Latest news with #LindaCook
Telegraph
5 days ago
- Business
- Telegraph
North Sea giant to move jobs overseas as tax rate hits 111pc
Britain's biggest oil and gas producer is to move skilled jobs out of the UK after windfall taxes left it with an 111pc tax rate. Harbour Energy plans to wind down its North Sea investments and has already announced 250 job losses in Aberdeen, a city once regarded as the oil and gas capital of Europe. On Thursday, a spokesman said the company would be offering jobs in its overseas operations to suitable UK workers but most of the staff marked for redundancy would be leaving the company. It came as Harbour report half-year results that made clear the impact of the energy profits levy, or windfall tax, which was initially imposed by the Conservatives and increased under Labour. Harbour made a profit before tax of $1.6bn (£1.2bn) but faced a tax bill of $1.8bn, resulting in a post tax loss of $174m. This was largely down to UK windfall levies plus foreign exchange transactions. The report said: 'The effective tax rate for the six months ending on June 30 2025 was 111pc, compared to 85pc for the same period in 2024.' The company said the increase was 'primarily' down to a deferred tax charge resulting from Labour's decision to extend windfall taxes to 2030. Linda Cook, Harbour's chief executive, said: '[The UK] remains a challenging environment for us... the fiscal regime means investment here just finds itself hard to compete with the opportunities we have in other countries. 'Going forward, we do expect investment to decline in the UK, given the fiscal and regulatory conditions. We will still have some high return opportunities, but overall investment is likely to decline and will be replaced by investment in Norway, Argentina and, over time, Mexico. 'The UK is one of our highest countries for unit operating costs… and it's one of our highest tax environments as well. So that [UK] production will get replaced over time with production from other countries, and that's a good thing for us overall.' Focus shifts permanently from UK Last week, Donald Trump said Britain was wasting a 'treasure chest' of oil and gas. He wrote on Truth Social: 'The taxes are so high, however, that it makes no sense. They have essentially told drillers and oil companies that, 'We don't want you.'' The US president said reopening the North Sea could deliver a 'vast fortune' for the UK and 'far lower energy costs for the people!' Harbour was a primarily UK-focused oil and gas producer but has shifted its focus as successive governments imposed ever-tougher windfall taxes and climate-related drilling restrictions. Last year the company acquired the upstream operations of Germany's Wintershall Dea, giving it production centres in Norway, Argentina, Germany and Mexico. The move tripled output to 475,000 barrels of oil a day compared to the 159,000 seen in the first half of 2024, with reserves also tripled at an estimated 1.3 billion barrels. The company still operates several oil and gas production hubs in UK waters. Investment is focused on two of them, J-Area and Greater Britannia Area, in the central North Sea. However, Ashley Kelty, an analyst at Panmure Liberum investment bank, said Harbour had permanently shifted its focus from the UK to other parts of the world. Harbour also published an 'adjusted profits' figure discounting the impacts of windfall taxes, showing underlying profits of $410m, and announced a $100m share buyback programme alongside a $455m dividend for shareholders.
Reuters
5 days ago
- Business
- Reuters
Harbour Energy lifts 2025 free cash flow forecast after Wintershall Dea deal
Aug 7 (Reuters) - North Sea-focused Harbour Energy (HBR.L), opens new tab raised its annual free cash flow and production forecast on Thursday, bolstered by robust production as it integrates Wintershall Dea assets, sending its shares sharply higher. Harbour Energy, the largest British North Sea oil and gas producer, completed its acquisition of the Wintershall Dea assets last year and said on Thursday the deal had driven a "step change in the scale, resilience, and longevity" of its portfolio. The company, which was created in 2021 through the merger of Chrysaor and Premier Oil, now expects to record $1 billion in free cash flow in 2025, up from a previous forecast of $900 million. It has been shifting capital away from the UK and focusing on international assets for future investments, after Britain's tax changes in late 2024 removed incentives for reinvestment. "(The UK) remains a challenging environment for us ... so long as the fiscal regime is as it is in the country, investment here just finds itself hard to compete with the opportunities we have in other countries," said CEO Linda Z. Cook. Harbour announced plans in May to cut 250 jobs, around a quarter of the workforce, at its Aberdeen-based UK unit. It launched a $100 million share buyback on Thursday, taking total shareholder distributions for the year to $555 million. Shares in the London-listed firm were up 12.7% at 230.3 pence by 0938 GMT. Harbour also lifted the lower end of its full-year production outlook to a range of 460,000 to 475,000 barrels of oil equivalent per day (boepd), from 455,000 to 475,000 boepd earlier. Production in the first half of 2025 tripled year on year to 488,000 boepd, supported by new wells in the UK, Norway and Argentina.
