Slide 1: EnQuest 2024 Half Year Results
Page EnQuest 2024 Half Year Results 5 September 2024
Slide 2: Introduction
5 September 2024 Page 2 EnQuest Half Year Results 2024 Introduction Amjad Bseisu Chief Executive Officer
Slide 3: EnQuest: An Energy Transition Operator
5 September 2024 Page 3 EnQuest Half Year Results 2024 EnQuest An Energy Transition Operator, increasing production whilst reducing carbon intensity Onshore wind CO2 storage Kraken Magnus PM8/Seligi Bressay GKA SVT Thistle Heather Production & growth Asset development Late-life management Repurposin
Slide 4: Strong liquidity provides platform for growth
5 September 2024 Page 4 EnQuest Half Year Results 2024 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 programm
Slide 5: Growth strategy remains robust in a fiscally volatile environment
5 September 2024 Page 5 EnQuest Half Year Results 2024 Growth strategy remains robust in a fiscally volatile environment Continued engagement with government on progressive long-term fiscal regime • Lower North Sea cash flow generation • EnQuest strategy remains robust • Stifles investment • Acceler
Slide 6: Finance
5 September 2024 Page 6 EnQuest Half Year Results 2024 Finance Jonathan Copus Chief Financial Officer
Slide 7: Financial priorities - focused on deleveraging
5 September 2024 Page 7 EnQuest Half Year Results 2024 Financial priorities - focused on deleveraging 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 signific
Slide 8: Income Statement
5 September 2024 Page 8 EnQuest Half Year Results 2024 Income Statement H1 2024 H1 2023 Delta Revenue $586 million Brent (av.$/bbl) 83.4 75.8 10.0% - Oil revenue $523 million – flat on H1 2023 UK gas (av.GBp/Therm) 73 108 -32.6% - Gas revenues $73 million – lower on price and 3rd party volumes Produ
Slide 9: Cash flow and Balance Sheet
5 September 2024 Page 9 EnQuest Half Year Results 2024 Cash flow and Balance Sheet 1H 2024 movement in net debt $m Net cash flow from operations $324 million FCF $55 million Investing activities - Capex $95 million (includes Magnus five-yearly rig 481 324 recertification, Golden Eagle drilling, SVT
Slide 10: Strong Balance Sheet sets foundation for growth
5 September 2024 Page 10 EnQuest Half Year Results 2024 Strong Balance Sheet sets foundation for growth EnQuest net debt ($ 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 Deb
Slide 11: On track to deliver 2024 guidance
5 September 2024 Page 11 EnQuest Half Year Results 2024 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 Maintainin
Slide 12: Operations
5 September 2024 Page 12 EnQuest Half Year Results 2024 Operations Steve Bowyer North Sea General Manager
Slide 13: Upstream – Strong Operating Performance & Capability
5 September 2024 Page 13 EnQuest Half Year Results 2024 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 capit
Slide 14: Portfolio optionality; capital investment geared to fit the fiscal regime
5 September 2024 Page 14 EnQuest Half Year Results 2024 Portfolio optionality; capital investment geared to fit the fiscal regime Maximising value from existing assets Magnus Kraken GEAD PM8/Seligi - Optimise production from - 2025 drilling programme - Strategy under review - Low cost well programme
Slide 15: SVT – the Just Energy Transition in action
5 September 2024 Page 15 EnQuest Half Year Results 2024 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 16: Top Quartile Decommissioning Performance
5 September 2024 Page 16 EnQuest Half Year Results 2024 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 string
Slide 17: Looking forward
5 September 2024 Page 17 EnQuest Half Year Results 2024 Looking forward Amjad Bseisu Chief Executive Officer
Slide 18: Pursuing capability-led M&A opportunities
5 September 2024 Page 18 EnQuest Half Year Results 2024 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 Un
Slide 19: EnQuest: An energy transition company
5 September 2024 Page 19 EnQuest Half Year Results 2024 EnQuest An energy transition company - 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 deli
Slide 20: Q&A
5 September 2024 Page 20 EnQuest Half Year Results 2024 Q&A
Slide 21: Disclaimer
5 September 2024 Page 21 EnQuest Half Year Results 2024 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 sometim
Slide 22: Thank you
CnQuest Thank you