EnQuest (ENQ)

Sector:

Energy Producers

Index:

FTSE Small Cap

13.24p
   
  • Change Today:
      0.040p
  • 52 Week High: 18.47
  • 52 Week Low: 12.10
  • Currency: UK Pounds
  • Shares Issued: 1,899.51m
  • Volume: 458,526
  • Market Cap: £251.50m

Enquest delivers 'another good year' of operational performance

By Iain Gilbert

Date: Thursday 15 Feb 2024

LONDON (ShareCast) - (Sharecast News) - Exploration and production company Enquest said on Thursday that it had delivered "another good year of operational performance" in 2023, with production averaging 43,812 barrels of oil equivalent per day, in line with the mid-point of guidance.
Enquest said its daily production figures reflected high levels of uptime and maintenance schedule optimisation.

Operating costs for the year came to roughly $370.0m, better than guidance of $400.0m, with capital costs of approximately $160.0m and decommissioning costs of about $60.0m - both in line with guidance.

Net debt was cut by $236.0m year-on-year to $481.0m, while gross debt contracted $1.4bn to $795.0m.

Going forward, Enquest said it remains focused on maintaining its track record of "upstream operational excellence" and utilising its skills, tax position, and significantly de-leveraged balance sheet to drive growth through acquisition. As far as 2024 was concerned, the group issued production guidance of between 41,000 and 45,000 boepd.

Chief executive Amjad Bseisu said: "Having de-levered the business and with debt maturities reset to 2027, we now aim to build on that strong foundation, utilising our differentiated operating capability and tax assets as we pivot the business to refocus on future growth during 2024.

"Building on this excellent operational performance and by remaining disciplined in our investment decisions, we have set the foundation for a pivot to growth during 2024. The group will provide an update on shareholder return plans when we announce our final audited results in March."

As of 1015 GMT, Enquest shares were up 8.08% at 13.12p.









Reporting by Iain Gilbert at Sharecast.com

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EnQuest Market Data

Currency UK Pounds
Share Price 13.24p
Change Today 0.040p
% Change 0.30 %
52 Week High 18.47
52 Week Low 12.10
Volume 458,526
Shares Issued 1,899.51m
Market Cap £251.50m

EnQuest Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
97.24% above the market average97.24% above the market average97.24% above the market average97.24% above the market average97.24% above the market average
68.42% above the sector average68.42% above the sector average68.42% above the sector average68.42% above the sector average68.42% above the sector average
Price Trend
51.52% below the market average51.52% below the market average51.52% below the market average51.52% below the market average51.52% below the market average
3.80% above the sector average3.80% above the sector average3.80% above the sector average3.80% above the sector average3.80% above the sector average
Income
54.00% above the market average54.00% above the market average54.00% above the market average54.00% above the market average54.00% above the market average
25% below the sector average25% below the sector average25% below the sector average25% below the sector average25% below the sector average
Growth
87.36% below the market average87.36% below the market average87.36% below the market average87.36% below the market average87.36% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 2
Sell 0
Strong Sell 0
Total 4
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

EnQuest Dividends

No dividends found

Trades for 12-Jul-2024

Time Volume / Share Price
16:35 235,044 @ 13.24p
16:35 968 @ 13.24p
16:35 2,395 @ 13.24p
16:35 10,404 @ 13.24p
16:35 3,021 @ 13.24p

EnQuest Key Personnel

CEO Amjad Bseisu
CFO Jonathan Copus

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