The UK’s biggest oil and gas producer said it had seen a nearly eight-fold increase in its profit “all but wiped out” as the UK Government’s windfall tax on energy companies kicked in.
Harbour Energy said it would pay close to £1.3bn due to the new rules, which were put in place last May amid surging energy prices.
As a result, and thanks to the company’s normal tax bill, Harbour’s pre-tax profit of £2.1bn was reduced to £6.7m after tax.