Yahoo
13-06-2025
- Yahoo
Massage Parlor Scandal and Library Swatting: Our QC Crime Watch Episode 26
Watch crime reporters Linda Cook and Sharon Wren talk about crime in our area with the latest episode of the Our QC Crime Watch Podcast. This episode includes a woman facing felony charges of pimping at massage parlor businesses, a swatting incident at the Musser Public Library, and an update on a deadly shooting in Clinton. To view click the video above or you can watch on the go on Spotify. The QC Crime Watch Podcast | Podcast on Spotify Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
09-06-2025
- Yahoo
‘One more is too many;' Family remembers woman killed in motorcycle crash
Friends and family gathered for a funeral Sunday for a woman who was killed in a motorcycle crash a week ago. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] News Center 7's Malik Patterson hears from loved ones about the woman they lost LIVE on News Center 7 at 11. Katherine Dailey meant a lot to the local biker community. TRENDING STORIES: Local nature preserve announces emergency partial closure due to storm damage Runaway pet zebra captured days after 'wreaking havoc' on busy interstate New restaurant to open at former bar and grill location 'She touched a lot of people's lives. She was my sister and she was my friend. She was fantastic,' Linda Cook, Dailey's sister, said. A procession of bikers took to the streets in Tipp City, leading the charge was Kat Dailey's husband, Brian Dailey. Brian says they never missed a chance to let each other know how much they meant. 'Not just I love you, but I'm in love with you,' Brian said. 'Tell your loved ones you love them now, and you know tomorrow's not promised.' Katherine was driving down Eaton Gettysburg Road Tuesday afternoon when, according to troopers, she hit the back of a truck. She passed before she made it to the hospital. Brian says it's hard to wrap his mind around it all. 'She tragically lost her life that day because somebody wasn't paying attention,' Brian said. In the past year, there have been over 820 motorcycle crashes across Ohio. Katherine's makes the fifth motorcycle crash in Preble County. 'There's 820 families just like my family right now, and I don't want anyone to have to go through, one more is too many,' Brian said. The family set up a tribute for Katherine at their home. They say she had a heart of gold. 'You never left our house hungry. If you did, it was your own fault,' Brian said. 'She didn't have any room in her heart for hate, it was love.' Brian had a message for all drivers. 'Stop driving distracted, get off your cell phones, turn off the radio,' Brian said. 'It's not that important. It'll be there when you get home.' The Dailey family is in contact with the Ohio State Highway Patrol about the investigation. Both the family and OSHP are urging drivers to look out for motorcyclists on the road. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
Yahoo
03-06-2025
- General
- Yahoo
‘Armed and Dangerous' Suspect: Our QC Crime Watch Episode 24
Watch crime reporters Linda Cook and Sharon Wren talk about crime in our area with the latest episode of the Our QC Crime Watch Podcast . This episode includes a sentencing in the Behal Trial, an update on a gunfire exchange in Bettendorf, an East Moline shooting, and more. To view click the video above or you can watch on the go on Spotify. The QC Crime Watch Podcast | Podcast on Spotify Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
