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Share Price Information for Harbour Energy (HBR)

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Share Price: 297.60
Bid: 297.30
Ask: 297.90
Change: -6.60 (-2.17%)
Spread: 0.60 (0.202%)
Open: 305.70
High: 305.70
Low: 295.60
Prev. Close: 304.20
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Government introduces price floor on energy windfall tax

Fri, 09th Jun 2023 07:46

(Sharecast News) - A windfall tax on excessive oil and gas profits will be suspended should energy prices fall, the government confirmed on Friday.

Oil and gas prices soared last year after Russia invaded Ukraine, leading to both sharply higher household energy and record profits for energy firms.

In response, the government introduced the Energy Profits Levy, which put a marginal tax rate of 75% on North Sea oil and gas production. The tax has raised £2.8bn to date, the government said.

But with energy prices now well off last year's highs, a number of producers have become increasingly vocal in their criticism of the levy.

In January, Harbour Energy - the largest North Sea oil and gas producer - said it was reviewing operations because of the windfall tax, and is now looking to diversify away from the UK.

The government has therefore confirmed that while the levy will remain in place until March 2028, as originally planned, it will be suspended if average oil and gas prices fall to, or below, a set level for two consecutive quarters. The levels are $71.40 per barrel for oil, and 54p per therm for gas.

Should that happen, the tax rate would revert to 40%.

Benchmark Brent crude is currently trading at $76.22 per barrel, while a therm of gas is around 60p, well off highs of around $130 and 600p respectively seen last summer.

Gareth Davies, Exchequer secretary to the Treasury, said it was "important that we secure investment in our own domestic supply, protecting the tens of thousands of British jobs that come with it".

Michael Hewson, chief market analyst at CMC Markets , said: "It seems that the prices for both [oil and gas] would need to fall to those levels - and not one or the other - for the measure to kick in, which in the current environment seems unlikely.

"While the announcement might offer the illusion of certainty to an increasingly beleaguered oil and gas sector, it doesn't really do anything of the sort. It does nothing to address the longer-term concerns over the UK's energy security and does nothing to encourage the investment in sunk costs required to bring new supply online.

"No one disputes the need to transition to cleaner forms of energy, however this does very little to address that.

"It's just another fig leaf for a political class out of ideas and lacking in anything close to intellectual clarity over how the UK will be able to deal with the challenges over the next five to 10 years."

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25 Aug 2023 07:52

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24 Aug 2023 09:17

Harbour Energy pays increased dividend but production and profit fall

(Alliance News) - Harbour Energy PLC on Thursday said production decreased in the first half year, alongside decreases in revenue, earnings and profit.

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24 Aug 2023 07:22

Harbour Energy trims production, capex forecasts

(Sharecast News) - North Sea oil and gas producer Harbour Energy trimmed annual production and capital expenditure forecasts due to drilling delays at its Beryl operations.

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23 Aug 2023 13:36

Thursday preview: Jackson Hole kicks off; Habour Energy, CRH report

(Sharecast News) - All eyes will be on the start of the Jackson Hole symposium in Wyoming on Thursday, while half-year results are due from CRH, Harbour Energy and Hunting.

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17 Aug 2023 15:43

UK earnings, trading statements calendar - next 7 days

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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10 Aug 2023 15:16

Harbour Energy leaves Vietnam in USD84 million sale to Big Energy

(Alliance News) - Harbour Energy PLC on Thursday said that it has entered sale and purchase agreements to sell its business in Vietnam to Big Energy Joint Stock Company.

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9 Aug 2023 12:25

North Sea has "pivotal" decade ahead for decommissioning - UK report

(Alliance News) - Decommissioning could provide the North Sea oil and gas sector with a "massive GBP21 billion opportunity" over the course of the next "pivotal" decade, a new report in the UK has revealed.

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31 Jul 2023 17:29

European stocks rise on cooling inflation, healthcare boost

STOXX 600 up 0.1%, ends month in the green

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31 Jul 2023 16:56

LONDON MARKET CLOSE: FTSE 100 inches higher as BoE moves into focus

(Alliance News) - European equities closed slightly higher on Monday, supported by favourable eurozone data and the hope of more stimulus in China, after an underwhelming factory reading there.

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31 Jul 2023 14:52

Britain commits to hundreds of North Sea oil and gas licences

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31 Jul 2023 09:41

Harbour Energy gets Track 2 status for Acorn, Viking projects

(Sharecast News) - Harbour Energy said on Monday that the Humber-based Viking CO2 transportation and storage network and Acorn CCS projects have been awarded Track 2 status as part of the government's CCS cluster sequencing process.

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31 Jul 2023 09:03

IN BRIEF: Harbour Energy wins UK Track 2 status for Viking and Acorn

Harbour Energy PLC - oil and gas company with interests in Indonesia, Vietnam, Mexico and Norway - Says Viking CO2 transportation & storage network in Humber, north England and Acorn carbon capture & storage project in northeast Scotland are awarded Track 2 status by UK government. This allows both projects to progress to front end engineering & design plus discussions with the government over economic licence terms. Harbour says Viking could transport and store up to 10 million tonnes, and potentially enable CO2 shipping from UK and international emitters for permanent storage within the network's fields.

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UK says will issue 'hundreds' of new oil, gas licences in North Sea

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Indonesia's big gas projects to proceed after global majors sell stakes

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