Member Info for 34adsaddsa

It was this price 15 months ago.

-9%

Then it's 75% tax until at least 2028.

Just wait for labour to **** the government off for the "loophole" of allowing extra capex offsets. Then you've got 35% tax with the prospect of those offsets being abolished in two years.

Sadly not true.

If they put it up to 35% then this company exists for the taxpayer and the bond holders.

-6.5%

It's easy to see how you lose money here: All they need to do is go on aggressive drilling campaigns in Morocco/SD and get bad results. Then the cash is gone.

I'm still waiting for 8p!

hZZps://www.thetimes.co.uk/article/energy-firms-face-higher-windfall-levy-on-profits-nxvntvzj6

They don't have the balls to do it.

This could properly collapse on monday.

I think Madam Kim must have had a ghost writer because I sense that - despite her death - the same hand is behind these management descriptions.

Unfortunately, Labour's current policy is to scrap the additional capex tax offsets. So in 2 years' time you could be facing 70% without the additional mitigation.

But it isn't tied to energy prices. If oil falls to $75, do you think they will cut the tax? Not a chance.

Tax rate from 40% to 70% in 6 months. Yes they've increased the capex deduction but brent isn't even $100. CAPEX will be so much lower than it would have been.

Again, they need to come out and says this will cause a fall in investment and production and therefore cause higher prices for longer. There's zero public pushback from the industry.

They need to tell journalists that as by far the largest north sea producer, if the windfall tax is increased then they'll cut capex and production will fall. It'll probably hurt the stock but otherwise why wouldn't they increase the tax? It's politically popular, raises revenue which they're very keen to do and there's no one saying they'll stop investing. It looks like win win win to them.

They need someone to point out that it'll cost them. Harbour are uniquely placed to do it.

I wish they'd leave the UK. They have almost no production here but the media fixate on their profits because they're "UK" and then ignorant people say WINDFALL TAX WINDFALL TAX WINDFALL TAX. Just become US companies and be done with it.

From the FT:

"Meanwhile Hunt is likely to extend the government’s windfall tax on oil and gas producers beyond its “sunset clause” in 2025, helping to close the fiscal hole in the next parliament, according to people briefed on his thinking.

The current levy is scheduled to raise at least £28bn over three years before it ends in December 2025. Extending it by two years could raise more than £10bn for the Treasury, but much depends on future energy prices."

There's speculation that Hunt will extend the windfall tax end date. No idea what evidence - if any - there is to support the speculation but that is what is going around.

Could turn out to be better than the alternative of Labour creating their own system after 2025..