Profits at Britain’s largest North Sea oil and gas company, Harbor Energy, skyrocket 750% after energy price hike
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Profits for Britain’s largest North Sea oil and gas company are expected to rise by 750 percent following the surge in energy prices.
Harbor Energy is expected to have earned £2.2bn pre-tax last year, up from £260m in 2021, according to City forecasts compiled by Refinitiv.
In profit: Harbor Energy is expected to have made £2.2 billion pre-tax last year
The profit increase at the company – the largest producer in the North Sea – is due to rising oil and gas prices since the Russian invasion of Ukraine, which has also caused household bills to skyrocket.
But the company is bracing itself to take a major hit from the government’s windfall tax.
Harbor – which also operates in Indonesia, Vietnam, Mexico and Norway – lost its place in the FTSE 100 in December following a share price fall following a windfall tax extension in November.
The chief executive, 64-year-old American Linda Cook, had publicly pleaded with the Chancellor not to raise the levy as it would risk ‘driving investment out of the UK altogether’.
The £2.5bn company has since said its shareholders have urged the company to focus new investment abroad.
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