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 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|
| Total assets | $’000 | 4,776,616 | 5,661,916 | 5,038,471 |
| Total liabilities | $’000 | 4,217,555 | 4,678,364 | 4,277,605 |
| Total equity | $’000 | 559,061 | 983,552 | 760,866 |
| Income statement (Business performance) | 2019 | 2018 | 2017 | |
|---|---|---|---|---|
| Revenue and other operating income | $’000 | 1,711,834 | 1,201,005 | 635,167 |
| Profit/(loss) from operations before tax and finance income/(cost) | $’000 | 442,168 | 290,033 | 47,257 |
| Profit/(loss) before tax | $’000 | 237,988 | 57,308 | (99,550) |
| Key cash flow items | 2019 | 2018 | 2017 | |
|---|---|---|---|---|
| Cash generated from operations | $’000 | 994,618 | 788,629 | 327,034 |
| 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 | $’000 | 368,462 | 215,440 | 57,667 |
| Other performance indicators | 2019 | 2018 | 2017 | |
|---|---|---|---|---|
| HSEA | LTIF2 | 0.57 | 0.43 | 0.46 |
| Production | Boepd | 68,606 | 55,447 | 37,405 |
| Financial | ||||
| Unit Opex | $/boe | 20.6 | 23.0 | 25.6 |
| EBITDA3 | $ million | 1,006.5 | 716.3 | 303.6 |
| Net debt | $ million | 1,413.0 | 1,774.5 | 1,991.4 |
| Cash and available facilities | $ million | 288.6 | 309.0 | 244.4 |
| Net 2P reserves | MMboe | 213 | 245 | 210 |
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