EnQuest (ENQ) H2 2024 earnings summary

Executive summary

• Achieved 90% production efficiency in 2024, outperforming the UK average by 13%, with 40,736 Boepd produced.

• Celebrated 10 years in Malaysia, winning Operator of the Year and HSE Excellence awards.

• Decommissioned 22 wells in 2024, totaling 70 over three years, representing over 35% of North Sea P&A activity.

• Net debt reduced by 20% to $386 million; liquidity of $550 million as of Feb 2025.

• Expanded international footprint with Vietnam acquisition and Malaysia gas agreements.

Financial highlights

• 2024 revenue was $1.2 billion, down 20.6% year-over-year; adjusted EBITDA $673 million; net profit $94 million.

• Cost of sales reduced to $787 million; production costs flat at $20.6/boe.

• Net debt reduced to $386 million; net debt/adjusted EBITDA at 0.6x.

• Cash and available facilities at $549 million as of Feb 2025.

• Cash from operations totaled $686 million; CapEx was $253 million, mainly for Magnus Flare Gas Recovery.

Outlook and guidance

• 2025 production guidance: 40,000–45,000 boe/d, including ~5,000 boe/d from Vietnam.

• Operating cost guidance: $450 million; CapEx to decrease to $190 million; decommissioning at $60 million.

• Completion of Heather and Thistle P&A campaigns expected.

• First $15 million dividend to be paid in June 2025, subject to AGM approval.

• 2026 focus on organic growth and Kraken Enhanced Oil Recovery project.