level, Company Is Top Level, and Field Interest Is Direct, see the Understanding ownership in Lens Upstream article.
Overview
Harbour Energy provides a useful example of how changes in corporate ownership can affect results when switching between Direct and Ultimate company levels.
In 2024, Harbour Energy acquired the Wintershall Dea upstream business. As part of the transaction, BASF and LetterOne received equity in Harbour Energy and became significant shareholders. As a result, Harbour Energy transitioned from being represented as a standalone parent company to being attributed within a broader ownership structure.
This ownership change provides a useful example of how the same production can appear differently depending on the selected company level.
Scenario 1: Viewing Harbour Energy Production at the Ultimate Company Level
Filters
Company = Harbour Energy
Company Level = Ultimate
Interpretation
Prior to the Wintershall Dea transaction, Harbour Energy appears as a top-level company and its production is attributed directly to Harbour.
Following the transaction, ownership attribution changes. Production that was previously associated with Harbour Energy may instead be attributed through its ultimate ownership structure.
As a result, users may observe:
Reduced or missing Harbour Energy production in more recent periods.
Scenario 2: Viewing Harbour Energy Production at the Direct Company Level
Filters
Company = Harbour Energy
Company Level = Direct
Interpretation
The Direct view attributes production to the company that directly holds the asset interest.
Because Harbour Energy remains the direct owner of many acquired assets, production continues to appear under Harbour Energy in the Direct view following the Wintershall transaction.
Viewing Production Held Through Subsidiaries
A common question is:
"Shouldn't Ultimate ownership still include production held through subsidiaries?"
The answer is, Yes. If viewing production at the Ultimate company level, consider changing the Color By option from Company to Subsidiary.
For example, when keeping Company Level = Ultimate and coloring by subsidiary, the chart will show how production is distributed across Harbour Energy's subsidiary, Chrysaor, while still preserving the Ultimate ownership perspective.
Key Takeaway
If expected production appears to be missing, review the ownership structure using Company Is Top Level, Field Interest Is Direct, Company to Subsidiary Chain, and Company to Field Chain, or use Color By = Subsidiary to understand how production is being attributed within the corporate hierarchy.
You can also view the "Company field production" data table to get a better understanding of which assets contribute to the overall production using ultimate vs. direct.