The company produces more oil and gas from the UK’s North Sea than any other company.
The largest producer of fossil fuels in the UK’s North Sea has said it will extract slightly less oil and gas than expected this year, as it reported a fall in profit.
It paid 437 million dollars in tax during the six months to the end of June, as pre-tax profit fell from 1.5 billion dollars to 429 million dollars .The hit to its profits had largely been due to the reduction in the price of fossil fuels, especially natural gas in the UK. It expects production to fall even further in the second half of the year due in part to drilling delays at one of its UK oil fields.Linda Cook of Harbour Energy
“This has allowed us to continue to generate significant free cash flow supporting material shareholder distributions while maintaining capacity for meaningful but disciplined M&A .
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