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EnQuest (ENQ) investor relations material
EnQuest H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary24 Sep, 2025
Executive summary
Achieved strong operational performance in H1 2025, with group production at 43.4 Kboed (pro forma, including Vietnam) and production efficiency at 89% (94% excluding Magnus outage).
Expanded Southeast Asia presence to four countries, completing five growth transactions, including a full corporate acquisition in Vietnam, and new PSCs in Indonesia and Brunei.
Advanced decarbonisation, reducing UK Scope 1/2 emissions by 40% since 2018 and group emissions by 22% since 2020.
Maintained robust balance sheet, reducing net debt to $376.6 million and net leverage to 0.7x as of June 30, 2025.
Paid maiden dividend of $15.3 million in June 2025.
Financial highlights
H1 2025 revenue was $549 million, down 6.3% year-over-year due to lower oil prices and volumes, partially offset by hedging gains.
Adjusted EBITDA reached $235 million; free cash flow was $33 million after $83 million CapEx and $31 million decommissioning spend.
Statutory net loss of $173.5 million, mainly due to a $123.9 million non-cash EPL tax charge.
Unit operating cost was $27.8/BOE for H1 2025.
Cash and available facilities at $578 million as of June 30, 2025.
Outlook and guidance
2025 production guidance reiterated at 40,000–45,000 BOE/d, including c.5 Kboed from Vietnam.
Operating expenditure expected at $450 million, CapEx at $190 million, and decommissioning at $60 million.
Focus for 2026 is organic growth, with projects like Kraken EOR, Magnus optimization, and decarbonisation initiatives.
UK fiscal policy impact on capex?
Key milestones for SEA production growth?
Veri Energy CCS de-risking strategy?
UK fiscal reform: What specific changes are needed?
Southeast Asia growth drivers and outlook?
Magnus future: Ninian bypass & drilling plans?
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H2 202526 Mar, 2026
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Frequently asked questions
EnQuest PLC is an oil and gas exploration company. It explores for, extracts, and produces hydrocarbons in the United Kingdom, North Sea, and Malaysia. The company primarily holds interests in Magnus, Kraken, Scolty/Crathes, Greater Kittiwake Area, Alba, Dons area and Alma/Galia. At the end of December 2021 it had proved and probable reserves of 194 million barrels of oil equivalents and had five production hubs
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