North Sea’s biggest energy producer says UK windfall tax wiped out surge in profit

11 months ago 29

Harbour Energy to cut jobs and investment saying ‘flawed’ levy took its 700% rise in profits down from $2.5bn to just $8m

The North Sea’s biggest producer has hit out at the windfall tax on oil and gas companies after a near 700% surge in profits to $2.5bn (£2.1bn)) was “all but wiped out” by the levy.

Harbour Energy said on Thursday its pre-tax profits had risen sharply from $315m in 2021 to $2.5bn in 2022, a 682% year-on-year increase. However, its after-tax profits fell from $101m in 2021 to just $8m in 2022.

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