EnQuest PLC (LSE:ENQ) reported a 6% drop in revenue to $549.1 million for the first half of 2025, down from $586.0 million in the same period last year, as the UK-focused energy producer contended with a third-party infrastructure outage and ongoing effects of the UK’s Energy Profits Levy.
The company posted a statutory net loss of $173.5 million for H1, compared to a net profit of $30.3 million a year earlier. Excluding exceptional items, including a $123.9 million non-cash adjustment tied to the two-year extension of the UK “windfall tax,” EnQuest recorded an adjusted net loss of $43.1 million, versus an adjusted profit of $84.2 million in H1 2024.
Following the earnings release, EnQuest shares fell 0.8%.
Net production averaged 43,392 barrels of oil equivalent per day (Boepd), factoring in proforma output from recent acquisitions in Vietnam. Excluding Vietnam, production totaled 38,257 Boepd, down from 42,771 Boepd in the first half of 2024. The company maintained its full-year production forecast of 40,000 to 45,000 Boepd.
“Consistent with our top-quartile performance over several years, EnQuest has again delivered exemplary production efficiency – which averaged 89% across the portfolio in the first half of 2025, with production in line with guidance,” said Amjad Bseisu, EnQuest’s Chief Executive.
Pre-tax profit fell to $65.6 million from $111.3 million a year earlier, affected by a 14% decline in Brent crude prices, partially offset by hedging strategies and a 37% increase in gas prices.
EnQuest generated $32.7 million in free cash flow, down from $55.5 million in H1 2024, and paid its inaugural dividend of $15 million during the period. Net debt stood at $376.6 million as of June 30, slightly below the $385.8 million recorded at the end of 2024.
The company emphasized its growth ambitions in Southeast Asia, completing acquisitions in Vietnam and securing new production-sharing contracts in Indonesia and Brunei, targeting regional production expansion from 8,149 Boepd in 2024 to over 35,000 Boepd by the end of the decade.
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