(Alliance News) - EnQuest PLC said on Wednesday said its annual revenue increased, amid price inflation, while profit fell as a result of higher administrative expenses.
The London-based oil and gas production company, with operations in the UK and Malaysia, said its revenue in 2022 increased by 45% to USD1.85 billion, from USD1.28 billion the year prior.
This mainly reflected by higher oil prices and production rates, EnQuest said.
Pretax profit fell 44% to USD203.3 million, from USD352.4 million. This was attributed to a tax charge of USD322.5 million in 2022, the company noted, as well as a rise in administration expenses to USD7.5 million from USD363,000 the year before.
The company did not declare a dividend for 2022, unchanged from last year.
Looking ahead, the company said it expects 2023 group production to be between 42,000 and 46,000 barrels of oil equivalent per day. It also noted that operating expenditures are expected to be approximately USD425.0 million due to inflationary pressures.
EnQuest said it plans to execute a three-well drilling campaign at its Magnus oil field, offshore Scotland, and wishes to complete the 2022 drilling campaign at Golden Eagle, where two further wells are expected to be drilled.
Shares in EnQuest were down 0.3% at 18.78 pence on Wednesday afternoon in London.
By Sabrina Penty; Alliance News reporter
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Enquest (ENQ)