Harbour Energy confirms losses as UK windfall tax takes its toll

The News Craving

By Nicholas Earl Harbour Energy has suffered a billion dollar swing in its balance sheet, posting an $8m loss for the first six months of trading this year – weighed down by the higher UK windfall tax rate and falling fossil fuel prices. This is a sharp downturn on the $984m of post-tax earnings the oil and gas producer recorded at the half-year stage 12 months prior. The oil and gas producer confirmed a $392.9m hit from UK taxes – including the Energy Profits Levy – leading to an overall tax take of $437.5m. The Energy Profits Levy has seen imposed an effective 75 per cent tax on North Sea oi…

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