Results for the Half Year ended 30 June 2021

Summary production statistics and key financials

Business performance measures
H1 2021H1 2020Change %
Production (Boepd)46,18766,055(30.1)
Revenue and other operating income ($m)1,2518.3450.015.2
Realised oil price ($/bbl)1,362.843.644.0
Average unit operating expenditure ($/Boe)319.314.434.0
EBITDA ($m)3345.4320.87.7
Cash expenditures ($m)    
Free cash flow ($m)3141.586.863.0
 30 June 2021 31 December 2020 
Net (debt)/cash ($m)3(1,183.2)(1,279.7) (7.5)
Statutory measures
H1 2021H1 2020Change %
Reported revenue and other operating income ($m)2,4481.3438.79.7
Reported gross profit ($m)148.118.7692.0
Reported profit/(loss) after tax ($m)2(56.4)   (472.4)88.1
Reported basic earnings/(loss) per share (cents)2(3.4)(28.6)88.1
Cash generated from operations ($m)2287.9282.61.9
Net increase/(decrease) in cash and cash equivalents53.3(32.1)-

1 Including realised losses of $32.9 million (2020: realised gains of $35.2 million) associated with EnQuest’s oil price hedges
2 Comparative information for 2020 has been restated. See Note 2 Basis of preparation – Restatements
See reconciliation of alternative performance measures within the ‘Glossary – Non-GAAP measures’ starting on page 31 of the half year accounts. Note, during the second half of 2020, the Group’s definition of EBITDA was updated. Comparative information for 2020 has been updated to reflect the changes, which are outlined in the Glossary of the 2021 Half Year accounts
Note, EnQuest defines net debt as excluding finance lease liabilities
4 Including net realised and unrealised losses of $69.9 million (2020: net realised and unrealised gains of $23.9 million) associated with EnQuest’s oil price hedges


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.