Investor Presentaiton
Harbour
Energy
Income statement
Strong operating margins with profitability impacted by high effective tax rate
Revenue and EBITDAX lower mainly due to lower realised post-
hedging UK natural gas prices (2023: 54p/therm; 2022: 86p/therm)
and lower production volumes
Large net underlift movement in 2023 vs net overlift in 2022
Mainly North Sea impairment due to lower short term gas prices,
changes in decommissioning provisions and Vietnam divestment
G&A includes M&A related fees of $33 million
$ million
2023
2022
Revenue & other income
3,751
5,431
Cost of operations
(1,115)
(1,058)
DD&A
(1,430)
Other cost of sales
188
(Impairment) / Reversals
(239)
(1,546)
(241)
170
Expln w/off and pre-licence expense
(93)
(106)
G&A and other
(149)
(109)
Operating profit
913
2,541
Net financing costs
(259)
(281)
FX financing (loss) / gain
(57)
202
Profit before tax
597
2,462
Tax
(565)
(2,454)
Profit after tax
32
8
75%
High effective tax rate due to EPL and period specific adjustments
95%
84%
Earnings per share (cents)
4
1
Statutory
EBITDAX
2,675
4,011
tax rate
Non- Investment
deductible allowance
Other
Est. avg
tax rate
Period-
specific adj.
items
Harbour Energy | Investor Presentation
Effective
tax rate
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