EnQuest Guides Stable 2026 Output After Strong 2025 Delivery

EnQuest exceeded its 2025 accumulation guidance and reduced costs beneath forecast, portion guiding broadly unchangeable to somewhat little output successful 2026 pursuing weather-related disruptions successful the UK North Sea.

The autarkic upstream shaper reported mean 2025 accumulation of 45,606 barrels of lipid equivalent per time (boepd), supra its 40,000–45,000 boepd guidance range. Asset uptime reached 89%, placing show astatine the precocious extremity of assemblage benchmarks.

Pro forma 2025 expenditures were astir 4% beneath guidance contempt a astir 10% weakening of the U.S. dollar. Operating costs are expected to full astir $435 million, beneath the $450 cardinal forecast, portion superior expenditure came successful astatine astir $180 cardinal versus guidance of $190 million. Decommissioning costs were astir $55 million, besides beneath expectations.

In the UK, accumulation remained wrong 4% of 2024 levels. Magnus output roseate 8% year-on-year to 15,300 boepd contempt a five-week third-party infrastructure outage. Excluding that disruption, North Sea accumulation ratio was 92%.

EnQuest expanded successful Southeast Asia during the year. Following completion of the Harbour Energy Vietnam acquisition successful July, the institution invested successful 3 wells astatine Block 12W, lifting fourth-quarter nett accumulation to astir 5,500 boepd. In Malaysia, archetypal state from the Seligi 1b task was delivered 9 months up of docket successful December, with afloat accumulation of astir 70 cardinal cubic feet per time (around 6,000 boepd net) achieved successful January 2026.

Net indebtedness astatine year-end 2025 stood astatine astir $435 million, broadly successful enactment with expectations. Cash totaled $269 million, and the company’s refinanced reserve-based lending (RBL) installation remained undrawn, bringing full disposable liquidity to astir $675 million, up from $475 cardinal a twelvemonth earlier.

During the year, EnQuest paid $104 cardinal successful UK Energy Profits Levy tax, $22.7 cardinal for the Vietnam acquisition, and $20 cardinal successful RBL refinancing fees.

The institution besides executed a $60 cardinal colony of the Magnus contingent information mechanism. The statement secures 100% of aboriginal Magnus currency flows for EnQuest, crystallizes remaining contingent payments, and simplifies the equilibrium sheet. Existing decommissioning arrangements stay unchanged.

As a payer successful arrears, EnQuest expects importantly little currency taxation payments successful 2026.

The institution guided 2026 accumulation astatine 41,000–45,000 boepd, compared with 45,606 boepd successful 2025. January year-to-date accumulation averaged astir 33,800 boepd, reflecting the interaction of terrible upwind successful the UK North Sea.