Harbour Energy has seen its pre-tax profit of $1.2billion (£930million) wiped out and replaced with a $93million (£72.1million) loss after the government's windfall tax was applied.
The staggering statistics - equating to an effective tax rate of 108% - were revealed this morning as the firm posted its full year 2024 results.
Operational highlights include successful drilling in the UK, Norway, Argentina and Indonesia, and new projects online in the UK and Argentina, as well as the acquisition of the Wintershall Dea portfolio.
The report notes a profit before tax of $1.2billion (£930million) - double 2023's figure of $600million (£460million).
This was "impacted by c.$800million (£620million) of period specific predominantly non-cash accounting charges largely driven by adverse changes to the UK fiscal regime".
But the after tax loss of $93million (£72.1million) is a dramatic drop off from 2023's $45million (£34.87million) profit.
This reflects a "108% effective tax rate".
Linda Cook, chief executive officer, commented: "2024 was a transformational year with the completion of the Wintershall Dea transaction, our fourth significant transaction since 2017.
"As a result, we achieved a step change in the scale, resilience and longevity of our business underpinning the potential for material free cash flow generation well into the next decade. At the same time, we delivered another year of solid operational and financial performance.
"Looking to 2025, we have had a strong start to the year. We continue to prioritise safe and efficient operations, mature our significant 2C resource base and maintain disciplined capital allocation.
"We remain excited about our future and look forward to realising the potential of our company for all our stakeholders."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 91-points at 8,720 shortly after opening this morning.
Brent crude oil futures were up 0.32%, trading at $69.53 a barrel.
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