**Summary**
EnQuest PLCs 2025 financial results highlight a year of robust operational and financial performance, marked by significant growth and diversification in its operations. The company achieved a 5.4% increase in production to 45,606 Boepd, exceeding market guidance, and maintained high asset uptime at around 90%. EnQuest successfully integrated its new Vietnam business, brought the Seligi 1b gas project in Malaysia online ahead of schedule, and secured licenses in Brunei and Indonesia, expanding its presence in South East Asia.
Financial highlights include a $1.6 million post-tax profit, despite a 15% decline in Brent oil prices, and a $503.8 million adjusted EBITDA. The company refinanced its Reserve Based Lending facility, strengthening its financial position with $678.6 million in cash and undrawn facilities. EnQuest also settled the Magnus contingent consideration mechanism, removing a $432.9 million liability and unlocking additional cash flow.
Looking ahead to 2026, EnQuest aims to maximize value from existing assets, accelerate growth in South East Asia, and pursue UK North Sea transactions. The company expects net production to average between 41,000 and 45,000 Boepd, with operating expenditure around $450 million and capital investment at approximately $160 million. EnQuest has hedged a significant portion of its oil production for the next two years, providing price stability.
The companys strategic focus on operational excellence, financial discipline, and portfolio diversification positions it for continued growth and value creation. EnQuests commitment to sustainable practices is evident in its emissions reduction efforts and its A- rating in the CDP Climate Change Survey, underscoring its role in the energy transition.
| Metric | 2025 ($'000) | 2024 ($'000) | Change |
|---|---|---|---|
| Revenue and other operating income | 1,118,300 | 1,180,709 | -5.3% |
| Adjusted EBITDA | 503,800 | 673,900 | -25.2% |
| Net debt | 433,900 | 385,800 | 12.5% |
| Cash and available facilities | 678,600 | 474,500 | 43.0% |
| Capital expenditure | 179,200 | 252,900 | -29.1% |
| Decommissioning expenditure | 56,800 | 60,500 | -6.1% |
| Average unit operating costs ($/Boe) | 25.1 | 25.6 | -2.0% |
| Production (Boepd) | 42,945 | 40,736 | 5.4% |