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

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.