18th Nov 2022 14:00
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 USD5 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 USD62.5 million, a 46% rise from USD42.9 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%
By Tom Budszus; [email protected]
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