RE: Results were good, and SP is now set to go much higher9 Mar 2023 09:11
Reading these statements extracted from the Final Results… I’m getting to the point of being embarrassed to be a British Citizen..
However, 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. Given the fiscal instability and outlook for investment in the country, it has also reinforced our strategic goal to grow and diversify internationally.
2023 total capital expenditure is estimated at $1.1 billion, split 85 per cent UK, 15 per cent international. We reduced our planned 2023 UK capital expenditure following the changes to the Energy Profits Levy (EPL) announced in November, with certain investment opportunities delayed or no longer being progressed. We also rephased some of our decommissioning activities.
Is everyone in central government just clueless at understanding the consequences of ridiculous ‘Levy’ liabilities that emphatically hit the UK Oil and Gas companies discriminately?
In short ‘YES’