Harbour Energy, the UK's largest oil and gas producer posted pre-tax profits of $2.5b for 2022. But tax - including $1.5b set aside for the Energy Profits Levy - left the company with $8m in post-tax profit. I'm sure Hunt and Sunak are delighted now:
On investment, a Harbour spokesman said the company had not gone ahead with planned drilling at two sites, and did not take part in the latest North Sea offshore licensing round.A windfall tax is an extra levy imposed by a government on a company.
Energy firm profits have soared recently, initially due to rising demand after Covid restrictions were lifted, and then because Russia's invasion of Ukraine raised energy prices.In the autumn, current Chancellor Jeremy Hunt announced it would increase to 35% from January 2023, and run until March 2028. It was previously due to finish at the end of 2025.
In its annual results, Harbour said that it "delivered materially higher production" and improved margins in 2022.
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