RE: Merger As Promised7 Jun 2023 09:07
Earlier this year, Harbour Energy said the windfall tax has “wiped out” its profits for 2022.
However, the firm, which is cutting hundreds of jobs in Aberdeen, went on to say it has a “solid financial position” and announced $300m of new buybacks and dividends for shareholders.
The firm said its staffing reduction consultation is due to close in the second half of the year.
Before tax, Harbour Energy was above analyst expectations, posting $2.4bn profits for the 2022 financial year.
After tax, however, profits were down to just $8 million.
The chief executive of Habour Energy, Linda Cook, said at the time: “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.”