Profits boost comes as record gas prices set to plunge millions of households in the UK into fuel poverty.
North Sea’s biggest oil and gas producer enjoys jump in fossil fuel prices following invasion of Ukraine
Harbour Energy, the UK North Sea's biggest oil and gas producer, increased a share buyback programme by 50% to $300 million on Thursday as it reported first-half free cash flow of $1.4 billion. Harbour, which is set to produce just over 200,000 barrels of oil equivalent this year and reduced its net debt to $1.1 billion from $1.7 billion in March, expects to pay $500 million in UK tax for 2022. Around $300 million of this is due to a 25% windfall tax on oil and gas producers introduced in May, said Chief Executive Linda Cook.