Business
Results for the year ended 31 December 2021
Results for the year ended 31 December 2021.
About this update from Enquest Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8360F\n EnQuest PLC\n 24 March 2022\n \n \n \n \n EnQuest PLC\n \n \n Results for the year ended 31 December 2021 and 2022 outlook\n \n \n 24 March 2022\n \n \n Unless otherwise stated, all figures are on a Business performance basis and are in US Dollars.\n \n \n Comparative figures for the Income Statement relate to the period ended 31 December 2020 and the Balance Sheet as at 31 December 2020. Alternative performance measures are reconciled within the 'Glossary - Non-GAAP measures' at the end of the Financial Statements.\n \n \n \n \n \n EnQuest Chief Executive, Amjad Bseisu, said: \n \n \n \"We made good progress against our strategic objectives in 2021, concluding three acquisitions, refinancing our senior secured debt facility, generating significant free cash flow of $396.8 million and reducing\n our year end net debt to $1,222.0 million, its lowest\n level since 2014. We have made strong progress on emissions reduction, which continues to be a focus for the Group.\n \n \n \"We have also started 2022 well, with production to the end of February averaging 50,408 Boepd, towards the top end of our full year guidance range. We have also continued to reduce our net debt, down to $1,090.0 million at the end of February, in line with our strategic priorities. With a supportive oil price environment and an active programme of nine wells and seven workovers in 2022, our largest sanctioned programme since 2014 and our first new wells in over two years, we remain confident on delivering a good performance this year. \n \n \n \"The acquisition of Golden Eagle has strengthened our portfolio, building on our track record of value creation through innovative, disciplined M&A. The acquisitions of Bressay and Bentley have added almost 250 MMboe of 2C resources, adding to those already in place at Magnus, Kraken, PM8/Seligi and PM409, providing EnQuest with longer-term potential development opportunities.\n \n \n \"We remain focused on continuing to reduce our net debt while selectively investing in our low-cost, quick payback well portfolio in order to sustain our production base. \n \n \n \"EnQuest's business is strongly positioned to play an important role in the energy transition. We will do so by responsibly optimising production, leveraging existing infrastructure, delivering decommissioning a...