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Finance

Windfall tax ‘wiped out our profit’, says Harbour Energy

Harbour Energy, the largest oil and gas producer in the North Sea has said the UK’s windfall tax has significantly its profits for the year, claiming it “has all but wiped out” the gains made.

The company, which saw a pre-tax profit surge of almost 700%, reaching $2.5 billion (£2.1bn), was hit hard by the new UK windfall tax that was implemented in May 2022.

Harbour Energy revealed that it has paid $205 million (£171m) in windfall tax since its introduction in May 2022.

Linda Z Cook, Chief Executive Officer at Harbour Energy, commented: “The UK Energy Profits Levy, which applies irrespective of actual or realised commodity prices, has disproportionately impacted the UK-focused independent oil and gas companies that are critical for domestic energy security.

“For Harbour, the UK’s largest oil and gas producer, it has all but wiped out our profit for the year. This has driven us to reduce our UK investment and staffing levels.”

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