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Hurricane Energy PLC - Surrey-based oil and gas producer in fields offshore west of Shetland - Notes UK government announcement which increases energy profits levy to 35% starting January 1, 2023, from 25% currently. Firm says the tax on surplus profit will cost it less than $5 million in 2022. Hurricane says it is assessing the impact of the coming changes.
‘The energy profits levy is an additional 25% [set to be 35%] tax on UK oil and gas profits on top of the existing 40% headline rate of tax, taking the combined rate of tax on profits to 65% [to be 75%],’ the UK government said in July.
For the first six months of 2022, Hurricane posted a pretax profit of $62.5 million, a 46% rise from $42.9 million a year before.
Further, Hurricane says the formal sale process announced on November 2 is progressing and that it will provide more updates in due course. Says ‘multiple expressions of interest received from credible counterparties’.
Current stock price: 7.98 pence, up 3.5% on Friday
12-month change: up 75%
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