EnQuest PLC ‘At-a-glance’

 

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2019 Production breakdown

Production CAGR of c.17% since IPO

About us

EnQuest is a production and development company, with operations in the UK North Sea and Malaysia. EnQuest PLC was formed in 2010 through the combination of the UK North Sea assets of Petrofac and Lundin Petroleum. In 2014, the Group acquired its interests in Malaysia. Shares in the Company trade on both the London Stock Exchange and the NASDAQ OMX Stockholm (ENQ.L and ENQ.ST).

Our strategy

To be the operator of choice for maturing and underdeveloped hydrocarbon assets.

5 offshore production hubs

Kraken, Magnus, The Dons, Greater Kittiwake Area and PM8/Seligi

1 onshore processing terminal

Sullom Voe Terminal

3 non producing assets

Thistle/Devron, Heather/Broom and Alma/Galia

Key data 31/12/19

  

Balance sheet 201920182017
Total assets$’0004,776,6165,661,9165,038,471
Total liabilities$’0004,217,5554,678,3644,277,605
Total equity$’000559,061983,552760,866
     
Income statement (Business performance) 201920182017
Revenue and other operating income$’0001,711,8341,201,005635,167
Profit/(loss) from operations before tax and finance income/(cost)$’000442,168290,03347,257
Profit/(loss) before tax$’000237,98857,308(99,550)
     
Key cash flow items 201920182017
Cash generated from operations$’000994,618788,629327,034
Cash capex$’000(237,482)(220,213)(367,591)
Repayment of obligations under leases$’000(135,125)(144,820)
Repayment of Magnus contingent consideration$’000(74,250)(48,642)
Net cash interest paid$’000(144,822)(134,882)(45,712)
Free cash flow1$’000368,462215,44057,667
     
Other key performance indicators 201920182017
HSEALTIF20.570.430.46
ProductionBoepd68,60655,44737,405
Financial    
          Unit Opex$/boe20.623.025.6
          EBITDA3$ million1,006.5716.3303.6
          Net debt$ million1,413.01,774.51,991.4
          Cash and available facilities$ million288.6309.0244.4
Net 2P reservesMMboe213245210
     

1. Net change in cash and cash equivalents less net (repayments)/proceeds from loan facilities
2. Group lost time incident frequency rate - Lost Time Incident frequency (LTIF*) represents the number of incidents per million exposure hours worked (based on 12 hours for offshore and 8 hours for onshore)
3. EBITDA is calculated on a Business performance basis, and is calculated by taking profit/(loss) from operations before tax and finance income/(costs) and adding back depletion, depreciation, foreign exchange movements, inventory revaluation and the realised gain/(loss) on foreign currency and derivatives related to capital expenditure