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UK-based oil and gas company Harbour Energy has reported $429m in profit before tax during the first half of 2023, a 71.2% slump in comparison with $1.49bn in H1 2022.

During the January-June period, total revenue and other income fell to $2.01bn from $2.67bn in 2022.

The drop in income was attributed to lower post-hedging realised prices and a decrease in liquid production volumes year-on-year (YoY).

With operations in the UK, Indonesia, Vietnam, Mexico and Norway, Harbour Energy paid $437m in taxes, which resulted in loss after tax of $8m.

The company’s production fell to 196 thousand barrels of oil equivalent per day (kboepd) from 211kboepd in the same period in 2022.

For full-year 2023, Harbour Energy also lowered its production guidance from 185kboepd-200kboepd earlier to 185kboepd-195kboepd.

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Harbour Energy CEO Linda Cook said: “We remain focused on maximising the value of our UK oil and gas portfolio, advancing our organic development projects and disciplined capital allocation. This has allowed us to continue to generate significant free cash flow supporting material shareholder distributions while maintaining capacity for meaningful but disciplined M&A.

“We have also progressed our strategic investment opportunities outside of UK oil and gas – in Indonesia, in Mexico and in CCS. These have the potential to materially increase our reserve life, support shareholder returns and diversify our company over time.”

Earlier this month, Harbour Energy signed a deal with Big Energy Joint Stock Company for the sale of its Vietnamese assets.