Harbour Energy (OTCPK:PMOIF) plunges as much as 14% in London in Thursday's trading after reporting its FY 2024 profit was swallowed up by increases to the U.K. windfall tax on oil and gas. The U.K.-listed company said it swung to a full-year net loss of $108M from a net profit of $45M in the previous year,

The government to cut windfall tax on oil and gas profits in 2030. Discover the implications for the North Sea’s energy sector.

The oil-and-gas producer swung to a loss in 2024 as the energy profits levy continued to drag on results and its CEO described the U.K. as a difficult fiscal and regulatory environment in which to operate.