Harbour Energy defends extra investor payout after 12-fold rise in profits

North Sea's biggest oil and gas producer enjoys jump in fossil fuel prices following invasion of Ukraine

The North Sea's biggest oil and gas producer has become the latest big energy company to report huge earnings on the back of rising wholesale prices, with half-year profits rising 12-fold to $1.5bn (1.3bn).

Harbour Energy said it would hand an extra $200m to shareholders on the back of the bumper revenues, which were boosted by the jump in fossil fuel prices following Russia's invasion of Ukraine, as well as extra income linked with its merger with Premier Oil.