Enquest Plc · LSE:ENQ
Enquest — Enquest Plc Ord — FY2024 Earnings Presentation
28 slides from Enquest's earnings presentation, Mar 27, 2025
Slide 1: EnQuest PLC 2024 Full Year Results
EnQuest PLC 2024 Full Year Results 27 March 2025
Slide 2: Introduction
Introduction A top-quartile operator, delivering excellence through the transition lifecycle Amjad Bseisu Chief Executive Officer
Slide 3: Strong fundamentals and operational excellence; providing platform for growth
Strong fundamentals and operational excellence; providing platform for growth Operational Balance Sheet Excellence Strength 2024 production at 40,736 Boepd Year end net debt of $386 million, reduced by 20% during 2024 90% production efficiency across operated portfolio c.$2.1 billion UK tax asset in
Slide 4: Top quartile operator
Top quartile operator SAFE results High uptime 0.61 LTIF1 Group production (5-year average) efficiency 90% Asset life extension Wells/Drilling Track record of Top quartile UK driller; adding 10+ years quick payback Decommissioning leader Cost discipline Well P&A cost 35% Track record of reducing bel
Slide 5: Generating value
Generating value 169 (MMboe) 2P Reserves1 354 (MMboe) 2C Resources1 96% Operated 2P Reserves1 76% Proven reserves within 2P1 (Billion) $1.3 2021-2024 FCF 1.4x RRR2 Since IPO 1 As of 31 December 2024; 2P reserves and 2C resources based on EnQuest net working interest, 2 Reserves EnQuest PLC Company P
Slide 6: Foundation set for growth
Foundation set for growth Fast payback infill drilling across core portfolio Deliver organic growth Focus on unlocking upside via Kraken EOR project Convert 2C resources at Bressay & Bentley Prioritise North Sea transaction, accelerate utilisation of UK tax asset Transformative acquisitions Leveragi
Slide 7: Financial performance
Financial performance Positive free cash flow driving debt reduction, providing platform for growth Jonathan Copus Chief Financial Officer
Slide 8: Flexible capital structure
Flexible capital structure 1 2 Cash Simplified capital structure Capital discipline Flexible RBL Fast payback investment RBL Foundation of bonds Growth and Diversification Shareholder returns Internationalisation Bonds EnQuest PLC Company Presentation 2025 8
Slide 9: Income statement
Income statement 2024 Revenue $1,181 million 2024 2023 Delta Magnus gas, lower pricing and volume, offset in CoS Brent (av.$/bbl) 80.5 82.5 -2.4% UK gas (av.GBp/Therm) 83.6 98.9 -15.5% Cost of sales $787 million Production (Boepd) 40,736 43,812 -7.0% Production costs flat year-on-year SVT tariff com
Slide 10: Simplified debt structure
Simplified debt structure Enhanced RBL accessibility EnQuest net debt $million RBL fully undrawn at end 2024; $140 million repaid in year EnQuest net debt to adjusted EBITDA RBL headroom increased by 34% at 1 January 2025 2.5 1.4 2.3 1.6 0.7 0.6 0.6 • Positive redetermination process, against EPL ex
Slide 11: Cash flow and balance sheet
Cash flow and balance sheet as at 31 December 2024 EnQuest cash flows 2024 movement in net debt Cash gen from ops $686 million ($ million) Net debt reduction $95 million 481 686 97 108 Net debt $386 million 380 386 130 9 27 Gross debt $666 million Cash balance $280 million 73 180 48 Capex $253 milli
Slide 12: Capital priorities
Capital priorities 2025 outlook 2026+ outlook Production 40.0 – Pro forma, including c. 5 Kboed of Vietnam volumes Organic growth Focus on Kraken 45.0 Kboed Reflects focused drilling and maintenance programmes EOR project Operating expenditure c.$450 Pro forma, including c. $50 million of Vietnam co
Slide 13: Operating performance
Operating performance Delivering operating excellence across the energy transition lifecycle Steve Bowyer North Sea General Manager
Slide 14: Operational Excellence across the Energy Transition
Operational Excellence across the Energy Transition Delivering SAFE Results HSE Excellence award in Malaysia; 3+ years LTI free on Kraken; 19+ years LTI free on GKA Upstream / Midstream Energy Transition Decommissioning Production efficiency of 90% in 2024 Delivering material decarbonisation Sector-
Slide 15: Kraken – best-in-class FPSO operations
