20202019Change %
Production (Boepd)59,116  68,606    (13.8)
Revenue and other operating income ($m)1856.91,711.8(49.9)
Realised oil price ($/bbl)141.365.3 (36.8)
Gross profit ($m)71.4468.3(84.8)
Profit before tax & net finance costs ($m)(20.0)442.2(104.5)
EBITDA ($m)2550.61,006.5(45.3)
Cash generated from operations ($m)567.8994.6(42.9)
Reported (loss)/profit after tax ($m)(625.8)(449.3)-
Reported basic (loss)/earnings per share (cents)(37.8) (27.4) -
Cash expenditures ($m)    173.0 248.6(30.4)
          Capital131.4237.5(44.7)
          Abandonment41.611.1274.8
 End 2020 End 2019 
Net (debt)/cash ($m)3(1,279.7) (1,413.0)   (9.4)
Net 2P reserves 189 MMboe213 MMboe(11.3)
Net 2C resources279 MMboe4173 MMboe61.3

Notes:
1 Including realised losses of $6.1 million (2019: realised gains of $24.8 million) associated with EnQuest’s oil price hedges
2 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 and inventory revaluation
Net (debt)/cash represents cash and cash equivalents less borrowings, stated including PIK but excluding accrued interest and the net-off of unamortised fees and the net-off of unamortised fees and IFRS 9 Financial Instruments adjustment                                                                                         

Includes Bressay which completed in January 2021

2020 key performance indicators

In occupational safety, Lost Time Incident (‘LTI’) performance was good, with many assets recording an LTI-free year.

Lost Time Incident frequency represents the number of incidents per million exposure hours worked (based on 12 hours for offshore and eight hours for onshore).

Average Group production was in line with guidance, primarily reflecting a strong performance from Kraken, offset by Thistle, Heather and Alma Galia moving to cessation of production (‘CoP’) and the impact of a detached riser at PM8/Seligi.

Average unit operating costs were 26.2% lower than in 2019 ($20.6/Boe), primarily reflecting the Group’s focus on cost control, including the decisions to cease production at Heather/Broom, Thistle/Deveron and Alma/Galia.

Lower realised oil and gas prices, reflecting lower market prices, and production reduced EnQuest’s EBITDA.

Cash generated by operations was 42.9% lower than in 2019, primarily reflecting lower EBITDA.

Cash capital and abandonment expense was 30.4% lower than in 2019, primarily driven by a reduced drilling programme and lower prior period deferrals, partially offset by increased abandonment expense reflecting the cessation or production decisions at Heather/Broom, Thistle/Deveron and Alma/Galia.

 

Net debt decreased by 9.4% compared to 2019, with robust cash generation partially offset by interest on the Group’s bonds being paid in kind. The Group has continued to voluntarily make early repayments of its senior credit facility.

Net 2P reserves decreased by 11.3% compared to 2019. During the year, the Group produced 10.1% of its year-end 2019 2P reserves base, with downward revisions at Thistle/Deveron and the Dons, reflecting cessation of production decisions at these fields, largely offset by other revisions and transfers from 2C resources.

Total CO2e emissions were reduced by 11.2% compared to 2019 reflecting the Group’s decisions to cease production at its Heather/ Broom, Thistle/Deveron and Alma/Galia assets.