Enquest Plc · LSE:ENQ
Enquest — H1 2024 Earnings Presentation
16 slides from Enquest's earnings presentation, Sep 12, 2024
Slide 1: EnQuest Retail shareholder presentation
Page EnQuest Retail shareholder presentation 12 September 2024
Slide 2: Disclaimer
12 September 2024 Page EnQuest - IMC Retail Presentation Disclaimer This presentation may contain forward-looking statements, including in relation to the financial condition of EnQuest PLC (the "Group") and the results of operations and businesses of the Group. Forward-looking statements are someti
Slide 3: EnQuest: An energy transition operator
12 September 2024 Page 3 EnQuest - IMC Retail Presentation EnQuest An energy transition operator - increasing production whilst reducing carbon intensity Onshore wind CO2 storage Production & growth Asset development Late-life management Repurposing Decommissioning Green hydrogen 175 MMboe 389 MMboe
Slide 4: Strong liquidity provides platform for growth
12 September 2024 Page EnQuest - IMC Retail Presentation Strong liquidity provides platform for growth Production to 30 June of 42,771 boepd - Top quartile operating efficiency of 93%1 On track to complete 25 well P&As for full year 2024 – matching EnQuest NNS record $15 million share buyback progra
Slide 5: Differentiated operator Transformational growth
12 September 2024 Page EnQuest - IMC Retail Presentation Differentiated operator Transformational growth SAFE results Top quartile performance Maximise value from existing assets High production uptime Leverage UK tax asset to deliver material FCF Drilling expertise International diversification Fin
Slide 6: Robust growth strategy
12 September 2024 Page EnQuest - IMC Retail Presentation Robust growth strategy • EnQuest strategy remains robust: • Grow scale ✓ Top quartile capability and cost discipline • Deliver value • Critical to value delivery • Reduce emissions ✓ Tax asset value is enhanced • Deliver transformative UK grow
Slide 7: SVT – the Just Energy Transition in action
12 September 2024 Page EnQuest - IMC Retail Presentation SVT – the Just Energy Transition in action Delivering our strategic ambition to right-size and repurpose critical UK infrastructure Two major projects in flight: Onshore wind • New Stabilisation Facility (‘NSF’) - right-size the terminal's oil
Slide 8: Top Quartile Decommissioning Performance
12 September 2024 Page 8 EnQuest - IMC Retail Presentation Top Quartile Decommissioning Performance • Market leading decommissioning performance, validated by peers • On track to P&A 60% of our suspended wells within 5 years of CoP • Completed 48 wells over two years at Thistle & Heather (three stri
Slide 9: Strong Balance Sheet sets foundation for growth
12 September 2024 Page EnQuest - IMC Retail Presentation Strong Balance Sheet sets foundation for growth EnQuest net debt ($ million) Net debt reduced EnQuest net debt: 2.5 1.4 2.3 1.6 0.7 0.6 0.4 - Gross debt $658 million Adjusted EBITDA - Cash and cash equivalents $337 million 2,000 1,800 1,774 De
Slide 10: On track to deliver 2024 guidance
12 September 2024 Page 10 EnQuest - IMC Retail Presentation On track to deliver 2024 guidance 2024 1H 2024 Guidance Performance 41.0 - 45.0 Focused drilling and well work, maintain high uptime Production 42.8 Kboed Kboed across portfolio, effective shutdown execution Operating c.$415m c.$183m Mainta
Slide 11: Pursuing capability-led M&A opportunities
12 September 2024 Page EnQuest - IMC Retail Presentation Pursuing capability-led M&A opportunities Operating capability Advantaged tax position in the UK - Improve production efficiency - c.$1.9 billion of recognised tax losses - Lower costs and emissions - Further c.$1.2 billion of Bentley losses U
Slide 12: EnQuest
12 September 2024 Page EnQuest - IMC Retail Presentation EnQuest An energy transition operator - increasing energy production whilst reducing carbon intensity 1 Top quartile operating performance validated by regulators and peers 2 Evolved from deleveraging to maximising transactable liquidity to de
Slide 13: Q&A
12 September 2024 Page EnQuest - IMC Retail Presentation Q&A
Slide 14: Thankyou Contact details
Page Thankyou Contact details craig.baxter@enquest.com investorrelations@enquest.com
Slide 15: Financial priorities
12 September 2024 Page 15 EnQuest - IMC Retail Presentation Financial priorities H2 2024 Financial Priorities 2023 YTD 2024 onwards 1 Reset capital structure ✓ ✓ 2 Continue to de-lever ✓ ✓ 3 Cost discipline and optimising capital programme ✓ ✓ 4 Shareholder returns post significant deleveraging ✓ ✓
Slide 16: Upstream – Strong Operating Performance & Capability
12 September 2024 Page EnQuest - IMC Retail Presentation Upstream – Strong Operating Performance & Capability H1 2024 RESULTS TRACK RECORD IN ASSET LIFE EXTENSION - Production of 42.8 Kboed - Strong operating cost management - Kraken uptime of 98.5% continues exemplary performance - Disciplined capi