March 6 (Reuters) - Harbour Energy (HBR.L) , opens new tab swung to an annual loss in 2024 as the UK'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.

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https://www.reuters.com/business/energy/uks-harbour-energy-posts-annual-loss-hurt-by-taxes-2025-03-06/