Enquest Plc · LSE:ENQ
Enquest — Shareholder Meeting (May 2021)
14 slides from Enquest's shareholder meeting presentation, May 12, 2021
Slide 1: EnQuest PLC 2021 Annual General Meeting
EnQuest PLC 2021 Deliver Annual General Meeting De-lever Grow
Slide 2: Introduction
EnQuest PLC 2021 Annual General Meeting Introduction Amjad Bseisu Chief Executive 2 EnQuest PLC 2021 Annual General Meeting
Slide 3: Chairman's remarks
EnQuest PLC 2021 Annual General Meeting Chairman’s remarks Martin Houston Chairman 3 EnQuest PLC 2021 Annual General Meeting
Slide 4: Focusing on factors applicable to our strategy and business model
Environmental, social and governance Focusing on factors applicable to our strategy and business model Focused on absolute - Absolute Scope 1 and 2 emissions reduced; targeting a further reductions; Focused on absolute management 10% reduction by end 20231 reductions; management incentives linked in
Slide 5: 2020 and 2021 performance
EnQuest PLC 2021 Annual General Meeting 2020 and 2021 performance Amjad Bseisu Chief Executive 5 EnQuest PLC 2021 Annual General Meeting
Slide 6: Full year 2020 performance
Results summary Full year 2020 performance Cash generated Production Unit opex from operations 59,116 Boepd $15/Boe $568 million 16% 26% 43% Cash Net debt3 EBITDA1 expenditure2 $551 million $173 million $1,280 million 44% 30% 9% Operational and financial Deliver De-lever Debt reduction continued tar
Slide 7: 2021 production performance year to date end April
2021 production performance year to date end April In line with guidance Asset performance: YTD end April 2021: 46,158 Boepd1 YTD end April 2020: 65,938 Boepd1 - Kraken: Strong production efficiency; YTD production in line with 2021 guidance Delivered - Magnus: Unplanned third-party outage, slower e
Slide 8: 2021 guidance
Outlook 2021 guidance1 - Group production: 46,000 to 52,000 Boepd - Kraken production (gross): 30,000 to 35,000 Boepd - Operating expenditure of c.$265 million Deliver - Cash capex and abex of c.$120 million - c.9.0 MMbbls of 2021 production hedged at a floor of c.$59/bbl and ceiling of c.$68/bbl De
Slide 9: Summary - Well placed to deliver value
EnQuest PLC 2021 Annual General Meeting Summary - Well placed to deliver value Strengthened strategic Significant value creation Proven track record position opportunities Deliver De-lever Grow - Target production efficiency of 80%+ - Delivered business transformation in 2020 - Existing 2P reserves
Slide 10: Proven track record
Proven track record 2020 Net production 14% CAGR (Boepd) 59,116 13,613 2009 2020 2020 Unit opex ($/Boe) 57% reduction 35 Q&A 2009 15 2020 2020 2P reserves (MMboe) 133% increase 189 81 2009 2020
Slide 11: A clear purpose and strategy with a focused business model
Appendix A clear purpose and strategy with a focused business model Purpose - Providing creative solutions through the energy transition Strategic vision - To be the operator of choice for maturing and underdeveloped hydrocarbon assets Focused business model - A production and development led E&P bu
Slide 12: Operator of choice for maturing hydrocarbon assets
Appendix Operator of choice for maturing hydrocarbon assets Production breakdown1 Annual production CAGR of c.14% since IPO 80,000 Malaysia 6.4 kboepd 11% 60,000 40,000 UK 52.7 kboepd 89% 20,000 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1 Year to date December 2020 Sullom Voe Ter
Slide 13: Material reserves and resources base
Appendix Material reserves and resources base 2P reserves of 189 MMboe excluding Golden Eagle 2C resources of 279 MMboe excluding Golden Eagle MMboe MMboe 400 140 120 252 144 115 300 100 80 87 18 200 189 60 40 100 35 35 81 20 5 0 7 0 2 Net 2P reserves Net reserve Production Net 2P reserves Golden Ea
Slide 14: Forward-looking statements
Appendix Forward-looking statements This presentation may contain certain forward-looking statements with respect to EnQuest’s expectation and plans, strategy, management’s objectives, future performance, production, costs, revenues, reserves and other trend information. These statements and forecas