Harbour Energy Reports Annual Loss in 2024 Driven by UK Taxes
March 6, 2025
Harbour Energy swung to an annual loss in 2024 as the U.K.'s windfall tax for energy companies wiped out most of its pre-tax earnings, the company said on Thursday.
North Sea producers have warned that the UK's windfall tax on the industry, first imposed in the wake of a surge in energy prices in 2022, can dent their financial performance.
In October, Britain's Labour government upped its windfall tax on oil and gas producers to 38% from 35% and extended the levy to March 2030, taking the headline tax rate on the sector to 78% - among the highest in the world.
Harbour said its tax spend increased to $1.31 billion in 2024 from year-ago $571 million.
The largest British North Sea oil and gas producer's loss after tax came in at $93 million for the year ended December 31, 2024, compared with a profit of $45 million in 2023.
(Reuters - Reporting by Arunima Kumar in Bengaluru; Editing by Sumana Nandy)
