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.

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

The UK government is drafting a new tax regime for oil and gas companies to replace a controversial windfall levy after 2030, with an aim to hit companies only when prices are unusually high.