Kraken – best-in-class FPSO operations 2024 performance Production efficiency (including shutdowns) of 95.5% Continued Efficiency 25% above NSTA benchmark average for floating hubs operational excellence Focused collaboration between EnQuest and Bumi Armada Cargo sales optimised through marine marke
Slide 16: Magnus – Late life asset management expertise
Magnus – Late life asset management expertise 2024 performance Magnus production efficiency Celebrated 40 years of Magnus operations in 2024 2017 Pre-EnQuest 59% 2023 88% Well optimisation delivered a 2% reduction in field water cuts, adding c.2 Kboepd of incremental production with minimal capex 20
Slide 17: South East Asia – Malaysia Upstream Operator of the Year
South East Asia – Malaysia Upstream Operator of the Year PM8/Seligi - 2024 performance Awarded Malaysia Operator of the Year by PETRONAS Delivering diversified growth Production efficiency of 94% – increased gas component Completed three infill wells and three workovers Expansion of Seligi 1b gas ag
Slide 18: South East Asia – Vietnam acquisition
South East Asia – Vietnam acquisition Agreement to acquire Harbour Energy’s Vietnam business EnQuest will operate Chim Sao and Dua with 53.125% equity Delivering diversified growth Deal expected to complete in 2Q 2025; c.$35 million consideration – new country entry 7.5 MMboe 2P reserves; 4.9 MMboe
Slide 19: SVT – terminal right-sizing extends life and enables new energies
SVT – terminal right-sizing extends life and enables new energies Major projects in-flight at the Sullom Voe Terminal Strategic approach to critical New Stabilisation Facility - right-size the terminal's oil & gas processing facility to support infrastructure upstream field life extensions Right-siz
Slide 20: Decommissioning – Sector-leading performance
Decommissioning – Sector-leading performance 2024 performance Market-leading decommissioning performance, validated by peers Decommissioning – a key enabler Heather Phase 1/2 P&A complete – disembarkation in 2Q 2025 in late life asset acquisitions Thistle team on track to disembark platform in early
Slide 21: Conclusion
Conclusion Amjad Bseisu Chief Executive Officer
Slide 22: Delivering diversified growth
Delivering diversified growth UK North Sea South East Asia Mature assets – transition Value across full asset lifecycle lifecycle Targeting flowing barrels Increased gas component with robust decline curves EnQuest is a credible Competitive environment – consolidator EnQuest well respected Decommiss
Slide 23: Growth strategy in action
Growth strategy in action 1 2 3 4 Top quartile capabilities Strong balance Well-positioned to deliver across operations, sheet built through transformative, production and disciplined and consistent value-accretive growth decommissioning deleveraging Value enhancement via: $1.6 billion debt repaid v
Slide 24: Thank you
Thank you Craig Baxter Head of Investor Relations and Corporate Affairs craig.baxter@enquest.com
Slide 25: EnQuest at a glance
EnQuest at a glance 4 4 UK production UK decommissioning hubs assets Kraken Thistle/Deveron Magnus Heather/Broom Greater Kittiwake Area Alma/Galia Golden Eagle The Dons 1 1 Malaysian Onshore processing production hub terminal PM8/Seligi Sullom Voe Terminal EnQuest PLC Company Presentation 2025 25
Slide 26: Delivering diversified growth
Delivering diversified growth Vietnam new country entry Acquisition of Harbour Energy’s Vietnam business expected to add c.5 Kboed pro forma production in 2025 High quality oil, significant gas component; prospectivity across Block 12W provides upside potential Low capex requirements, pre-funded abe
Slide 27: EnQuest roadmap to net zero
EnQuest roadmap to net zero Committed to net zero Scope 1 and Scope 2 emissions by 2040 Awarded B-rating in 2024 CDP EnQuest has reduced its UK emissions by 40% since 2018 climate change survey Significantly ahead of North Sea Transition Deal milestones • 10% reduction by 2025; • 25% reduction by 20
Slide 28: Disclaimer
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 sometimes, but not always, identified by their use of a date in