Enquest Plc · LSE:ENQ
Enquest — FY2023 Earnings Presentation
17 slides from Enquest's earnings presentation, Apr 11, 2024
Slide 1: EnQuest Retail shareholder presentation
Page EnQuest Retail shareholder presentation
Slide 2: EnQuest at a glance
28 March 2024 Page 2 EnQuest Retail Shareholder Presentation EnQuest at a glance UK North Sea Malaysia Upstream Magnus Undeveloped offshore licence Midstream Producing asset Decommissioning Dons Thistle/Deveron PM8/Seligi Heather/Broom 4 UK production hubs PM409 Kuala Kraken, Magnus, The Greater Kit
Slide 3: Strong free cash flow driving debt reduction; providing platform for growth
28 March 2024 Page 3 EnQuest Retail Shareholder Presentation Strong free cash flow driving debt reduction; providing platform for growth Production at 43,812 Boepd - in line with mid-point of guidance Successful execution of well programme at Magnus; Kraken production efficiently reinstated Record y
Slide 4: Top quartile operator Transformational growth
28 March 2024 Page 4 EnQuest Retail Shareholder Presentation Top quartile operator Transformational growth SAFE results 0.52 LTIF1 (UK average 1.31) Deliver organic Infill drilling in core portfolio; growth Convert 2C resources at Bressay & Bentley High uptime Group production efficiency 87% Asset l
Slide 5: EnQuest roadmap to net zero
28 March 2024 Page 5 EnQuest Retail Shareholder Presentation EnQuest roadmap to net zero Committed to reach net zero scope 1 and scope 2 emissions by 2040 MT CO2e • EnQuest has reduced its UK emissions by 41% since 2018 10 mtpa CCS project • Significantly ahead of North Sea Transition Deal milestone
Slide 6: Financial priorities - focused on deleveraging
28 March 2024 Page 6 EnQuest Retail Shareholder Presentation Financial priorities - focused on deleveraging 2024 Financial Priorities 2023 onwards 1 Reset capital structure ✓ 2 Continue to de-lever ✓ 3 Cost discipline and optimising capital programme ✓ 4 Shareholder returns post significant delevera
Slide 7: Lower debt with extended maturities
28 March 2024 Page 7 EnQuest Retail Shareholder Presentation Lower debt with extended maturities EnQuest net debt ($ million) Debt maturities extended and aligned in 2027 EnQuest net debt: 2.5 1.4 2.3 1.6 0.7 0.6 0.5 - RBL amortisation completed by April 2027 Adjusted EBITDA Target - Term loan facil
Slide 8: Capital priorities
28 March 2024 Page 8 EnQuest Retail Shareholder Presentation Capital priorities 2024 2025 Guidance Outlook Organic 41.0 - 45.0 Production Reflects focused drilling and maintenance programmes production kboed growth FPSO lease Operating Expenditure c.$415m Maintain strong focus on costs in an inflati
Slide 9: Differentiated operator Transformational growth
28 March 2024 Page 9 EnQuest Retail Shareholder 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
Slide 10: Q&A
28 March 2024 Page 10 EnQuest Retail Shareholder Presentation Q&A
Slide 11: Disclaimer
28 March 2024 Page 11 EnQuest Retail Shareholder 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 s
Slide 12: Thank you Contact details
Page Thank you Contact details craig.baxter@enquest.com investorrelations@enquest.com
Slide 13: Kraken – Top quartile development & operating capability
28 March 2024 Page 13 EnQuest Retail Shareholder Presentation Kraken – Top quartile development & operating capability DEVELOPMENT OPERATOR CAPABILITY 2023 PERFORMANCE - Complex development executed below budget and on schedule - Efficient reinstatement of production after topside HSP transformer fa
Slide 14: Magnus – Transforming & extending the life of mature assets
28 March 2024 Page 14 EnQuest Retail Shareholder Presentation Magnus – Transforming & extending the life of mature assets TRANSFORMATIVE LIFE EXTENSION 2023 – FOCUSED INVESTMENT DRIVING UPTIME Magnus field life extended 10+ years under EnQuest – unlocking over - Significantly improved uptime of 88%
Slide 15: Malaysia - Replicating our business model internationally
28 March 2024 Page 15 EnQuest Retail Shareholder Presentation Malaysia - Replicating our business model internationally TRANSFORMATIVE LIFE EXTENSION 2023 – DRIVING HIGH UPTIME; COST-EFFICIENT WELL PROGRAMME PM8/Seligi field life extended by 10+ years under EnQuest – PSC was - Production efficiency
Slide 16: Market-leading decommissioning capability
28 March 2024 Page 16 EnQuest Retail Shareholder Presentation Market-leading decommissioning capability SECTOR-LEADING PLATFORM WELL P&A PERFORMANCE Capability & track record to provide top-quartile decom operator services 2023 – DELIVERED CONSISTENT TOP QUARTILE PERFORMANCE • Record-breaking NNS P&
Slide 17: SVT – right-sizing to enable future new energies
28 March 2024 Page 17 EnQuest Retail Shareholder Presentation SVT – right-sizing to enable future new energies 2023 - Awarded four licences in NSTA’s first UK CCS Licence Round Strategic approach to critical infrastructure (Magnus, Thistle, Tern and Eider fields) Right-size Sullom Voe Terminal facil