Revenue declined 6% to $549.1 million, while cost of sales rose 10%
LONDON: EnQuest PLC reported a statutory net loss of $173.5 million for the first half of 2025, citing a $123.9 million non-cash adjustment linked to the UK’s extended Energy Profits Levy. The oil and gas group maintained production guidance despite infrastructure outages and continued its strategic expansion in Southeast Asia.
Net production averaged 43,392 barrels of oil equivalent per day (Boepd), including pro forma output from newly acquired Vietnamese assets. Excluding Vietnam, output fell to 38,257 Boepd from 42,771 Boepd a year earlier, impacted by a five-week shutdown at the Magnus field.
Revenue declined 6% to $549.1 million, while cost of sales rose 10%. Adjusted net loss stood at $43.1 million, compared to a $84.2 million profit in H1 2024. Free cash flow totaled $32.7 million, and net debt narrowed to $376.6 million.
CEO Amjad Bseisu criticized UK fiscal policy, calling the North Sea “globally uncompetitive” due to the windfall tax. He urged the government to reform its energy taxation framework to prevent further job losses and industry decline.
In Southeast Asia, EnQuest completed its Vietnam acquisition and secured new production-sharing contracts in Indonesia and Brunei. The company aims to grow regional output from 8,149 Boepd in 2024 to over 35,000 Boepd by 2030.
Despite macroeconomic headwinds, EnQuest reaffirmed its full-year production guidance of 40,000 to 45,000 Boepd and maintained spending forecasts of $450 million in operating costs, $190 million in capital expenditure, and $60 million in abandonment costs.
The company paid its maiden dividend of $15 million and remains focused on transformational growth in the UK and Southeast Asia.