EnQuest (ENQ) Company Presentation summary

Strategic overview and operational focus

• Focuses on optimising mid- and late-life production assets, extending asset life, and sector-leading decommissioning performance.

• Operates four UK production hubs and one in Malaysia, with 175 MMboe 2P reserves and 389 MMboe 2C resources as of end 2023.

• Maintains a robust growth strategy, leveraging a $1.9 billion UK tax asset and targeting value-led M&A.

• Recognised for top quartile production efficiency (93%) and awarded 'Operator of the Year' in Malaysia.

• Committed to energy transition with projects in carbon capture, storage, and green hydrogen.

Financial performance and balance sheet

• Reported LTM-H1 2024 Adjusted EBITDA of $793 million and $1.3 billion free cash flow since 2021.

• Net debt reduced to $321 million by June 2024, with a net debt/Adjusted EBITDA ratio of 0.4x, below the 0.5x target.

• Liquidity stood at $566 million as of June 2024, with $337 million in cash and $229 million in available facilities.

• H1 2024 revenue was $586 million, with net profit of $30 million, reversing a prior year loss.

• Free cash flow for H1 2024 was $55 million, with a $160 million reduction in net debt.

Operational excellence and asset management

• Achieved significant reductions in operating costs, e.g., Magnus unit costs down 58% since 2015.

• Demonstrates market-leading decommissioning performance, with P&A well costs and durations below industry averages.

• Acquisitions such as Magnus, Golden Eagle, and PM8/Seligi delivered rapid payback and strong cash flow.

• Maintains a hedging programme to manage commodity price risk, with significant production hedged through 2025.

• Ongoing capital discipline and cost management underpin operational and financial resilience.