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The Guardian - UK
The Guardian - UK
Business
Alex Lawson Energy correspondent

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

United Kingdom Harbour North Sea Harbour Energy Linda Cook Oil
north sea oil rig
Harbour Energy said pre-tax profits had risen 682% to $2.5bn in 2022, but its after-tax profits fell from $101m in 2021 to $8m. Photograph: Interfoto/Alamy

The North Sea’s biggest producer has complained that the windfall tax on oil and gas companies “all but wiped out” its profits last year, at the same time announcing new shareholder payouts that take the total to $1bn since the end of 2021.

Harbour Energy said on Thursday its pre-tax profits rose by nearly 700% in 2022 to $2.5bn (£2.1bn) on higher production and bigger margins making it the latest oil and gas company to report a huge increase in underlying profits, after the war in Ukraine pushed up wholesale gas prices and sent household bills soaring.

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