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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.
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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), 89% production efficiency, and significant expansion in Southeast Asia through acquisitions and new PSCs in Vietnam, Indonesia, and Brunei.

  • Maintained a robust balance sheet, reducing net debt to $376.6 million as of June 30, 2025, and paid a maiden dividend of $15.3 million.

  • Advanced decarbonisation, reducing UK Scope 1/2 emissions by 40% since 2018 and group emissions by 22% since 2020.

  • Completed major maintenance and production-enhancing work, with Magnus reaching a five-year production peak.

Financial highlights

  • H1 2025 revenue was $549 million, down 6% year-over-year due to lower oil prices and volumes, partially offset by hedging gains; adjusted EBITDA was $234.6 million, and free cash flow totaled $32.7 million after dividend payment.

  • Statutory net loss of $173.5 million, mainly due to a $123.9 million non-cash EPL tax charge; adjusted net loss was $43.1 million.

  • Operating costs were $388.9 million, with unit OpEx at $27.8/boe.

  • CapEx for H1 2025 was $83.2 million, with $31 million spent on decommissioning.

  • Liquidity at period end was $577.8 million.

Outlook and guidance

  • 2025 production guidance reiterated at 40,000–45,000 boepd, including Vietnam; OpEx guidance at $450 million, CapEx at $190 million, and decommissioning at $60 million.

  • Focus on organic growth through infill drilling, asset optimisation, and decarbonisation projects.

  • Continued discipline in capital allocation, targeting sustainable shareholder returns.

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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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