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 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.